Thank you for considering Brooklyn Federal Savings Bank for all your mortgage needs. 

Use our on-line mortgage application system or complete our on-line form requesting that an application package be mailed to you.

If you're like most first time home buyers applying for a mortgage, you're probably very anxious about the processing of your application.

We would like to take a moment of your time and explain in some detail what takes place within the 4 to 6 week period until you receive a commitment letter.

When we receive your application, it is first assigned to a processor to review for completeness. A prequalifying test is then performed. If the application meets the Bank's minimum pre-qualifying test, it is than processed. Your processor will send all of the verification forms to the appropriate employers and lenders. S/he will then prepare the initial Truth-In-Lending disclosure statements, which will be mailed to you within three days of receiving your application. The statements are required by Federal Law and they are only estimates of what will be your finance charges and monthly payment.

A credit report and appraisal will be ordered. The credit report company will contact you. Then the appraiser will make an appointment with the broker or the owner to see the property.

The next 2-3 weeks are spent waiting for the receipt of the appraisal, credit report and verifications. During this time, however, we may call you for assistance in answering any questions that might arise, as well as helping us with returned, incomplete verifications. Please be aware, if you are called, we will appreciate and expect your prompt attention to any of our inquiries. We would like you to know that it may require many calls to efficiently process your application in a timely fashion.

When all of the information that is necessary to make a loan decision has been received, the file is assigned to an Assistant Underwriter/Processor who will review all of the pertinent information. This person will determine whether or not you qualify for the loan you requested based on the information we have verified and our underwriting standards. A commitment letter notifying you that your loan application has been approved will me mailed to you.

You will have 10 business days to review the commitment with your attorney and return it to us. Please read carefully - it contains important information about the loan we are offering and any conditions that may apply to you. Any origination fees requested must be submitted to us with your accepted commitment by the specified date, and any conditions must be met prior to scheduling a closing.

If you satisfy any/or all conditions as stated, please call our origination department to make sure we've reviewed the information and accept is as being satisfactory to our Bank's request. At this time, your attorney would contact our attorney's, O'Reilly, Marsh and Corteselli - in reference to the necessary documents needed such as Survey and/or Certificate of Occupancy and Title Report/Insurance.

Please Note: Processing time is also predicated upon any delays beyond our control caused by Appraisers, Credit bureaus, Attorneys and by Title Companies.

We hope this answers most of your questions. However, please feel free to contact the undersigned at any time for any additional information. Thank you again for selecting Brooklyn Federal Savings Bank for your mortgage needs.