Closing
When closing on a CRE transaction, what proactive steps should the LO take to ensure a smooth and timely closing?
-Start title work with LOB as the lender and traditional endorsements listed in the preliminary closing checklist.
-Confirm if a survey is required
What should be pulled and reviewed at the time of pre-flight stage instead of relying only on the PFS?
Credit Report.
What tool integration is required to ensure email activity is captured accurately in Prism?
Outlook-salesforce integration
What minimum amount are borrowers encouraged to deposit when opening accounts to build momentum and avoid fees?
At least $1,000
What information and what section of Prism do you enter deposit information?
You will type your name as Relationship Referrer on the Relationship Level.
What drives timelines and activity during a real estate closing to avoid delays and borrower consequences?
The real estate contract dates
If new, material information surfaces after the pre-flight, what must the LO do before proceeding?
Re-engage and resubmit the deal to the original credit officer.
Every email signature should contain these two links?
1) Registration link to the weekly Tuesday office hours?
2) Sharefile Upload Link.
What important message should all presentations contain regarding the size of deals we do?
That we now have the capability to do LOE along with transactions from $100M-$9MM.
How many people can we pay a referral fee for a single transaction?
One - we pay the first COI that introduces us to the borrower. This needs to be logged into Prism.
When a proposal is sent via email or DocuSign, this Templafy document is always included with the proposal letter?
The Preliminary Closing Checklist
How should LO's justify the proposed ROC in the credit memo?
With a clear 3-4 sentence explanation in the yellow box outlining the rationale.
What policy governs how referral fees are handled with brokers?
A standardized one-fee policy.
What meeting tool should be used to prepare shared agendas and topic summaries at least one day in advance?
The shared Loop page
What links should be included in a pre-flight email?
- One Drive Link
- Prism link to product package (if applicable)
- Google map link
What steps are critical during the closing process to ensure your referral source gets paid?
1) The referral source must provide an invoice that includes all the necessary matching information in addition to a W9 and ACH.
2) The referral source must be built out in workday prior to closing by the LO.
3) The individual and business relationship for the COI should be built out prior to submission to underwriting.
What financial document must be aligned with with the credit bureau to ensure accurate ROC calculations?
Personal Financial Statement
During your first touch interaction with a prospect, what are 3 must do's?
-A 15-minute call with a hard stop, directing them to office hours
-Logging/ checking the interaction in Prism/Salesforce.
-Documenting the Referral Source in Prism.
What is the minimum number of LinkedIn posts a lender should be completing a week?
One is the minimum with two or more being preferred.
When should LO's introduce the deposit specialists?
As soon as proposal letter is signed.
What are the standard practices for a rush closing?
Reach out to UW and Closing Team Lead prior to deal submission to understand capacity and to discuss expectations
Obtain GFD that is minimum $10,000 for >$1MM deals.
Have borrower provide an email authorizing the expense of 3rd party reports prior to credit decision
Provide borrower initial closing checklists
If RE engage title, survey, etc.
Why should lenders avoid proposing a zero ROC?
It can create issues with valuations and overall deal viability.
What should be communicated upfront to help borrowers determine whether to move forward?
Credit criteria
What is the recommended approach when lenders do not have an answer to a process or policy question?
Provide resources and links rather than just answers.
How many days do you own a relationship for after entering meaningful contact in Prism.
120
When and who should you introduce a borrower regarding life insurance?
1-2 of your best referral partners that specialize in quick close life insurance and at the time of proposal. Let them know they can change it later but this is one of the most common delays in closing a loan.
After your support comments in a preflight/ submission; what should be the next call out?
Clearly call out any known issues the transaction may have, this could include but not limited to: derogatory credit, lower FICO scores, pending litigation, volatility, concentration, enhanced due diligence industry, relocation, weak PFS, etc.
Lenders should only be using application documents found where?
Templafy
What is the deliverable to a borrower who has attended office hours and is looking to enhance credibility with brokers and create deal efficiency?
A formal pre-qualification letter, using the SBB 4 template in Templafy outlining detailed assumptions specific to their scenario.
Where is the correct Prism location to upload site visits and what are the two acceptable processes?
The relationship tab for the new OC and you can either complete the Prism site visit information and upload photos there, or use the Face to Face Site Visit document, upload that to Global Doc and provide a comment within the Prism site visit tab pointing to that document.