Process Transparency
Our Underwriting Process
A transparent step-by-step view of what happens between application and closing at Total Quality Lending. Eight defined steps — what we do, what you do, and when.
We typically close in 15 to 21 days. The files that hit 15 are the ones where the borrower delivers documentation on day one and the appraisal comes back clean. The files that stretch to 21 usually have one extra condition cycle or an appraisal revision. Either way, you’ll know which step you’re on at any moment.
The underwriting philosophy behind these steps — DSCR math, alt-doc income paths, foreign national flexibility, and risk-based pricing — is on our Our Underwriting Methodology page.
Day 1
Initial inquiry & soft credit pull
What TQL does
We open a file, run a soft-pull credit report (no FICO impact), pre-screen the property and the borrower against our program guidelines, and send you a same-day initial-quote range.
What you do
Submit the application or call a loan officer. Provide the property address (or the area you're shopping), your estimated FICO, and the loan amount you have in mind.
Day 1–2
Loan officer consultation & program selection
What TQL does
Your loan officer reviews the soft-pull and the file with you, picks the best-fit program (DSCR, Prime Time, Foreign National, etc.), and confirms eligible LTV, loan amount, and rate range.
What you do
Be ready to discuss the property, your investment strategy, the entity you want to close in (LLC or personal), and any prior-credit events you want disclosed early.
Day 2–5
Document collection
What TQL does
We send a secure upload link with the exact document list — no surprise requests later. We do a hard-credit pull at this stage and lock in the qualifying FICO.
What you do
Upload bank statements, 1099s, P&L, asset statements, ID, the purchase contract, insurance binder, and (for DSCR) any existing lease or rental history. We give you the full list day 2.
Day 5–10
Underwriting review
What TQL does
An in-house underwriter reviews the file against the program guideline, calculates DSCR (where applicable), validates alt-doc income, and issues conditional approval with a defined conditions list.
What you do
Stay reachable for clarification questions. Most files get one round of conditions; complex files (foreign national, layered LLC, multi-unit) may get two.
Day 5–12
Appraisal ordering & review
What TQL does
We order the appraisal through an Appraiser Independence Requirements (AIR)–compliant Appraisal Management Company. For DSCR we order the matching rent schedule (Form 1007 or 1025) at the same time.
What you do
Pay the appraisal fee at order time. Make the property accessible to the appraiser; for tenant-occupied properties, give 48-hour notice.
Day 10–15
Conditions clearance & final approval
What TQL does
We clear every condition on the list, draw final loan terms, issue the Closing Disclosure (CD), and schedule the closing.
What you do
Respond to any final conditions promptly — usually small items like an updated bank statement or a CPA letter. Review and acknowledge the Closing Disclosure.
Day 13–15
Closing disclosure & mandatory wait period
What TQL does
We deliver the CD electronically. For owner-occupied consumer loans, the CFPB-mandated 3-business-day wait period starts when you receive it.
What you do
Acknowledge receipt of the CD. Review it carefully against your Loan Estimate — closing costs, prepaids, cash to close. Ask questions before closing day, not after.
Day 15–21
Closing
What TQL does
We coordinate with title, the closing agent, and the seller's side. Funding releases the day of signing for most refinances; purchases fund on the day the deed records.
What you do
Sign at the title company (or by mobile notary / e-close where eligible). Bring government-issued ID and the wire receipt for the cash-to-close.
After closing
Your loan is serviced by a designated subservicer. Your first payment date, the servicer’s name and contact information, and your loan number appear in your closing package and in your welcome letter from the servicer. If anything is unclear, call (800) 304-1925 and we’ll help — servicing transfers are one of the most common borrower-question categories, and we don’t consider the file closed until you’re comfortable.