PERFORMANCE SPECIFICATIONS

1. LOA will do a complete review of the 1003, income, assets, credit, purchase contract and AUS to confirm the file is structured respective to the agency requirements and lender guidelines.
2. LOA will complete a list of additional documentation needed to conclude the review and to perform an accurate review of the file and to be sure all documents needed are present for initial underwrite.
3. LOA will perform an income calculation once all documentation is received.
4. LOA will register the file with the respective investor chosen and prep the file for disclosures.
5. LOA will communicate with all parties to provide milestone updates when milestones have been reached.

PERFORMANCE SPECIFICATIONS

The loan officer would be responsible for registering the file with the investor if they are choosing Elite Processing:

1. Processor will do a complete review of initial documents submitted to confirm all required documents are acceptable and complete for underwriting review.
2. Processor will generate your initial disclosure packages.
3. Processor will submit the loan file to underwriting upon initial disclosure package being executed by all parties.
4. Processor will then order your appraisal, title package, and HOI, and any other third party services needed.
5. Once the file is conditionally approved by the underwriting team, the processor will work with the borrower to obtain additional documentation and all third party services needed.  A detailed email will be sent to the borrower and loan officer, and followed up with a phone call to answer any questions the borrower may have regarding documentation being requested. All loan term questions will be routed to the Loan Officer.
6. Once the loan reaches a clear to close milestone, the processor will communicate with the responsible parties to schedule a signing.
7. The processor will complete a final balance of the CD, prepare closing packages, and request funding on all loans.
8. The processor will work to clear any prior to funding or prior to purchase conditions on the file.
9. Once file is funded, the processor will provide you with a complete 3.4 file and loan documents to update your LOS system.
10. During the loan processor, the processor will be in communication with any Change of Circumstances that arise that cause re-disclosures of Loan Estimates and/or Closing Disclosures.
11. Loan Processors will not lock rates nor be responsible for monitoring rate locks.

WHAT WE OFFER...

1. Income Calculations

• $75.00 (All documentation is provided up front- See checklist of what is needed) CLICK HERE for a list of required docs.
• $150.00- if we do the document call out, gather the documents, and complete the WVOE”s with employers. (Does not include the cost of the work number verifications)