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    FAQs

    IS THIS A PROCESSING SERVICE?
    My service is more fine tuned and in depth than a standard processing service and no, it is not a processing service. However, if you can get the documentation upfront from a borrower, order the appraisal, title and insurance, that should be all you have to do. Only when files are not complete or need a major overhaul as I may discover that the loan program picked for a borrower just isn't going to work for them, is there additional steps on your part. Using my services often can cut out the need for a processing service as many of the online processing services I have researched ask for a complete file to start with anyway.

    WHY NOT MAKE THIS A PROCESSING SERVICE?
    Processing services exists to get the paperwork needed to submit a file. This requires contacting borrowers, credit reporting agencies, appraisers, title companies and attorneys. Then the loan may or may not get submitted for approval by that service and since the loan hasn't already been reviewed by an underwriter, you don't know how the loan decision will turn out until you hear from the underwriter. Often there are several conditions that are still needed or the loans are suspended due to some major details that were missed or not reviewed. Processing services just process your paperwork, they don't undewrite it. My time is best spent with the details, guidelines and analysis of a file, rather than just packaging papers together (although I do get a file in proper order for underwriting). That is one of my pet peeves as an underwriter - a sloppily put together file!
     

    WHAT DO YOU CHARGE FOR YOUR SERVICE?
    The charge for this service is $400. That may sound like a lot but when you consider how it will enable you to close more loans overall and put more money in your pocket, you'll find that it is money spent wisely.
     

    WHEN DO YOU BILL FOR YOUR SERVICES?
    Billing is done once a month. It is not to be paid from closing as it is not a required borrower paid closing cost. It is a service I am providing directly to you the client and therefore you will be billed directly for it. Keep in mind that the more loans you close, the more commissions you earn and the additional commissions should far outweight the $400 per file you would be paying for my expertise.
     

    DO YOU CHARGE EVEN IF THE LOAN DOESN'T CLOSE?
    Yes although it will be at a reduced fee. This is because services will have been done on the file whether or not it closes and therefore partial compensation is required. How much will vary. If a loan has been fully completed, approved and sent back to you for closing, but the borrower just decides to not go through with it, more will be charged, than a loan that was denied (although this should be rare given that I pre-underwrite every loan).
     

    WILL YOU YOURSELF ALWAYS BE THE ONE WORKING ON A FILE, OR DO YOU HAND IT OFF TO OTHERS THAT WORK FOR YOU?
    I am the only one who will work on your file, so you don't have to worry about calling only to hear that someone else has the file now. I also make myself available to answer scenario questions if you want to bounce something off me. I do NOT lock the loans in however, as that is an extremely sensitive part of a file. That responsbility is left up to you. The loan gets submitted to underwriting with the rate you have on your final 1008 (Transmittal Summary)

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