Does the CPL show all the costs, terms and interest rate for the loan?
The CPL shows the term and interest rate for the loan as it is pre-approved. If it is a 2 or 3 year ARM, the rate is good for 45 days. If it is a 7 year ARM or Fixed Rate, the rate floats until closing unless it is locked.
2
Who pulls the credit report?
You submit a credit report with credit scores with the initial package. Upon final underwriting, Silver Hill will pull an additional one.
3
How does the appraisal process work?
After we receive a signed conditional pre-approval letter (CPL) from the borrower and the estimated appraisal fee, we shop the appraisal with our network of appraisers throughout the country. Because of the volume of appraisal assignments ordered by Silver Hill and its affiliates, we are able to command favorable pricing and turnaround times. Once we receive the estimated appraisal and processing fees, we will engage the appraiser. The appraisal generally takes 2 to 4 weeks to complete. The loan should close within 5-7 business days thereafter. All appraisals are subject to a $295 review fee.
4
Is the appraisal fee refundable if the value isn’t there?
No, the fee is not refundable as this procedure is outsourced and a service has been performed. If the value isn’t there, Silver Hill will look at the loan to see what options are available to make the deal work, possibly through our High LTV program.
5
Will Silver Hill accept an existing appraisal?
Possibly. If the appraisal was completed within the last six months by a State Certified General Appraiser, we encourage you to send it in for review. We try to keep borrower costs to a minimum and we generally will accept a current appraisal of good quality. Reviews of outside appraisals will incur a $295 review fee at the time of submission.
6
Who orders the title policy?
Silver Hill prefers to order Title because it enables us to manage the deal and keep the process moving. We have relationships with title companies who understand the endorsement we require and are responsive to our needs. However, Silver Hill will also allow you to order Title if you prefer.
7
What if the title is already in process?
We will work with you to help ensure there are no problems.
