Initial Processing
The amount of time we want each application to remain in this stage of the loan process
3 days
DTI Calculation
monthly debts divided by monthly income=debt-to-income ratio
Primary mode of communication
Phone call
an unbiased professional opinion of a home's value based on what similar home’s have recently sold for in the neighborhood
an appraisal
system the customer be uploading their loan documents to
Tinman
The customer’s first human experience in the post-lock application process.
Processing Expert Associate (PEA)
The time frame required for PEs to review the suspense, update the checkpoint in the suspense task, and make the customer aware
24 hours
In order to reach FINAL APPROVAL, we may need these additional items to tie up loose ends or ensure we meet investor requirements
Conditional Approval
Insurance policy expires in 60 days
Cases we need to ask the customer to provide their renewal policy
System to make and receive phone calls from our clients.
Toto
3 categories of documents that are needed for underwriting to complete an initial review
Credit, Income & Assets (CIA)
As a responsible lender, it’s our duty to document
customer’s ability to repay
Happens when an aspect of the loan changes post-lock
Change of Circumstance
agreement from that allows a lien holder to stay in 2nd lien position while we replace the 1st mortgage
subordination agreement
A customer who found a seemingly more competitive offer
Post-Lock Shopper
First thing you do when a loan is suspended
review the suspense reason from the underwriter
The minimum amount Better is willing to make from the loan in this step of the loan process
Revenue Floor/ $3000
document that outlines the legal status of a property and related information on its ownership
title report
System that houses processing queues
Looker
A warning placed by the borrower on their credit report to indicate that a security alert is present.
Fraud Alert Warning
*Be Prepared; Have Talking Points Ready
*Use Active Listening
*Monitor Tone; Stay calm, avoid matching borrowers’ hype
*Establish next steps and keep the borrower close and well-informed
The rule of 4
*Record result of conditional approval notification
*There has been a change of circumstances
*Upload LQI Report for Jane Doe
Tasks for the Processing Expert to complete
At the time of lock, Tinman will automatically create this inbound task for our --- Team to submit the order with one of our partner agents
How is Title ordered on a loan?
Loan origination system that is used secondary to Tinman
Encompass