Frequently Asked Questions

Using our Web Site

Why do I need to create an account?

Creating an account gives you secure access to our web site, and allows you to save your application for review and completion at a later date.

I forgot my password, what should I do?

For your security, you are the only one with access to your password and security question. If you forgot or misplace your password, you will need to create a new account and login.

Are electronic signatures binding?

Yes. The Electronic Signatures in Global and National Commerce (E-SIGN) Act requires that businesses obtain consent from consumers to receive disclosures and documents electronically. We can accept electronic signatures in lieu of a hard copy, provided you have consented to the eSIGN disclosure.

Once I submit my application online, can I make changes?

You can review and edit your application online before it is submitted. After your application has been submitted, it is immediately imported into our system for processing, so you are no longer able to make changes online. If you need to make a change, please speak with your Loan Officer for assistance.

Security and Privacy

How do you protect my privacy?

At National Mortgage Alliance, we understand that security and privacy are paramount for our borrowers. We will never sell or share your information for marketing purposes. We work only with trusted partners and only disclose your information to others where you have consented to this disclosure for the purpose of processing your loan application. We may contact you from time to time with updates and news from NMA, and you are free to opt out of these communications at any time. For more information on how we protect your privacy, please read our Privacy Policy.

Is your web site secure?

Yes, we use SSL (Secure Sockets Layer) technology to encrypt and protect your data during the application process and any time you are logged into your account. SSL does not allow anyone to intercept and read your personal information. When you send your information to us, SSL encrypts the data and only we can decode the encryption. You can verify our site security certificates by clicking on the GeoTrust button at the bottom of our web page.

How can I be sure my personal information is safe?

The security of your personal information is our first priority at National Mortgage Alliance. We have taken extraordinary measures to make sure that the information you send to us is seen only by authorized people. We use a secure web site and follow a rigid privacy policy to ensure that you data is safe with National Mortgage Alliance. For more details, please review our Privacy Policy and our Security information.

Applying for a Loan

What information do I need to apply for a loan?

You will need basic information about the property, including the address. You will also be asked to provide employment information for your self and any co-borrower, information on your debts and assets, and previous addresses. We also require your social security number in order to pull you credit report.

What happens when I submit my application?

When you submit your application through our online portal, all the data you have provided is packaged and delivered to a Loan Advisor for review. Your assigned Loan Advisor will contact you with any questions or clarifications, and perform a quick pre-approval to confirm that you are eligible for the rate and loan program you have requested. Once this review is completed, your Loan Advisor will email you a Good Faith Estimate (GFE) and Truth in Lending Statement (TIL). If you have requested a rate lock, your Loan Advisor will also lock your rate.

How long does it take to get my loan approval decision?

Normally, we can get you a decision within a few hours. If you submit your application overnight or on a weekend or holiday, we should be able to get you an approval decision within one business day.

What happens if I am declined?

If you do not qualify for the program you requested, we will attempt to find another loan program that meets your needs. If no suitable program is available, you Loan Advisor will let you know.

How quickly can you close my loan?

With our advanced loan processing technology, it is possible to close loans in as little as a several business days. Generally, we can close your loan within 3-4 weeks, depending on how quickly we are able to get your appraisal and other third party services completed. If you have an unusual circumstance that requires a rush closing, please speak to your loan officer for assistance.

Can I check my loan status online?

We do not currently offer an online loan status option. However, we do provide regular updates to borrowers through phone calls and emails from your personal Loan Advisor.

Processing Your Loan

When do you order the appraisal?

We typically order your appraisal within 1 to 2 business days of your rate lock request and application deposit.

Can I see a copy of the appraisal?

Absolutely! Your Loan Advisor or processor will email you a copy of the appraisal when we receive it. If you prefer, we can provide a printed copy of the appraisal at closing.

Do I need to document my income?

National Mortgage Alliance offers a variety of loan programs, including “low doc” or “no doc” Loans. You may choose a stated income or stated income/stated assets loan option if you prefer not to provide documentation of your income. Ask your Loan Advisor for details on these programs.

What if my house doesn’t appraise for the value I expected?

The appraised value of your home is one factor in the calculation of your loan to value (LTV) ratio, which is ideally less than 80%. If the appraisal conducted by a certified appraiser does not return the value you expect, you many find that your LTV is greater than 80% and you will need to reconsider your loan options. There are a number of alternatives, such as adjusting the size of your first mortgage or taking out a 2nd mortgage. You Loan Advisor will explain your options if your appraisal becomes an issue.

Why do you need to know what my insurance costs will be?

Your property hazard insurance costs are used to figure the amounts required for your escrow or impound account and any prepaid amounts required at closing. If you are unsure how much your insurance will be, we recommend getting quotes from a couple of insurance agents in order to provide an accurate estimate.

What do I need to know about Flood Insurance?

