I receive many calls and emails from potential loan officers that would like to take the smart leap into working with a 3rd party loan processing company. There are several questions that are asked and answered. Here are the top frequently asked questions.
1. What are your fees?
2. What are your turn times? Within 24 hours or less.
3. Do I work with one processor or several? We try to have each loan officer work with 1 processor.
4. What do you need from me?
Completed application via 3.4 or POINT (PCF)
Lender information - AE contact information, Comp plan information, logins for lender and credit
Program information along with rate and impounds?
Current income, assets, mortgage statements (all properties owned), Insurance statements (all properties owned), HOA statements (all properties owned)
Current credit report.
Escrow/title information
Purchase contract (if applicable)
5. What does the processor do?
Create the initial disclosures based on the information provided by the LO
Pre-underwrite the file to ensure the file will go as intended.
Follow up with all items needed for a complete file
Work with borrowers, LO, underwriting, and title/escrow.
Handle submission, approval, and closing conditions.
Order appraisal ONLY with written authorization from LO and borrower.
Once loan if funded - file will be audited for compliance and sent to broker
6. What won't the processors do?
Lock a loan
Discuss rate and pricing with borrowers
Create file from scratch and find a lender/home for the borrower (you would be surprised on how many LOs want us to do this)
If you are a loan officer in the state of California or Florida - We can help you. Contact Kelly today! Kelly@thecontractprocessors.com
No comments:
Post a Comment