SERVICES

OUR COMMITMENT

PROCESSING SERVICES INCLUDE:

  • Prepare and issue initial broker and lender specific disclosures in compliance with CFPB, RESPA, DRE and/or HUD/VA regulations
  • Receive, review & calculate all documentation for submission to Lender
  • Run DU/LP on active files ready for submission (LO responsible for prequals)
  • Complete full, organized submission to Lender
  • Order appraisal (unless LO prefers to)
  • Review approval for accuracy and formally request conditions from borrower
  • Work all other approval conditions (escrow/title/agents/3rd parties, ect)
  • Secure upload portal for borrower documentation (along with milestone tracking)
  • Follow up, receive, review and submit all conditions for signoff
  • Order docs and advise LO/borrower of any estimated funds needed to close and what bank account should be used
  • Issue compliant final broker disclosures
  • Request, receive, review and submit all prior to funding conditions & see loan through funding
  • Post close QC review to ensure compliance with the CFPB, DRE, HUD or VA requirements
  • Send closed file to broker via email, dropbox or scanned to disk (Broker’s choice)

PARTNERSHIP

LOAN OFFICER RESPONSIBILITIES INCLUDE:

  • Ensuring the loan fits all lender guidelines prior to submission to processing
  • Ordering and reviewing initial credit report
  • All discussions with the borrower regarding the loan terms and follow up on getting the disclosures and needs list back to us (processing will take over all communication after that). We dont want to be hammering your clients upfront if you are mid discussion with them on terms, ect. This has caused issues in the past so we ask for LO to assist at this stage if borrower is not turning their documentation in. 
  • Locks, re-locks and extensions
  • Provide processing with our completed In-Take form, Point or FNMA file, credit report (and purchase contract if applicable)
  • Advise processing when to order the appraisal and LO is responsible for all appraisal rebuttals/reconsideration of value requests
  • Prequals
  • Currently we do not process 203K, USDA, Reverse Mortgage Loans or TBD loan apps for any program

 

PROCESSING FEES

Regular Processing Fees:

1st lien:

Tier1: $895 + add-ons if applicable ……(UWM-United Wholesale Mortgage)

Tier2: $995 + add-ons if applicable ……(All Lenders not in Tier1 or Tier3)

Tier3: $1,095 + add-ons if applicable …(Union Bank, Luther Burbank, Loan Stream, Citadel, JMAC, Cardinal, Mega Capital, OakTree, Axos/BofI, Sunwest)

2nd lien: $300 flat fee (added to first lien total processing fee)

1st lien add-ons (all tiers):

    A1: All loans in states outside of CA: $125

    A2: Subj & 4+ REO’s (not run through a corp or LLC): $200

    A3: Self Employed borrowers: $300

** If the correct information is not the app when you submit your file, we have no way to know to add the add-ons so Loan Officer will be invoiced post close if the information is received post disclosing (or you can choose a disclosure  redo but redo fees apply)

Redo Fees: (anytime loan changes lenders or property, or redo for inaccuracies on initial app)

**Redo fees are based on highest tier disclosed, so if you went from a loan that was in Tier3 and then flips over to Tier1, the total processing fee is Tier3 + redo fees because most of the difference in Tiers applies to the work done in setup and subs

**If we mess up and need to redo a file due to our error, file is exempt from redo fees & we will deduct $100 off the Processing Fee

1st lien:

Redo Disclosures: $100 (added to processing fee every time new set must be done)

Redo Submission to underwriting:  $150 (additional on top of the redo discl cost and only if loan was previously submitted to uw)

Redo Approval:  $150 (additional on top of the redo discl & redo submission costs, but only if loan was previously approved and the approvals processor worked up the approval AND received conditions back that were worked on and reviewed at least 1 time)

2nd lien:

Redo disclosures: $50 (added to 1st lien processing fee on top of the original 300)

Redo Submission to underwriting: $75 (additional on top of the redo discl cost and ONLY if loan was previously submitted to uw)

Redo Approval = no charge

 

Cancelled Loan: $0 (must maintain min 80% close ratio)