Your standard homeowner’s insurance policy will not cover damage from flooding due to storms, melting snow, hurricanes, and water backup from inadequate or overloaded drainage systems, dam or levee failure.  You can protect yourself with Flood Insurance, which covers flood damage to your home and its contents. Flood Insurance is required by lenders for homes located in a Special Flood Hazard Area (SFHA) or high risk area. Flood insurance policies for homes and condominiums are underwritten by the Federal government, and can be purchased from many insurance agents. For more information, check out the FloodSmart web page, http://www.floodsmart.gov/floodsmart/pages/index.jsp.

Lender Fees

What are lender fees?

Many lenders charge fees for a variety of services they provide, including application fees, processing fees, underwriting fees, and funding fees. You may also see discount points or loan origination fees included in some lenders’ fees. Unlike other lenders, National Mortgage Alliance does not “nickel and dime” our customers with lots of different fees. We quote you a single fee that includes all of our services, and we guarantee that fee when your rate is locked, so you won’t be surprised with additional fees at closing time.

How can you guarantee your lender fees?

Preventing surprises at closing is important for National Mortgage Alliance. We know the costs to produce a loan, so we are able to estimate our costs and offer you a guaranteed lender fee at the time you lock in your rate. This gives you the added advantage of knowing what to expect when the time comes to close your loan.

What’s not included in the lender fees?

Your closing costs are not included in our lender fees, so when you get your good faith estimate, you will see charges for items such as document preparation and courier fees, recording fees, a closing fee and title insurance and your appraisal. The cost of these items will be quoted to you up front, so you know what to expect.

Rate Locks

Why should I lock my rate?

Locking in your rate gives you assurance that the rate you were quoted is the rate you will pay. Loan rates change daily, so if you wait to lock your rate, you could end up paying more or less depending on whether rates go up or down. Knowing that your mortgage rate is locked removes some of the uncertainty and stress you may feel during the home buying.

What if I lock-in and rates change?

If you lock in your rate and rates go up or down, your rate will stay the same.

Do you require a fee to lock my rate?

We do not charge a fee for a rate lock, but we do require a deposit. The difference is that your deposit is fully credited towards your closing costs when the loan closes. The money from your deposit allows us to start processing you loan immediately, so we can order an appraisal, survey, title work and any other third party services required to process your loan.

How long is my rate locked?

When you request a rate lock, your rate is frozen for 30 days from the time the lock is accepted. We work hard to process and close your loan in this time, and we can often close much faster. Unless there are delays due to a third party, 30 days is generally a sufficient term for a rate lock. After 30 days, the rate lock expires and your rate will change to the market rate in effect at the time of closing, unless the lock is extended. Speak to your Loan Advisor if you need to extend your lock period.

What if I need a longer rate lock?

You can request a longer rate lock up to 60 or 90 days, and we can usually accommodate these requests. There may be a fee associated with an extended rate lock, so please speak to your Loan Advisor if you believe you will need more than a 30 day rate lock.

Closing Costs

What are recording fees?

Recording fees are charged by a local government, such as the county, office to place documents relating to the title of your property into the public records. Fees are generally charged by the page.

Who does Title Insurance protect?

Title Insurance protects against any claims that arise from disputes about ownership of the property. The title insurance that is required by your lender protects the lender only. Title insurance is also available for homebuyers as an Owner’s Title Insurance policy for an additional charge which is paid at closing. The cost of title insurance is usually a set value per thousand of dollars of the total loan amount.

Escrow Accounts

What is an Escrow or Impound Account?

An escrow or impound account is an account for funds which the lender uses to pay items like property taxes and homeowner's insurance when they are due. Your monthly payment includes an additional amount each month to cover these items, generally 1/12 of the total annual amount. You may also be required to prepay a portion of the funds at closing in order to properly fund the account.

I want to pay my own taxes and insurance, is an escrow or impound account required?

In most cases, borrowers who request a waiver of the impound account can be accommodated. This option allows you to bypass an escrow or impound account and pay your own taxes and insurance when they come due. Typically, if you waive the impound account, your interest rate will be slightly higher than if you have these items escrowed.

About NMA

What states are you licensed in?

As a division of an FDIC insured bank, National Mortgage Alliance is authorized to lend in all fifty states and the District of Columbia.

Where are you located?

National Mortgage Alliance is an online mortgage company, meaning we do the majority of our business online. You can submit your complete application online, or via telephone at 800-621-6588 if you prefer. Our corporate offices are located at 6190 Powers Ferry Road, Suite 150, Atlanta, GA 30339.

What types of loan products does NMA offer?

We offer a wide range of loan products to meet the needs of most borrowers. These include the following types of loans:

• Fixed Rate Loans for 15, 20 and 30 years
• Adjustable Rate Mortgages (ARM) with terms of 3/1, 5/10, 7/1 and 10/1
• Interest Only Mortgages with terms of 3/1, 5/10, 7/1 and 10/1
• Reverse Mortgages
• Option ARMs
• Home Equity Loans
• Home Equity Line of Credit (HELOC)
• Loc Doc or No Doc loans
• First Time Homebuyer Programs

If you are looking for a type of mortgage not listing here, please contact us via online chat, email or phone to see if that option is available.