Team Operations
What’s the deadline for timesheet completion weekly and when you are going on vacation?
By Friday at 10:30 AM and when going on vacation, complete timesheets before leaving.
When is the appraisal payment collected?
Appraisal payments should be collected at the time of initial approval or lock, whichever comes first.
When should an introductory call be scheduled after the sale announcement?
Within 24 hours from the sale announcement.
When should an update to the Encompass at-risk section happen and what should always be included?
Whenever there’s an update on the loan and/or when the loan is unlocked. Should always have the initials.
How should you handle redisclosures for COC requests?
Request COC when the loan is locked or a change occurs and update SmartFees if necessary.
When should lock agreements and e-packages be signed?
Every Friday at 9:30 AM
How soon should prequalification updates be sent to SMR after receiving the CE?
Within 12 hours from receipt of the CE
What’s the expected percentage for face-to-face/MS Teams applications?
75%
What should you make sure of when locking a loan and what steps should you take?
Run Mavent to ensure there’s no ATR QM fail; if there is, allocate or problem solve if the fail persists.
What’s the policy for running credit simulators during prequalification?
Credit simulators are not permitted during prequalification. After the sale is written, they require Sales Manager approval.
When should expense reports be submitted?
By the 5th of the next month, but can be submitted immediately after completion.
How soon should initial submissions to underwriting occur after the loan application?
Within 10 days from application.
What’s the expectation when you receive Associate UW feedback or UW reach out?
Respond within 2 hours if you will be able to obtain what is needed or not.
What needs to happen right before going on vacation?
Update on the unapproved in Encompass; email to backup with outstanding items, email to SMRs with backup information, and professional out-of-office.
When should the 60-day resets be completed and what is imperative at that time?
Complete them within one month of the house starting construction and always repull credit at that time.
How should you manage your on-call responsibilities?
Send an email on Friday at 3 PM and the on-call spreadsheet by Monday morning.
What should you do when a pricing exception request is made?
Complete the request accurately, with the comment box filled and include an OSL Comparison spreadsheet if it’s for negotiation.
What should the loan approval email to RH include?
The email must include good notes on any at-risk conditions, future events, and lock expiration.
What a good note on the at risk capture comment should include?
Include reasoning for unlocked loan or capture risk, the objection, and the next step, with your initials.
How should you handle closing audits?
Address and respond to the closer within 24 hours.
How should you be the updates for the Start Meeting?
Updates should be accurate and concise, and you need to come prepared with blue letters if any.
What is the lock percentage goal?
The goal is 85%.
What should you do if you see an NVRM move request from one of your closings?
Wait until NVRSS responds with the new date and time, call the borrower to explain the closing move, set expectations, and respond to the email chain confirming that the borrower is aware.
How should you prepare for the traffic meeting huddles?
Be prepared to discuss when your application meeting is, whether there’s capture risk, and if the application is locked or not.
When should you request translations for loans?
Request translations only after you have obtained Sales Manager approval.