North Penn Financial Loan Process

The initial submission for pre-approval requires only a North Penn Financial Loan Request Form, a complete, accurate, legible 1003 Mortgage Loan Application, and a Tri-merged credit report with credit scores.

If the Borrower is assisted by a Broker, then the Broker must be approved by North Penn Financial prior to the loan closing. Our Broker Application Package should be completed and submitted to North Penn Financial at the time the appraisal is ordered.

Pre-approvals are generally issued within 24-72 hours of receipt. The pre-approval is a conditional commitment to fund a loan based solely on the information supplied by the Borrower and/or Broker and the requirements stipulated in the pre-approval.

North Penn Financial utilizes the credit report submitted by the applicant and/or brokers to evaluate the applicant's credit and grade the loan as to price & permitted LTV ratio. For Broker submitted applications, North Penn Financial does not run its credit report until the property appraisal has been reviewed and accepted by North Penn Financial. Therefore, any changes in the borrower's credit standing as reflected by the credit score may result in a change in price and LTV, as well as, denial of the loan.

Additional supporting documentation or stipulations contained in the pre-approval must be submitted for underwriting review and acceptance prior to closing. Requests to waive pre-approval stipulations can only be authorized by an underwriter issuing a revised pre-approval form. No oral waiver of stipulations is allowed by any North Penn Financial employee and will not be honored by North Penn Financial under any circumstances.

Borrowers and/or Applicants need to be aware that a North Penn Financial Real Estate Analyst will review all appraisals. We recommend that you reference the section on our Appraisal Process for more information.

Mortgagor title commitments should be ordered once the appraisal has been approved. North Penn Financial requires that all exceptions contained in Schedule BII of the title report be removed as of the time of closing. No loan can close with exceptions on section BII of the title report without the prior written approval of North Penn Financial.