PROCESSOR'S DUTIES

  1. Updating the borrowers, realtors, and the loan officer at every stage of the process via email.
  2. Re-checking the Calyx POINT file against Investor AU summary for consistency of data (Loan Officer should always verify data consistency first. The majority of denials and loan file problems are due to data entry problems and can be avoided by checking program guidelines and loan data with AEs prior to submission).
  3. Processors are responsible for packaging the Loan File per Investor guidelines and delivering the Submission.
  4. Ordering of all needed third party documentation: EOI, Appraisal, Title Commitment and ILC if required, Condominium Questionnaire, and credit report updates.
  5. Ordering of all necessary third party verifications: VODs, VOEs, VVOEs. Please keep in mind many lenders are not accepting VOD's & VOE's these days in which case the LO is responsible for obtaining bank statements & paystubs from the client.
  6. Reviewing all documentation such as; title, EOI, appraisal, and any verifications for consistency of data and entering any changes in POINT.
  7. Tracking receipt of service charges and conditions in Calyx POINT and submitting to the Investor (Loan Officer is responsible for cross-checking all fees and verifying that any charges made are listed on the HUD1. Any omitted fees will be charged to the Loan Officer).
  8. Tracking underwriting turn-times for each file and communicating timeline to Loan Officer.
  9. Answering Underwriting questions and problem solving regarding conditions with the Investor.
  10. Loan officers will receive updated POINT files via email when the file is Clear To Close and ready for final review and Doc Order - this file should be saved over the existing borrower POINT file in Loan Officer's database.
  11. Order closing docs / complete Investor fee sheets and review with Loan Officer.
  12. Verify funds received at title on day of funding / closing.
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