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When the disclosures are received either through fax, email, or hard copy, they will be reviewed immediately, scanned and then a copy is sent to your home office (if your company requires it).
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All verifications and payoffs will be ordered the same day submission comes in as will the appraisal and title (unless you specify otherwise).
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Once the documents required to meet minimum submission requirements for your lender are received, the file will be reviewed for potential pitfalls (red flags). You will be notified if there are any potential problems such as bank statement income not adding up, pay stubs not meeting DTI requirements, appraisal surprises, etc. and you will decide if you wish to proceed to submission or rework the deal.
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Once the broker decides to go ahead with submission, the file is submitted to underwriting.
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With your permission we will contact your borrowers directly for documentation, signatures, etc. We will NEVER contact a customer regarding a change in terms of the loan - even to update the numbers on the 1003, unless you have spoken with them regarding the change and authorize us to do so.
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We will stay in constant contact with you throughout the process. We will return all calls within two hours and we will keep realtors, title companies, and such all up to date per your requirements.
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We will clear all conditions from underwriting and will contact the customer and title company to schedule closing. We will make sure the HUD-1 is correct and review it before the customer goes to the closing.
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We will obtain copies of required signed documents and direct the title company on where each check needs to be overnighted.
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We will stack your file and send it to you, your auditing department, or your corporate headquarters for post audit.
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If you work for a net branch, we will work to clear any post-closing deficiencies until the file is cleared for pay.
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We will send your borrower a "Thank You" card after the closing and a referral card after 30 days (optional)
We ask you to do the following:
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Fill out a complete 1003 in your LOS and export to us in Point or fnm format ($30 fee for manual 1003 entry) Please import debts into 1003.
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Provide us with a full tri-merge credit report and signed 1003 dated before the bureau was pulled. Alternately, you may send a signed borrower's authorization.
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Make sure you know the details of the underwriting program. Although when asked we can assist in placing a loan, it is YOUR responsibility to find a lender and know what the guidelines are. Loans that take a long time due to your lack of knowledge do not fall under our 100% satisfaction guarantee.
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Fill out our submission form completely. If the information wasn't important, we wouldn't ask for it.
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Email a Point file or assign the rights to the processor if using Encompass.
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Scan or fax to the processor any documents you may have including the prequal form from the lender.
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LOCK THE RATE with the lender and send a copy to the processor when it is locked.
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Do not badger the processor.
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Verify HUD with processor before customer signs.
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Fill out the fee sheet and send back to the processor when ready for closing.
