THE LOAN PACKAGING PROCESS
Packaging a loan for lender review is by far the most important stage of the origination and funding cycle. Properly inputing accurate property, income, and asset information is critical for lender review. Below is the step-by-step process to package a loan.
Submit loan online
Brokers submit the loan online.
Input all property and borrower information in Loan Detail page.
After submitting the loan online you must go to your loan pipeline from your Loan Dashboard. There you can access the loan and complete additional information about the property and borrower, such as property characteristics, borrower details, etc.
Upload docs to loan file.
From the Loan Detail page you can upload core documents, such as the rent roll, property operating statement, schedule of real estate owned, PFS, and other docs. You can also upload up to 6 quality photos. The 1st primary photo should always be the exterior property photo. You must upload at least 1 quality exterior photo.
Review all documents and update information in Loan Detail page.
In most cases, you will see that information in the property rent roll, property operating statements, and borrower personal financial statement needs to be updated in the Loan Detail page. It is critical that you review each document and update the figures in the Loan Detail page so all information in the loan profile matches the information from all documents uploaded.
Input detailed and well-written loan summary for lender.
You need to write a summary for lenders explaining the loan requirements, usage, and plan. This should be 1 to 2 paragraphs, well-written, and professional. Do not include borrower or broker information in the loan summary.
Get signed GFE & Funding Fee agreement from client.
You will want to send the GFE & Funding Fee agreement Link to the client. This ensure the client has agreed to your broker origination fee (points) and is comfortable with the estimated rate and terms you believe you can secure through the final funding lender.
Set loan to "Market Ready" from Loan Detail page.
Once you have a signed GFE, you should set the loan to Market Ready from the Loan Detail page. At your discretion, you can set the loan to Market Ready for lender review without a signed GFE, however, your commission is then not protected or secured if the client or lender go around you.
Identify Top Choice lenders from Loan Detail page.
After setting the loan to Market Ready you can do a lender search from the Loan Detail page. You can then email lenders the Lender Funding Request Package link. You can also add lenders to the ICS Loan Dashboard. ICS confirms all added lenders are true direct lenders within 48-hours.
Follow-up with lenders via phone and email.
This is critical. You should follow-up with each lender via phone and email until you either get a "pass" or "interested." The phone call is critical.
Lender correspondence to final Term Sheet.
You will begin to correspond with lenders, answer questions, and provide additional documents to the lender. You should always add lender requested documents to the loan file from the Loan Detail page, as well as send to the lender via email. Once the lender has everything they need, if they like the loan, they will issue a Lender Term Sheet.
Term Sheet Signed by Borrower
Once you attain a Term Sheet you will send this to your client. Upon acceptance, you will begin gathering all docs required by the lender for final lender underwriting. All docs should always be uploaded online at ICS. Lender underwriting will commence, including appraisal, and other evaluation as needed.