Application Process

  1. Determine the maximum mortgage amount that the applicant can afford by using the Loan Submission Form to analyze the applicant’s income and debt to prequalify them for the loan.
  2. Order a Flood Hazard Determination for First American Bank from Accurate Group. List the lender as:
    First American Bank
    80 Stratford Drive
    Bloomingdale, IL 60108
  3. If the application submitted is for a Home Equity Line of Credit, the originator must provide the following items to the applicant:
  4. Email or fax the following required RESPA items to First American Bank to initiate the application:
    • Signed and completed Loan Submission Form
    • Signed Applicant’s Authorization
    • 1003 (Specific to the terms of the new deal, not the 1st mortgage)
    • 1008 (Specific to the terms of the new deal, not the 1st mortgage)
    • Income financials
    • Flood hazard determination
  5. Email or fax the following items prior to approval:
    • Home owners insurance binder
    • Copy of current 1st mortgage statement
    • Previous appraisal (All appraisals will be reviewed by an approved First American Bank appraiser)
    • Purchase agreement (if applicable)
  6. If it is a simultaneous closing, notify First American Bank of the closing time and location and coordinate the closing with First American Bank.
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