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FAQ’S
Can I use my own LOS?
Yes! To proceed with your loan submission, please ensure you provide a 3.4 MISMO file. This file format guarantees seamless integration with our LOS system, regardless of the Loan Origination System (LOS) you employ. Upon loan closure, we’ll promptly send a 3.4 file to you.
What are your office hours?
We’re open from 8am to 5pm Monday through Friday EST.
Loan Processing Fee: Our fee for processing a loan typically depends on the level of service desired by the Loan Originator (LO). In most cases, for handling a file from initial submission with the desired lender, opening escrow, to Clear to Close (CTC) and closing of escrow, our fee is $799. However, if a partner would like additional services or compliance services, our fee may be adjusted accordingly.
Charging the Borrower: Processing fees paid to a legitimate third-party processing company, properly licensed and registered with the NMLS, can be directly charged to the Borrower. These fees do not count towards the Qualified Mortgage (QM) points and fees test, as long as the third-party company is not affiliated with the broker/loan originator. Alternatively, the broker/loan originator may opt to cover the cost of the third-party processing fee. It’s worth noting that individual lenders may have their own rules and criteria regarding third-party processing fees, as long as they comply with relevant laws such as CFPB, TILA, etc.
Lender Partnerships: Our processors have extensive experience working with major lenders in the industry, including but not limited to UWM, Rocket Mortgage, Homepoint, PennyMac, Newrez, Flagstar Bank, Plaza Home Mortgage, among others. Additionally, they are adept at working with small and midsize lenders and can readily adapt to submitting loans with new lenders.
Experience of Processors: Our individual loan processors boast an average of 10 years or more of full-time loan processing experience. They are proficient in using various loan operating software such as Byte, Calyx, LendingPad, Arrive, Lending QB, Encompass, and others. Their extensive familiarity with lending guidelines enables them to serve as a valuable “second set of eyes,” identifying potential underwriting issues before initial submission. Each processing team is led by an experienced US based manager that you’ll have access to in addition each file will have two loan processors that know your business pipeline in and out. We GUARANTEE your satisfaction.
You’re not in all of my states: We are open to licensing in additional states. Lets talk.