How Does IntroLend™ Work?

HOW DOES INTROLEND™ WORK?
Welcome to IntroLend™! We are excited to be able to use IntroLend to help you obtain a mortgage loan to buy your new home. We want to help you have a smooth and quick process and this document explains how the IntroLend process works.
  1. IntroLend Chapters are licensed mortgage brokers. Our role is to assist you with obtaining a mortgage from a lender.
  2. We will ask you questions about your finances (including about your income, assets, and debt) and get your authorization to pull a credit report and verify employment.
  3. We will ask you to submit the following supporting documentation (which you can upload utilizing the IntroLend™ secured personal link):
    1. One month of recent concurrent paystubs
    2. Proof of additional fixed income if applicable (for example, Social Security, child support, or disability)
    3. Two years of W2s and 1099s
    4. Two years of personal tax returns with all schedules
    5. Two years of business or partnership tax returns for self-employed applicants or owners of at least 25% of business
    6. Two months of recent bank statements for account being used for down payment/funds to close
    7. Copy of driver’s license or other photo identification
  4. We will ask you to sign a 1003 Residential Loan Application, Authorization and Certification Form, Affiliated Business Arrangement Disclosure Statement(ABA), and Opt-In Disclosure and provide you with required disclosures, and then gather your information together and submit it through our IntroLendTM portal to our network of approved lenders and mortgage brokers (Member Lenders and Brokers). By submitting your information, you authorize us to share your information with our Member Lenders and Brokers in order to obtain bids.
  5. Any estimated rate we provide or any bid you receive is considered a pre-qualification and is not a commitment to lend or for a specific interest rate. It is based on a preliminary determination that you would qualify for a mortgage loan under current lending standards and guidelines provided by our Member Lenders and Brokers. Any statement we provide regarding estimated interest rates or loan terms is non-binding.
  6. Our Member Lenders and Brokers will review your information and submit bids with loan terms. You will then review the loan terms and select a bid from one of the Member Lenders or Brokers.
  7. The bids are not final loan terms and may change based on factors such as market conditions, your credit history, review of your supporting documentation, and the condition of the home you wish to purchase. When you accept a bid from a Member Lender or Broker, you authorize us to securely transfer your application for review and processing.
  8. After you select a Member Lender or Broker, you will work directly with that Member Lender or Broker to finalize your application and close your loan. The process will include collecting and reviewing additional information, such as an appraisal and a tri-merged credit profile. The Member Lender or affiliated lender of the Member Broker will make the final underwriting decision to approve your loan.
  9. Your final approval will include specific terms and interest rate. Unless you have locked-in an interest rate (which may incur a fee), interest rates are variable and only an estimate until Closing.
  10. IntroLend™ will not charge you any fees for the mortgage broker services we provide you through the IntroLend™ program. We will collect a fee from other parties, which will be disclosed to you.