Processing Responsibilities List

Loan Originator is responsible for the following at all times, for all loans:

  • Selecting lender and registering file
  • Ensuring fees are accurately disclosed & updating the processor should fees change at any point in the process Completing online loan submission form and upload all necessary documentation
  • Locking rate and extending lock, if necessary
  • Restructuring of loan, if necessary
  • Sending approval letters to agents
  • All realtor communication – loan processor should not have any communication with borrower/seller agents Ensure processor is given all updated, relevant information/documentation pertaining to the file
  • All borrower communication
  • Completing the “Request to Process” form on our website.
  • Providing supporting documents from borrower (see submission documents list)
  • Submitting signed disclosures from borrower. (see submission documents list)

Loan Processor is responsible for the following at all times, for all loans:

  • Requests initial disclosures in lender portal, if not already done, and ensuring they are signed in a timely manner Submits COCs in lender portal, as needed
  • Tracks and saves copies of all LEs, CDs and COCs
  • Submits file for initial UW review
  • Orders title work, appraisal, condo docs, pest inspections, verifications (VOE, VOR, VOD), etc. as needed Updates insurance binder(s) with new lender mortgagee
  • Works with borrower(s) to gather conditions for final review
  • Provides weekly pipeline updates or meetings with LO
  • Re-Submits file for final approval
  • Once final approval is received, requests closing docs in lender portal
  • Monitors balancing with lender closer and escrow; makes sure broker comp/fees/credits are correct before final CD and docs go out
  • Ensures escrow has received closing docs and there are no errors
  • Makes sure signed closing docs are promptly returned to the lender
  • Makes sure all funding conditions are completed
  • Makes sure escrow has all invoices to be paid
  • Makes sure escrow has address or wire information to mail/wire broker funds.

SUBMISSION DOCUMENT LIST

  • MISMO 3.4 FILE
  • URLA/LOAN APPLICATION
  • SIGNED BORROWER CERTIFICATION & AUTHORIZATION; Form should reflect brokerage’s name
  • AUS FINDINGS (Unless including LOA service)
  • CREDIT CARD AUTHORIZATION FORM; Signed authorization form with borrower or LO credit card information to order services required by UW (appraisal, condo docs, VOEs, etc.)
  • CREDIT DOCUMENTS; Credit Report & Invoice,
  • Copy of Valid, Unexpired ID
  • PURCHASE AGREEMENT; Fully executed purchase agreement, including all addendums, amendments, seller disclosures
  • INCOME DOCUMENTATION; Income Documentation including, but not limited to:
    • Regular income; Most recent paystubs covering the last 30 days, 2 yrs W2s, 2 yrs tax returns, relocation letter/contract
    • Self-employed; Most recent 2 yrs tax returns, business tax returns (if 25%+ ownership), K1s, 1099s, W2s; business license; YTD Profit & Loss statement; proof taxes paid
    • Rental lease agreement
    • 2 yrs tax returns;
    • Social Security/Pension; SS award letter and/or Pension letter of continuance;
    • Assets; most recent 3 months bank statements proving receipt Retirement/Investment, Most recent 2 months or quarterly statement(s); 3 months bank statements confirming receipt
    • Child support; Most recent 3 months bank statements confirming receipt; divorce decree; proof of 3 yr continuance
  • LIABILITY DOCUMENTATION; Bankruptcy/foreclosure/short sale papers; divorce decree; new loan agreement (if liability is not reflected on credit report)
  • REO DOCUMENTATION; For all properties retained: most recent mortgage statement; insurance declaration pages; HOA statement; HELOC agreement or Note (for any liens being subordinated). For properties recently sold: final seller settlement statement
  • ASSET STATEMENTS; For all accounts used for closing funds/reserves: most recent 2 month’s statements (3 months if using business asset statements); terms of withdrawal also required if it is not a liquid account.
  • VA DOCUMENTATION; Borrower’s Certificate of Eligibility; DD214
  • USDA DOCUMENTATION; Most recent paystubs covering last 30 days for ALL occupants of the home