How to submit files
* Loan Flow Chart
Step 1: File Submission by
Broker (Please
use our contact
list for your Region)
·
Broker sends in
file via fax
·
Email and/or
Upload file on web (Loan file must be in
Calyx, Contour, and/or FNMA 3.2 format)
·
Email Appraisal,
if available
*FHA Files:
Please call NV underwriting office for overnight
delivery instructions.
*Tier 1 & Tier 2 partners: Need to submit full processed
file.
Step 2: Loan Processing
·
Fax, email, or web
·
Processors
screen and register the loan submission
·
Loan status to
be available on the web within 24 hrs.
of submission
Step 3: Incomplete Broker
Package
(If file is complete,
skip Step 3 and go to Step 4)
· Once all pre-qual
items are in, the file proceeds to
Pre-Underwriting
· Website to list
missing items that are required for submission
to Underwriting
Step 4: Complete Broker
Package (If
Approved or
Countered, proceed to Step 5)
·
The file goes to
Underwriting where loan is either
Approved, Countered or Denied
·
Daily loan
submission log is available on the web
Step 5: Prior To Docs (PTDs)
·
The file goes to the Processor to
gather conditions
·
Processor will NOT submit conditions to
Underwriting
until ALL Prior-To-Docs (“PTD”)
conditions are met
·
Conditions are
signed off by the Underwriter, assuming
they are satisfactory upon review
Step 6:
Locking the Loan
·
Broker submits
signed Lock-In form indicating the desired
interest rate & corresponding rebate
Step 7: Ordering Docs
·
Broker fills in
his/her fees and provides title fees
(Estimated-HUD-1 required)
·
Upon receipt of
the completed Doc Order
form and
Estimated-HUD-1, loan docs to be drawn and sent
out
via email to the Escrow company of the broker’s choice
Step 8: Prior To Funding (PTFs)
·
Signed loan
docs are returned from Escrow and are
reviewed by Funder
·
Funder faxes PTF
conditions to Escrow/Broker/Processor
·
Processor gives
file back to Underwriter to have Broker
PTF's signed off once all PTF’s are
received
Step 9: Funding
·
File goes back
to the Funder to finish Escrow PTF
conditions and fund the loan
Step 10: Accounting
·
Broker check
will be issue and overnited within
24 hours after receipt of Final HUD-1