FAQ: Mortgage Process
Members who have completed their bank application will be assigned a Closing Coordinator in NACA's Mortgage Department. While the NACA Counselor can still assist Members during the closing process, the Closing Coordinator is the Member’s single point of contact through closing.
The Closing Coordinator contacts Members within two business days of bank application with an introductory call to go through the next steps. Members must remain in contact with their Closing Coordinator and immediately respond to any outstanding issues. Members should also contact their Closing Coordinator whenever they have any questions or concerns. Lastly, Members can see the status of their loan at any time by accessing their Web-file.
NACA Members must attend the Purchase Workshop after they have been approved for NACA Qualification. The Purchase Workshop occurs from 6:00 p.m. to 8:00 p.m. each Thursday in the local NACA office. Attending the Purchase Workshop is required for members to become NACA Qualified.
The purpose of the workshop is for NACA Qualified Members to learn about the housing search and the mortgage process. Members will also receive their qualification documents and learn about their next steps for purchasing a home and becoming a homeowner.
NACA understands and supports Members who want to schedule their closing to a specific date, which may require expediting the closing process. NACA Closing Coordinator works with Members on a closing date that works for them. The Closing Coordinator also assists Members in expediting the process wherever possible.
Members can access all the lender conditions and loan status through their Web-file. Members should make sure that their Closing Coordinator receives all the documents required to address any pending condition. The Closing Coordinator is the Member’s primary point of contact for the mortgage process; Members should reach out whenever they need assistance or have questions.
Today, NACA is closing many mortgages within 28 days of the executed Purchase & Sales contract., Achieving this goal of 28 days requires cooperation with Members. Members who stay diligent and work with NACA expeditiously throughout the process will see the results.
Members must adhere to do the following to ensure that everyone involved in the process is able to accomplish their tasks in a timely manner:
- Day 1 - NACA receives executed Purchase & Sales contract
- Day 2 - Home inspection completed by the Member
- Day 3 - NACA receives Member’s updated documents (i.e. paystubs, bank statements, others)
- Day 5 - Member’s file is submitted to underwriting for Credit Access approval
- Day 8 - 10 - Member submits their bank application
- Day 12 - Member obtains homeowners insurance
- Day 14 - Member addresses any conditions from the lender
- Day 15 – HAND Clear (i.e. property condition)
- Day 23 - Clear-to-close is received from the lender
- Day 27 - Walk through the property
- Day 28 - Closing
NACA is committed to working with Member’s to achieve this 28-day “clear-to-close” timeline and has dedicated staff at all steps to help Members get there.
It is crucial that NACA receives the executed Purchase & Sales on the day it is executed, or else the next day at the latest. It can be uploaded by the real estate agent through the realtor portal, uploaded by the Member through their Web-file, or brought to the office and provided to the NACA Counselor directly.
Once the Member has an executed Purchase & Sales contract, he/she needs to apply for credit called NACA Credit Access. The Credit Access process virtually ensures that all bank applications will be approved. The NACA Counselor must submit the Member’s file for Credit Access with full documentation and verification that the Member’s financials have not deteriorated (i.e. income not decrease, debts not increase, meets MRFs, payments on-time, rent on-time, etc.). The NACA underwriter performs a thorough review and provides the Member with any conditions that need to be addressed. Once NACA approved, the NACA Counselor and Member need to immediately submit the bank application.