Loan File Process

1. RECEIPT OF FILE

  • Within 24 hours, an e-mail confirmation will be sent, letting you know the file has been received and logged into your pipeline
  • You will immediately be notified if any information is missing that may delay the submission of your loan.

2. PREP TIME FOR LENDER

  • Order all verifications needed
  • Order Appraisal
  • Order Title
  • Permitted the above documentation is not required for submission; the loan will be shipped to the lender of your choice.

3. CONDITIONS RECEIVED

  • Once the conditions are received, your processor will call you to review conditions and answer any questions or concerns you may have.
  • Brokers Choice Processing LLC will order and clear these conditions unless otherwise stated by broker.
  • The conditions will be sent to the lender to be cleared.

4. CLEAR TO CLOSE

  • A fee sheet is required at this point. We will fill out all the of the information but we do require you to sign before sending it to lender.
  • Brokers Choice Processing LLC will schedule the closing with all the parties involved, unless otherwise stated by broker.
  • We will ensure all information needed for the closing is provided to the appropriate parties.
  • Brokers Choice Processing LLC will obtain a copy of the Closing Disclosure and e-mail it to you for review.
  • Any invoices for all services provided by Broker’s Choice Processing will be submitted to the title/closing agent at this time.

5. FUNDING

  • Brokers Choice Processing LLC follows the closings through to make sure all the funding conditions have been meet and to ensure proper disbursement of payments. Notification e-mail will be sent after funding is confirmed.
  • Upon completion, the closed loan package will be shipped back to the broker. If you would like this to be on CD, there will be an additional charge for this service.

 

THE FASTER WE CLOSE YOUR FILE THE FASTER YOU GET PAID AND SO DO WE.

We pride ourselves on fast closings. If we have any delays beyond our control such as: non-cooperative borrower, third party vendor delay, or lender delay you will be notified immediately.