Contract Mortgage Loan Processing (2015)

24/7 Online Employee

What We Do

The Bankers Group/Inet-Loan Processing is a completely web-based contract processing service provider. We harness the power of the internet to create a more streamlined, efficient way to transact business between you, and our processors. Our web-based technology allows for true collaboration on all loan files, giving all parties involved anywhere, anytime access to all pertinent loan information directly from a computer. We maintain a completely Paperless Loan File, that can be accessed by you any time, through our secure website. All updates in our website, to the loan status, comment log, and any new document uploads are automatically sent to your email address. Even when you are on the road, you are always up to date on your loans.

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Your Role:

You originate a mortgage loan.

Find a potential client, and take the initial loan application.

You qualify and place the applicant based on the initial credit and the client’s request of terms.
Once terms have been quoted to the applicant, you will deliver all disclosures to the applicant.
If the applicant accepts the terms of the loan, then you will collect all required items that will be automatically requested in our website while registering your loan (see processor checklist when registering your loan).
You register your loan in our system, and start building your electronic file for submission to The Bankers Group/Inet-Loan Processing. To register your file, you can simply import a .FNM 3.2 file, or .BRW file. You can also manually enter your loan information. Our website will walk you through a series of pages to collect any additional information we will need to process your file (ie. Lender information, Appraisal information, Title Information, and Insurance Information)
To build your electronic loan file in our website is extremely easy. We utilize state of the art barcode technology to sort and route all of your loan documents. You can email your documents, fax your documents, or scan your documents directly to our website. Our website allows you to upload any PDF file format. Throughout the entire loan process, you will always have access to these documents directly through our website.
Once your electronic loan file is in our system, you simply click the “Loan to Processor” button that can be found on our website’s processing page.

Our Role:

Once we receive your electronic submission in our processing queue, you will be sent a personal email from your processor of record (our website will automatically assign your processor) within 2 hours, notifying you of receipt.

Note 1: Some lenders will require Appraisal and or Title before we can make our initial loan submission.

Note 1: Some Lenders may require a VOE, VOD, or VOM before we can make the initial loan submission.

Note 1: The insurance quote/binder will need to be initiated by the borrower. Our job will be to update the binder to the lenders specifications.

Note 1: We will lock your rate only after you enter the final rate, terms, and premium paid in our comment log.
Note 2: You are responsible for accurately filling out our online fee sheet (it’s your money)

We never, under any circumstance, discuss rates and terms with any borrower.

Note 1: We will request additional closing documents to include in your file at your request. Make all requests for additional closing documents in our comment log

We review your loan file for any deficiencies that may be required for initial loan submission.
We run AUS if applicable.
We submit the file with all documents to the lender of choice (we make every effort to make the initial loan submission in less than 24 hours if all documents are included).
We order Appraisal and Title from specified service providers
Once the approval is received, we will upload the approval letter, and update the loan to an approved status in our website. We will input into our website any additional loan conditions that are required by the underwriter. We will communicate with you and the borrower, the conditions needed to be met, before the loan can close.
We will order all verifications (VOE, VOD, VOM)
We will review the appraisal to insure the value, comps, and adjustments are in line.
We will review the title to insure all liens, judgments, taxes, etc. are rectifiable.
We will update the insurance/s to reflect the lender’s mortgage clause.
Once we have collected all additional conditions from the borrower and the appraisal, title, and insurance are received…All final conditions will be sent to the underwriter to clear the loan for closing.
Once the loan is clear to close we will schedule a closing date based on availability, and convenience for the borrower and the title company.
Once the loan has closed, we will move the loan to a closed status in our website, and will request the following documents from the title company.
Final 1003 singed/ dated
Final HUD signed/ dated
Final TIL signed/ dated
Final GFE signed/ dated
Copy of the Note signed/ dated
Copy of the Mortgage signed/ dated
Once the above documents are received, they will be uploaded into our website. The entire loan file will be available for you to download. You can download the file from a link that we send to your email address, or directly from our website. The downloaded file will be in a PDF file format, for your retention.
Note 1: After your loan is Funded, we will retain a backup copy of your electronic loan file for 60 days. After 60 days it is permanently deleted from our server. It is your responsibility to download your file within that time period. Please contact us if you foresee any problems downloading your file within this time period.
Contact us for a online Demo: J.Wharton:

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