Loan Application Processing
- Initial Processing: A client account will be created immediately in our Broker Portal secure website for 24/7 access to your loan file.
- Initial Application Review: Upon receipt of a new application, your Junosource loan process coordinator will review it to ensure the application and submission forms are complete. We will prepare disclosures: Good Faith Estimate (GFE), Truth In Lending (TIL) and - if required - a borrowers authorization. We will also mail the disclosures to the borrowers.
- Process Start-up: We will create the 1008 Transmittal Summary Form and the 1003 Loan Application Form
- Handling of all third party communications: We will work with all third parties involved to ensure items are collected in a timely manner. We order appraisals and open Escrow.
We will communicate observed issues with a file to the Broker or Loan Agent. You will be fully informed throughout the process.
- Verification and Analysis: We will request, as needed, all independent verifications (Verification of Employment, Verification of Deposits, Verification of Mortgage, Verification of Rent, Verification of Income and Review of income documents) as needed.
We review and analyze all supplementary documentation. We complete the Assets Analysis: verify reserves needed and type of documentation.
We carry out a Credit Analysis and Verification: We will analyze income and assets with respect to documentation type of loan.
We will review credit report, FCR mortgage rates, liens, bankruptcy, judgments and any public records.
- Underwriting submission: We will prepare your processed file for underwriting submission and provide you with well-informed recommendations for you and your borrower’s optimal benefit.
Loan Application Pre-Underwriting
- Complete File Processing: Initial Processing, Initial Application Review, Process Start-up, Verifications and Analysis. (* For more details please read our Loan Application Processing specifications above)
- Handling of all third party communications: We communicate any necessary changes and/or deficiencies to the Broker. We care for the handling of all Lender guidelines and communication while your Personal Loan Coordinator will keep you informed all through the process.
- Comprehensive Analysis: We analyze credit, income, property, assets, title, loan amounts and ratios.
We compare the received documents in file to the program selected and determine if that is a suitable selection.
We look up program guidelines in relation to the selected program to ensure the file meets the guidelines.
- Loan Pre-Closing: We prepare the fee sheet for the Broker and submit it to the Lender. We submit the loan package to the requested Lender (Loan submission). We follow up on conditions with the Broker to ensure a fast close and we send the lender conditions.
We forward the Approval from the Lender to the Broker and clear Lender conditions.
- Lock Loan and Order Docs: we will always order docs for you - and upon request we will lock your loan beforehand.
Personal Loan Coordinator
Based on your Initial Registration and the type of loans your borrowers need, we will allocate a specialized Loan Coordinator to handle your loan application files from start to finish. Whether you are processing 100 or 2 files, your Personal Loan Coordinator will be your primary point of contact for all file inquiries. This ensures you will be served according to your unique needs and customization requirements.
Online Account Management
We provide each client and broker with their own account login for managing their file processing queue on our secure client portal website.
You can monitor loan status 24/7, access the full inventory of loan documents to check for completeness, print your loan files while processing in progress and configure automated e-mail notifications to be sent whenever loan status changes occur.
When the file is completed you will have your deliverable Electronic Loan Folder (ELF) file ready in PDF format for easy printing.
Electronic Loan Folder (ELF)
The ELF consists in:
- A copy of your Fannie Mae 3.2 file.
- A complete processed file including all supporting documentation in electronic PDF format.
- Files can be customized to meet your stacking order needs
- ELF will be e-mailed upon completion. Backup CD will be mailed to you monthly for archival purposes.
To view a demo of account and loan process management click here.
Secure File Storage and Retrieval
The loan industry is moving towards digital storage and we want to provide our clients with this great advantage free of charge.
Every file you process through Junosource will be safely stored so only you have access. With our 24/7 digital file access system, you can print and view your loan history and loan packages anytime you need. Whether you are undergoing an audit or need to review files stored in an off-site location, this service will save you time and operation costs.
To view a demo of file access, click here.
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