Taking the application,
choosing the program, lender and locking
the rate.
Selecting the appraiser,
title/closing agent & insurance
agency if applicable.
E-mailing the Calyx Point,
Encompass or FNMA file.
Faxing/emailing a Loan
Submission Request to Inuva Loan Processing.
Sending us the original
file for the submission purposes -
Overnight, regular mail, etc
(only required for some lenders)
Inuva Loan Processing will
perform the rest of these steps until
closing:
Upon receipt of your loan
package, input the application into
our porcessing system to verify the
ratios, income, etc, and notify you
of any deficiencies.
Review the file for compliance
issues and/or missing documentation.
Order the title work,
appraisal, payoff, insurance, and
survey if applicable,
Order all verifications
such as VOE's, VOD's, VOM's, VOR's
and documentation required by third
parties.
Work with all parties
involved to collect all needed items.
Once all items are received, the file
will be submitted to the lender/investor
or disposed of in a manner of your
choice.
If any information, such
as low appraisal, additional debt,
etc. is received during the collection
of documentation which causes the
file to be denied, you will be notified
promptly. If possible, the file will
be reworked and counter offer will
be made.
Once we receive an approval
from the lender, we will fax a copy
to the Loan Officer and work with
all applicable parties to clear all conditions.
Obtain closing protection
letter, wiring instructions, and change
the loss payee clause on the approved
file.
Coordinate and schedule
closings (with your permission).
Prepare the document order
form and fee sheet and will fax it
to the Loan Officer for approval.
Once approved, we will fax it
to the lender.
We request that a copy
of he preliminary HUD be faxed to
us prior to closing for verification
of figures.
Follow the file to closing and
through funding to make sure that
everyone gets paid.
Return the loan package
to the originator's office after funding. |
