Loan Process Flowchart

maraba · Joined: 25 Jan 2006 Posts: 11 Location: Miami

Hello everyone, I am new to the forum and my father and I opend up a mortgage company(we are a branch of another major one) and i was trying to creat a flow chart for new unexperienced loan officers to have so they can get a good understanding of wat all the steps are in order for a loan to close. does anyone have such thing or something similar? im workin on makin one but maybe someone can give me more advice... i want to have the steps from 1st meeting the prospect to the closing table. everything between and wat docs are needed for certain loans etc....

Haplo · Joined: 20 Jan 2005 Posts: 2406 Location: Springfield, IL

there are some forms on http://www.brokeruniverse.com/ that may be helpful to you. Chow and I met over there, and there may be some helpful information and charts that you can use there. Also the wierdloans link will help to get an idea of what companies do what kind of lending.

maraba · Joined: 25 Jan 2006 Posts: 11 Location: Miami

thanx alot, i have been using wierdloans for a while and its great. i visited the site u told me and its great as well i downloaded a few of the forms they have. its great. thanx alot. maybe i will post the flowchart i am creating for the newbe's here like myself to get some kind of guide or something or for others to improve it. thanx for the tips

chow · Posted: Sat Feb 04, 2006 2:10 am Post subject:

If you can somehow post a link to it, we can check it out and add to it, or make some suggestions.

maraba · Joined: 25 Jan 2006 Posts: 11 Location: Miami

Hey wuts up guys. i have the word document of my chart but how would u guys get it. do i email it to u guys?

Haplo · Joined: 20 Jan 2005 Posts: 2406 Location: Springfield, IL

You can email it, or if you had a website you could post it there and we could download it.

my email address is my name first.MI.last at wellsfargo.com

maraba · Joined: 25 Jan 2006 Posts: 11 Location: Miami

email sent

jkahwaty · Joined: 27 Feb 2006 Posts: 1 Location: Freehold, NJ

Is this chart available on any of your websites?

Joe

Haplo · Joined: 20 Jan 2005 Posts: 2406 Location: Springfield, IL

Maraba,

Haven't heard from you regarding the flow chart. I made some notes, wanted to talk to you about a slight re-design that may make it a little easier on a new person coming in. Give me a call.

maraba · Joined: 25 Jan 2006 Posts: 11 Location: Miami

yea im sorry i never got to call you, iv been kinda busy learning from our corporate main office, they are going to start having me open and close files. and on another day i will process them as well. so that i can get a overall plan on wat is needed to do from the begining to the end of a loan. since im going to be doing it all in my branch... can u give me like hours that i can call?

Haplo · Joined: 20 Jan 2005 Posts: 2406 Location: Springfield, IL

Tomorrow is quite bad, end of the month and all that.

Any day between 1-4ish seems to be fairly flexible (central time) so I'd say try then. I can't guarantee I'll be available the moment you call, but leave a message and I'll call back. Just make mention of who ya are ;)

chow · Posted: Tue Feb 28, 2006 10:04 am Post subject:

maraba wrote: yea im sorry i never got to call you, iv been kinda busy learning from our corporate main office, they are going to start having me open and close files. and on another day i will process them as well. so that i can get a overall plan on wat is needed to do from the begining to the end of a loan. since im going to be doing it all in my branch... can u give me like hours that i can call?

That should help with your flow chart!

I'll give you a hint: Tell every LO upfront what is supposed to be in the file before they hand it in. Otherwise you will get some who actually expect you to originate it too!

Hey, I just found a checklist for FHA. It might be a little outdated because FHA dropped the termite inspections (many lenders still require them anyway) But I can fax them over too you. It's just two pages. PM me your fax# and I can do it when I get off work. (that is 8:30 PM Indiana time)

Haplo · Joined: 20 Jan 2005 Posts: 2406 Location: Springfield, IL

Quote: It might be a little outdated because FHA dropped the termite inspections

Oh? interesting.

Yeah we still require them, maybe in our next update!

chow · Posted: Wed Mar 01, 2006 5:09 am Post subject:

Haplo wrote: Quote: It might be a little outdated because FHA dropped the termite inspections

Oh? interesting.

Yeah we still require them, maybe in our next update!

http://www.hud.gov/offices/hsg/sfh/ref/sf1-23sa.cfm

There is one thing I will be very honest about here. I wouldn't buy a house paying cash without a termite and full inspection. Even homes that pass inspections have issues. Inspectors can't see through walls! They do the best they can. Even good bug inspectors miss some times :?

I wouldn't blame an investor or lender still requiring termite inspections. Just because HUD says you don't have to-doesn't mean the lender can't add on more layers of sound conditions to help protect the risk factor. As it is, we have people out there telling people they don't have to get a home inspection because the property was looked at buy a FHA appraiser. I know 20 FHA appraisers, and I've never known any of them to be a state licensed termite inspector, or structural expert. Can't figure out where people get those ideas. Cutting down on inspections to save money isn't a good thing. I would even go so far as to have new construction homes inspected after some of the blunders I have seen, and heard about.

well, I'll jump off my soap box about not spending a little money when you're going to invest A LOT of money on a home :roll:

chow · Posted: Wed Mar 01, 2006 12:02 pm Post subject:

Maraba, your fax is on your machine. 2 pages, no cover sheet.

	Mortgage Forums Forum Index -> Learning Center	Goto page 1, 2 Next
Page 1 of 2