PACKAGING LOANS FOR LENDER REVIEW
(How to Take a Loan Application Quickly)
Packaging Intro
Packaging a loan for lender review is by far the most important stage of the origination and funding cycle. Properly preparing accurate property, income, and asset information is critical for lender review. Below is the step-by-step process to help your ICS Loan Team package loans quickly with you for faster funding.
- Complete Short-Form Cheat Sheat Questionnaire
Using the Cheat Sheet will ensure you get the information from the Borrower needed to begin preparing the loan for lender review. We strongly recommend always going over these questions with your client by phone, or in person when possible. This enables you to build rapport and you stay in control of getting the info you need on your first try. You can send the Short-App Cheat Sheet if you want to your client, or even a full C-1003 Loan App, but you will end up waiting for days or even weeks, because clients are busy. Get them to give you 5 to 10-minutes on the phone and get it done!!
- Input all property and borrower information into your LOS (Loan Origination Software or a C-1003 Loan Application Form)
- Gather Documents & upload to LOS or File Folder (DropBox, OneDrive, Etc.)
- Get signed LOI/GFE & Funding Fee agreement from client. (ICS Processing handle this)
It's important you get a signed Funding Fee Agreement outlining your Broker fees with the client before you begin sending the loan out to lenders for review. This is very important to protect your commission, and your time.
- Prepare Loan Funding Request Pacakage (ICS Processing handle this)
- Email to Lenders (ICS Processing handle this)
- Follow-up with lenders via phone and email (ICS Processing handle this)