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CONTRACT PROCESSING RESPONSIBLITIES

Loan Officer:

1. Processing Submission Page
2. Completed 1003 Application
3. Copy of Good Faith Estimate (GFE)
4. Credit Report
5. All Signed Disclosures
6. Signed Borrowers Authorization Form
7. Copy of any Lender Underwriting Decision
8. Copy of Purchase Contract
9. Signed by all buyers and sellers (for purchase transactions)
10. Pay Stub(s) covering the most current 30-day period for each applicant
11. W-2 Forms for the last two years, for each application
12. Bank Statements, for the past two months, all pages of checking and savings accounts
13. 401K and IRA statements (if applicable-all pages)

Contract Loan Processor:

1. Single Point of Contact
2. Order Appraisals & Title
3. Order Payoffs and Subordination Agreements ( if necessary)
4. Order VOE's, VOR's, and VOD's
5. Order HOA Certificates
6. Verify Disclosures are accurate and complete
7. Review credit report, bank statements, pay stubs and W2's
8. Review Prelim & Appraisal
9. Submit Loan Package to Lender
10. Clear Lender Conditions
11. Prepare fee sheet for review by broker, then submit to lender
12. Send What is needed to escrow for signing.
13. Follow up to confirm closing was on successful
14. Assemble a Post Closing Loan Package and deliver to broker. Will include CD copy of file.
15. Keep the loan broker informed through out the loan process