Who Does What? Providing WOW Customer Service that is the same Every Loan. Every Time.
Prior to handoff, Loan Officer responsible for:
- Pre-qualify, structure, run AUS
- Request (and follow up on docs needed)
- Handle any credit rescores or dispute removals.
- Set up loan when contract received (re-run AUS)
- Request any floating or lock pricing exceptions needed.
- Complete Qualification milestone and send initial disclosures
- If Bond loan, LO responsible for initial registration and lock
- If Broker loan, LO responsible for initial registration and broker disclosures.
- Complete processing order outs page
- Email borrower/agents introducing Direct Submit
Direct Submit then:
- Sent to Processing milestone – finished w/in 48 hours to coincide with completed review and processing needs list sent to borrower
- Submit to UW – finished w/in 48 hours from file review if minimum sub requirements are in file or up to 96 hours if delayed due to qualification issues or missing minimum requirements.
Loan Officer responsibilities during loan process:
- Will handle lock extensions or pricing/rate changes including communication with borrower/agents.
- Credit rescores (ideally handled prior to contract/application)
- Handle any necessary restructuring of loans including communication with borrowers regarding restructures that impact them.
- Request any pricing exception updates.
- Discuss any LE COCs with borrower.
- Review and approve final CD and discuss numbers with borrowers/agents.
Direct Submit responsibilities during loan process:
- Handle any processing and UW submission for FastTrack loans.
- File review
- Send all COCs (LE and CD)
- Request and obtain any third-party conditions (not already obtained by setup)
- Borrowers contact and follow up for needs list
- Tuesday Status-grams
- Send CD
- Co-ordinate closing with title and all parties.