The Ten Biggest Processor Mistakes

A loan processor have a critical function in the home loan process. Consequently, it is often the processor who do or interruptions the deal. This load of trying to be all things to all people, can sometimes ensue in mistakes. A dynamical processor should have got a set of guiding rules to assist maintain the proper focus. Here are 10 large errors that you will desire to avoid:

1. Being dishonest about the status of a loan. A seasoned LO cognizes all of the ways to confirm activity on a file. A reappraisal of DU findings, A expression at the lender’s e-pipeline, a phone call to the lender, borrower, statute title company, or valuator will inevitably uncover the truth.

2. Forgetting to analyse critical data file written documents when they are received. Issues with the income, title, assets, or assessment can do or interruption a deal. These written documents should be reviewed upon receipt. Calling the LO or borrower about a problem with a written document received 2 hebdomads ago volition not be well received.

3. Forgetting to prioritize data files and projects. Getting the assessment order submitted should take precedence over requesting a final payment on a data file that is projected to fold in 3 weeks. Bash the critical things first.

4. Forgetting to make an initial reappraisal of the data file to access its strength and weakness. An LO should not be notified three hebdomads into the deal that the borrower’s profile makes not suit the lender’s parametric quantities for the selected program. Look for possible issues right away and petition what you need to clear up or decide them.

5. Submitting a fee sheet/doc petition sheet to the lender without the approval of the originating loan officer or other designee. This tin lead to a battalion of problems if this sheet is wrong. Too many fees will cause a problem with the borrower. Too few fees will cause a problem with the LO.

6. Waiting too long to follow-up on information requests. If a preliminary statute title report order have a four-day turn-around time, don’t delay 2 hebdomads to follow-up lone to happen that your faxed petition was never received. Follow a criterion agenda for following up on written document requests.

7. Improperly anticipating bend around clip for the completion of data file documentation. Give yourself a cushion. Don’t get burned because you thought that it would only take a twenty-four hours or two to get that payoff, lien release, subordination agreement, or credit update.

8. Forgetting to supervise rate lock termination dates. Even if it is the LO’s responsibility, do certain you’re covered. It’s your life that volition go helter-skelter when that rate runs out and the pressure level is pouring in to get the deal closed.

9. Waiting until the awaited twenty-four hours of support to check to see if pre-funding statuses have got all been satisfied. The realtor, borrower, and loan officer are guaranteed to hit the roof when the reception of the wire is delayed because of outstanding conditions. Get a transcript of the shutting instruction manual and the settlement statement before the signing/closing. Then follow-up with the statute title company escrow officer to do certain that all is well.

10. Not familiarizing yourself with the lender’s processes for approving and support a loan. An unbelievable amount of clip could be wasted because follow-up calls went to a individual or section other than the 1 designated to turn to the issue at hand. Don’t phone call the account executive director about something that you can talk directly to the investment banker or funder about.

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