Processing & Underwriting Services

Superior Financial Solutions has a number of ways to get your credit union on the path to successful mortgage lending. No employees are necessary and your credit union collects a fee just for taking the application and collecting all supporting loan documentation (pay stubs, bank statements, etc.). The professionals at Superior Financial Solutions will then process the mortgage loan, order all pertinent appraisals, credit reports and flood certifications, prepare the closing documents, and underwrite the loan to ensure it meets secondary market guidelines. We can then sell and service the mortgage loans, saving you the hassle and overhead!

MORTGAGE LOAN WORKFLOW

  1. Lender enters application in Mortgagebot and pulls the credit report.
  2. Lender e-mails the processor the same day of new loan file so it can be pushed out to Desktop Underwriter for findings.
  3. Lender is responsible for accuracy of information entered in Bot. This includes correct loan term, interest rate, all applicable Loan Level Price Adjustments or LLPAs, and closing costs. (“Junk In, Junk Out” means the validity of your findings is measured by the accuracy of the data entered in Bot.)
  4. Processor obtains DU findings and sends scanned copy to lender via secure mail the same day.
  5. Lender reviews the DU findings and verifies valid “Approve Eligible” results/approval conditions.
  6. Lender may then lock the interest with the borrower using your own credit union rate lock form. Remember this lock is between your borrower and your credit union.
  7. Lender then immediately completes and submits the SFS Rate Lock Commitment form via e-mail or fax and notifies processor of the lock commitment. This form must be sent independently of the loan file and must be received by 4:15 p.m. to be valid for that day’s pricing. This commitment is between your credit union and Superior Financial Solutions.
  8. Lender is responsible for notifying Superior Financial Solutions immediately if the loan is withdrawn or denied so the rate commitment can be cancelled.
  9. Processor will confirm receipt and terms of rate commitment by 4:45 p.m. the same day.
  10. Lender will scan and forward to processor via secure mail the complete loan file to include:
    1. Completed processor worksheet
    2. Completed and signed loan application
    3. Two current pay stubs for each borrower to include:
      1. Employee name
      2. Employer name
      3. Date of pay or pay period
      4. Deductions
      5. Year-to-date earnings
    1. Current year W-2 for each borrower ( or 1099-R, 1099-SSA as applicable)
    2. Two current months account statements to include:
      1. Thirty days of account history
      2. Name of financial institution
      3. Name of account owner
      4. Documentation and explanation of ALL large deposits
    1. Completed and signed 4506-T
    2. Name and phone number of hazard insurance agent
    3. Signed borrower authorization
    4. Letter of explanation for all credit inquiries not appearing as trade lines on credit report
    5. All other documentation as required by DU findings

  1. If scan capabilities are not available a fax copy is acceptable. Lender must notify the processor via e-mail that the loan file is being faxed. Fax loan files must be sent to (419) 222-2945 the same day the loan file is entered in Bot.
  2. Lender will prepare and mail initial loan disclosures within 3 business days of application date to borrower. This set of disclosures must be signed by the borrower and returned to the processor for the loan file. Loan cannot close without this set of signed disclosures.
  3. Lender will prepare re-disclosures and mail to borrower for each valid “changed circumstance”. Copies of changed circumstance letter and ALL disclosures must be forwarded to the processor.
  4. Processor will provide weekly updates on loan file to lenders as applicable.
  5. Lender will monitor rate locks to ensure loans close and fund prior to lock expiration date.
  6. Lender will wait for borrower to confirm receipt of disclosures and their consent to move forward with loan request.
  7. Lender will collect app deposit from borrower and forward proof of deposit to processor.
  8. Lender will complete the appraisal order form based on DU requirements for appraisal. Form will be scanned and forwarded to Appraisal Coordinator, Nancy Frueh (nfrueh@superiorfcu.com). If the PIW option will be exercised then the completed and signed PIW affidavit must be forwarded to the processor. Lender must notify Appraisal Coordinator if loan is withdrawn or denied so appraisal company can be informed.
  9. Appraisal Coordinator will forward the completed appraisal order form to appraiser and notify both the lender and processor what appraisal company has received the assignment.
  10. Lender is responsible for ordering title commitment from title agent. Lender must notify title agent if loan is withdrawn or denied.
  11. Appraiser directly e-mails the appraisal to the Appraisal Coordinator and lender.
  12. Appraisal Coordinator submits appraisal to UCD portal for validation certificate.
  13. Appraisal Coordinator forwards copy of appraisal and certificate to processor.
  14. Lender is responsible for mailing a copy of appraisal to the borrower within three days of receiving it.
  15. Lender is responsible for ensuring appraisal invoice is paid. Proof of payment must be sent to processor for file.
  16. Title agent will forward copy of title commitment to lender and to processor.
  17. Lender will forward any additional documentation requested by Superior Financial Solutions that may be required to obtain PMI approval, if applicable, and to clear all Desktop Underwriter conditions.
  18. Processor will complete processing file by obtaining updated insurance declaration page and verbal verification of employment for each borrower.
  19. Processor will submit loan file to final underwriting by Superior Financial Solutions’ underwriters.
  20. Processor will notify both lender and title agent when file is cleared to close.
  21. Lender or Processor will send title agent the final GFE to be used for closing.
  22. Title agent will contact borrower to set up closing time, date and location.
  23. Title agent will notify loan closer, processor and lender of confirmed closing information. Superior Financial Solutions’ closing desk requires 48-hour notice of set closing.
  24. Loan closer will prepare closing instructions and forward to title agent only.
  25. Title agent and loan closer will work to finalize figures and approve HUD.
  26. Title agent will forward the final, approved HUD to lender.
  27. Loan closer will forward closing documents to title agent via encrypted file.
  28. Loan closer will forward closing instructions and net funding sheet to lender.
  29. Lender will fund title agent based on finalized closing instructions on disbursement date noted.
  30. Superior Financial Solutions will ACH or wire funds to lender to purchase loan based on net funding sheet.
  31. Loan closer will overnight assignments and Allonge to lender for signatures.
  32. Lender is responsible for getting original assignments to the title agent for recording.
  33. Lender will overnight ORIGINAL Allonge and COPIES of assignments to Superior Financial Solutions within 24 hours of closing.\
  34. Title agent will return signed closing package, including original note, within 24 hours of closing, to Superior Financial Solutions.
  35. Title agent will record original mortgage/deed of trust along with any appropriate riders and original assignments.
  36. Title agent will overnight the recorded documents to post-closing at Superior Financial Solutions.

 

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