 |
 |
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
MortgageTek as the processing company along with the “Additional Items
Needed List”. This assists the borrower in knowing where to mail documentation
we are requesting.
For a visual representation of our workflow, click
here.
Within 24 hours we will do the following
- We input the application and liabilities into our computer to verify
ratios for the loan.
- We review file for compliance and any missing disclosures.
- We order all VOE’s, VOD’s, VOM’s and VOR’s
- We order FHA or VA case numbers and CAIVR’s numbers for government
loans.
- We order title work and any payoffs that are not covered by the title
company.
- We order the appraisal, unless the broker has already done so.
- We prepare a truth-in-lending if the file is received within two days of
application; otherwise, it is the responsibility of the broker to meet the
three-day deadline for the truth-in-lending disclosure.
- We begin tracking the progress of all documentation needed to submit your
loan to the investor. If any needed documentation is overdue, we work with
the loan officer to quickly obtain it.
- We provide a weekly spreadsheet of loan status every
Monday.
- We submit a full package to the investor of your choice for approval.
- We track the time spent underwriting the loan, and contact the investor
if we do not receive an approval within 48 to 72 hours.
- 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.
- Upon your approval, we will prepare a mortgage loan commitment and
mail it to the borrowers for signature. If the loan is denied,
we work with you to find an alternate lender who may be able to
get the loan closed.
- 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 attorneys have established.
- We will call the title company to provide information for them to confirm
the closing with the investor. We will schedule the closing with the borrower
on a refinance.
- We will fax a Closing Fee Sheet for review and sign-off.
- We will call the borrower to confirm closing time and location. We
will obtain a HUD-1 to review against the Closing Fee Sheet you
approved and have any errors corrected with the title company.
We will call the borrower with their figures for the closing.
- If there are any last minute requirements regarding the closing of
the loan, we will work with the loan officer to meet them and
close the loan on time.
- We follow up on any missing requirements through the funding of the
loan.
- Our copy of the loan package is returned to the broker’s office after funding.
|
|
