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Mortgages Steps and Roles (Communication with the Client – process,…
Mortgages Steps and Roles
KYC & Mortgage Application – Complete the application and collect all documents (inc. 2 IDs) according to the type of application being submitted (see last page of application form).
Weight - 20
Licensed Agent - 1
If unlicensed, the referral for the mortgage will be passed to the Broker. The licensed agent in that team will be first asked to take over the process of completing the application and communicating with the client about the mortgage
Preparation of the Filogix File, including Lender notes
Weight - 20
Licensed Agent - 1
If Affiliate is licensed and unwilling to complete the Filogix application, the compensation to the Underwriter should be adjusted
Pull Credit; Choose Lender, verify lender notes and submit the application
Weight - 15
Underwriter - 1
Communication with the Client – process, expectations, what is required to see the process through to the end (getting the key)
Weight - 10
Underwriter - 1
Copied to the Broker and licensed Affiliate
Not changing jobs
Not taking out new credit cards
Explain that the process isn’t over until keys are in hand
Explaining the process and role of the underwriter
Need to respond in a timely manner once the commitment is received from the lender
Submission of documents to the lender; negotiate terms if necessary
Weight - 2
Underwriter - 1
5.
a. Explanation of commitment including closing cost
Weight - 5
Underwriter - 1
b. Meet with client (face to face); verifiy IDs, collect signed commitment and additional documents needed by Lender.
Weight - 10
Licensed Agent - 1
This is done on the instruction of the underwriter.
10.Complete the file and prepare it for audit, complete with check list.
Weight - 10
Underwriter - 1
After 30 days, Principal Broker to verify registration of mortgages per Purview.
Any further communication from lender to client
Weight - 4
Underwriter - 1
8.Ensure the client has a lawyer for the closing
Weight - 2
Underwriter - 1
9.Communicate with the client about the closing date, location etc.
Weight - 2
Licensed Agent - 1
Total Weight - 100
Total Licensed agents - 52
Total Underwriters - 48