The Work Flow
As a processing company, it is our goal to process files for you as quickly as possible. For this reason, we ask that you send files to us after you have met with a potential borrower and had your loan officer take the application. We recommend following the Loan Officer Checklist we provide. This will insure all documents are sent to us and necessary information is available to assist us with the processing of your loan.
With this information we are ready to work for you.
When we receive the loan from you, within 24 hours it is set up for data input where we will send out an “Additional Items Needed List”. This list outlines any missing information we feel will be needed to submit the loan to the investor and is faxed to the loan officer. In addition, a welcome letter is sent to the borrower identifying Priority Processing as the processing company along with the “Additional Items Needed List”. This assists the borrower in knowing where to mail documentation we are requesting.
Within 24 hours we will do the following
1. We need your computed file emailed to us to verify ratios for the loan. it is the responsibility of the broker to meet the three-day deadline for the truth-in-lending disclosure.
2. We review file for compliance and any missing disclosures.
3. We order all VOE’s, VOD’s
4. We order all VOM’s and VOR’s
5. We order title work and any payoffs that are not covered by the title company.
6. We order the appraisal, unless the broker has already done so.
7. We begin tracking the progress of all documentation needed to submit your loan to the lender. If any needed documentation is overdue, we work with the loan officer to quickly obtain it.
8. We provide a weekly spreadsheet of loan status every Monday.
9. We submit a full package to the lender of your choice for approval.
10. We track the time spent underwriting the loan, and contact the investor if we do not receive an approval within 48 to 72 hours.
11. Immediately upon underwriting approval (or denial), we fax a copy to you. We request that you verify the approval to ensure the loan approved meets your requirements.
12. Once we meet conditions and receive all payoffs, we will contact the loan officer or branch manager to coordinate a closing time or inform them of a time the seller and buyer’s have established.
13. We will call the escrow company to provide information for them to confirm the closing with the lender. We will schedule the closing with the borrower on a refinance.
14. We will fax a Closing Fee Sheet for review and sign-off.
15. We will obtain an estimated HUD-1 to review and will fax it to the loan officer to confirm fees against the Good Faith Estimate. We will have any errors corrected with the escrow company.
16. If there are any last minute requirements regarding the closing of the loan, we will work with the escrow and loan officer to meet them and close the loan.
17. We follow up on any missing requirements through the funding of the loan.
18. Our copy of the loan package is returned to the broker’s office after funding.
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