Is your Contract Processor compliant with NMLS?
Due to the new NMLS regulations (as of January 1, 2011), contract processors must have their Broker license and have their NMLS endorsement*. I have held a California DRE Brokers License since 1993 and have an approved NMLS identifier. Additionally, we have closed thousands of loans in the 25 years (since 1986) of being in the mortgage industry - we know the meaning of 'time is of the essence!'
Are you looking to save costs?
Add up the costs of employing an in-house processor (typically $4000-$6000 per month) vs. working with a contract processor (typically $595.00 per closed loan).
Concerned you will not have full control of your client with a contract processor?
We never contact your borrower! All communication will be directly to you.
First Priority Financial Broker/Agent?
We are a First Priority Financial Freedom II Broker. By designating us as a Processor, we will be able to seamlessly integrate your processing through the Lenny system.
What is expected of you?
The first time you would like to submit a file, we will need our contract signed (see forms) and information to pull credit reports (unless you prefer to pull them in-office). We will retain this information on file for future loans.
For each loan:
1. Take the initial loan application, have client sign 1003 and a signature authorization form (see form link on sidebar.)
2. Complete, to the best of your knowledge, the Initial Fees Worksheet (also on form link) and New Loan Processing Setup.
3. Fax the 1003, supporting documentation (see sidebar: Submit a File), signature authorization, fee worksheet and loan setup form to us. We will send you an acknowledgement email.
4. Throughout the processing, we will email to you updates and lists when necessary for completion of the file.
Our goal is to have a smooth, seamless transaction
on all the loans we process and your satisfaction
of our services is of the highest priority!