Pre Lock Scenarios
Name 5 different value props on why Better is Better!
1. Online Lender- online application
2. We don't work on commission
3. Customer Service driven
4. No lender fees- No really!
5. We’re making homeownership simpler, faster — and most importantly, more accessible for all Americans.
6. Pre-approval in 3 minutes!
What do we refer to loan consultants as to clients?
Mortgage Experts
What is a Processor Listed as in Tinman?
Loan Ranger
A BWR's name is spelled wrong on the ICD. What do you do?
Let them know, all is going to be ok! Its just the initial closing disclosure and the final closing disclosure is still being processed. Tell the BWR to acknowledge the ICD in their account and take down the information that might look off on the CD. Then we can put that in our slack messaging to the Closer for a smooth transition or ticket!
If they were at the closing table and its the final CD, hvae the BWR Check AKA affidavit if the name appears there BWRS can cross out incorrect name on CD and sign
1. Check to see if its a purchase or refi
2. If Refi/ spoc transfers go in the refi channel
3. If purchase- create a dm with the SPOC LC- in June we will use the purchase channel
You receive a call from lending tree. Tell us how you'd answer this call and give us an example of some open ended questions you'd ask the potential bwr.
"Hi there! This is NAME from Better. I see that you've been working with lending tree/CK on a purchase/refi. Tell me about where you are in the process?..."
What credit union do we use for the soft pull?
Experian
A BWR is calling in and is upset that their appraisal came back 20k less than what they expected. They want to speak with the processor to get a new appraisal. What would you do?
We can't gurantee a second appraisal since its a third party and neutral.
What we can do is let the BWR know that we can reach out to their processing team. If the processor is available, you can send it over to them. If not, let the BWR Know we can set up a YCBM/ticket for the processor to discuss next steps. Do not gurantee a second appraisal.
BWR is at the closing table and the notary has shown up with the wrong documents. What would you do in this scenario?
1. Take a deep breathe.
2. Review the file- find out if closing has been scheduled for that time? Ask the BWR what they are seeing wrong on the disclosures?
3. Gather as much information before you reach out to the closer to see if they are available. If they are not, go to the #closing-escalation-channel and follow the prompts
Where can you find title information on a file?
- A few places... facts=title (see if its true or false)
- on the Loan Estimate or Closing Disclosure
- Task > Find Activity > [Type] “Title” > Settlement Provider and agent info
Will Better Mortgage service my mortgage?
All loans are initially serviced by Better Mortgage in conjunction with our sub-servicing partner, The Money Source (TMS)—which handles payment administration and collection.
Moving forward, we may transfer ownership of your loan to an investor who will provide servicing. We have a large roster of reputable servicers and mortgage investors including major US banks, government-sponsored entities, publicly-traded mortgage companies, and specialized servicing firms. We collect third-party reviews and survey our borrowers post-transfer to ensure the permanent servicers are quality partners.
How long does it take for customers to unfreeze their credit profile?
A bwr calls in and you see they are in a processing suspension due to income. What would you do?
In a post lock suspension, we try to avoid this at all costs as a CEA. This is something the PE should be handling. Here are some steps and tricks to help you:
1. Review the file. See what the suspension is, and how long its been sitting in a suspension. If its more than 2 days, slack the PE, PE TL and PE manager. Most of the time, suspensions on the processing side can take multiple days to configure
2. Let the client know "I'm looking at your file and it looks like I need to do a deeper dive on this to see what the hold up is. I will reach out to your processing team to see if a team member is available." Set the expectation "Since we are looking at this and it involves our underwriting team, I will reach out to see if someone is available. If not, I am happy to schedule time for your processing team to review this with you."
Where do you find wiring instructions and what can you tell the bwr?
There's an amazing guru card for wiring instructions found right here: https://app.getguru.com/card/Ty6AB8Bc/Wiring-Instructions
Also, take a look at the Cash to Close amount the customer sees on the FCD. If the cash to close is negative number, the wiring instructions will not populate for the customer.
Bwr was told new servicer would be Mr.Cooper. But after checking the file it looks like Fannie. Just wanting to double check and be able to help her move forward. What should you do here?
1. If you need to, you can always verify this information with the servicing support pod in #cea-support-requests
2. Fannie Mae is not a servicers so most likely Mr. Cooper is the servicer.
*daily double if you can name the states we just added**
We currently offer home loans in 46 U.S
**Minnesota, Virginia, Vermont**
What is the only milestone we can withdrawl an app in?
preapproval
A BWR is in quality control and they notice the rates have gone down. They want to get the lower rate and see if they are eligible. What would you do?
1. Check the file and the lock expiration date. Let the BWR know you will be reaching out to their team to see what you can do.
2. Slack the PE and the LC on the file to let them know what is going on. We do have some PE's licensed but mostly float downs would go back to the LC.
How Do I know if the closing documents were sent to title yet?
Check Tinman:
Task > Find Activity > [Type] “Closing” > Schedule Closing > Support Tab
Where do I find the appraisal inspection date, time and type (interior or exterior)?
Task > Find Activity > [Type] “Appraisal” > Process Appraisal
Do you offer HELOCs or second mortgages?
No, we do not offer home equity lines of credit (HELOCs) or second mortgages at this time.
What is a VPAL and why is it important?
A verified pre-approval. A Verified pre-approval letter (VPAL) is a tool for a client who wants more certainty about what they can afford and/or if they are buying in a competitive market where agents and sellers require a more fully vetted pre-approval letter. It Requires us to do a hard credit pull on the client's credit and fully underwrite the client's income, assets, and credit.
Only eligible for conforming and Jumbo
The BWR calls in and wants to speak to the underwriter. You take a look at the file and notice its in an underwriting suspension. What do you do in this scenario?
We still reach out to the Processing team as a point of contact. Better does not allow our underwriters to talk to our customers on the phone. Typically in this scenario, get a brief understanding of what is going on with the file. Ask open ended questions like "tell me where you are in the process while I take a look at the file" or "what questions do you have for your team today"
Where can you find the payoff statement in tinman?
Task > Find Activity > [Type] “Payoff” > Process the payoff statement for….
Where can you see Title ETAs?
Tasks> Add Title Company Tasks> Chat Bubbles with updates from the analysts