METRO EAST BRANCH 3200 Broadway Blvd., Suite 120 Garland, Texas 75043
Metro East Branch Minimum Standards for Communication Updated 9/1/2013
As our team continues to grow it is vital that our communication improves in order to sustain our growth and stand fast to our commitment to “Never Close Late or Ugly”. Growth will not happen if more effective communication is not paramount in our daily routines.
These procedures are mandatory.
Set Up
Once the file is set up, the loan officer and the assigned processor is to be emailed by the Set Up person to update the activities using the Subject Line and Grid below:
Subject Line: Loan Number/ Last Name/ Type of Product/ Loan Type/ Closing Date
Items To Be Completed Date Ordered Notes VOD VOE/ B VOE/ CB Survey Title Work/Tax Certs Appraisal HO Insurance 4506Ts Flood Certs GSA/LDP CAIVRS (If VA or USDA) Case #/ CAIVRS (If FHA) Eligibility Cert (if VA) Pay Off (If Refi)
Notes are to be specific (i.e., Ordered VOD from Bank of America and Chase; VOD not ordered yet per request as waiting on funds to be deposited; Case number on hold- will follow up in the AM and cc all- need also to check CAIVRS; Ordered VOEs for both Walmart and previous employer Target as requested; HOA insurance TBD-still need to know who they are going to be using; Ordered 4506T for 2012 and 2011 as well as the W2s per request, etc) Processors
Three Mandatory Emails to Buyer, Selling Agent and Listing Agent Loan Officer and LOA (Loan Officer Assistant) are to be cc’d in all emails
Introduction Email: Using the appropriate introductory emails for the buyer, selling agent, and listing agent, an email is to be sent within 72 business hours of receiving file. Buyer is sent their specific email. Both agents get the realtor email.
Appraisal Email: Send the appropriate email to the buyer, the selling agent, and the listing agent when appraisal is received. Get with Loan Officer if appraisal issues. Buyer and their agent get the appropriate email with the appraisal attached. Both agents get the appraisal update email without the appraisal attached.
When Clear To Close- Review HUD-1 and approve, complete grid and forward to Loan Officer and LOA to send to buyer. Send appropriate emails to both agents.
Remember: +1- Is there anything else we can do for you today?
Other Communication
Emails Sent- Loan Officers and LOAs are to be CC'd on every email to Title, Insurance, Appraisal Desk, Buyer(s) or Agents AFTER the original set up is completed (see page 1 for Set Up instructions).
Loan Approvals- When loan approvals (first submits or loan approvals with additional conditions) are received, processors are to email the approval (all three/four pages) to the Loan Officer and LOA by end of business day. Not only is this keeping everyone in the loop but it is also a great reminder/training for the LO and LOA on what UW is putting as loan requirements. Processors will work the conditions but need to involve the Loan Officer and/or the LOA immediately if there is a problem or the buyer is not responding in a timely manner in order to get the file CTC prior to closing date.
HUD-1's are to be reviewed within 30 minutes of receipt from title and/or funding. Once the review is done using the final fee worksheet in Point, an email is sent (and Loan Officer and LOA cc’d) to funding and title company approving the HUD or noting changes needed. Upon receipt of the final HUD-1, the completed grid is to be sent to the appropriate Loan Officer and LOA for delivery to the buyer.
Appraisals received are to be reviewed, logged into FHA connection (if applicable) and forwarded to the buyer and agents by end of business day. See Touch Point “Appraisal Email”. If the appraisal calls for a final, immediately calendar in Outlook three days out from closing and invite the Loan Officer and LOA. If the buyer is using an escrow repair program or has HUD escrowed repairs, be certain to calendar that in Outlook in also the follow up date and invite the Loan Officer and LOA. In order to not be an “appointment” during the day for the LO or LOA, show as 7:00 AM reminders. Also see Escrow Repairs.
Time Block- Processors are to time block in their calendars for three times a day to return calls and to answer emails. Processors can choose their own times as long as it is spread out during the day. These time blocks are to be noted in your normal voicemail outgoing message, and an “out of office” email is to be used for all external emails (it is not necessary to use the out of office for internal emails. If you prefer to use a specific voicemail outgoing message during your quiet time see the Voicemail_Guide. Scripting should be something similar to:
VM: You've reached <
"Out of Office" Email: Thank you for your email. I am working in my "quiet time" in order to expedite your mortgage! Your email is very important to me and I strive to return emails between <
Emails and Voicemails must be returned during the next time noted, if not done before hand. It is not acceptable to ignore either. Put these times in your Outlook calendars so that you don’t forget.
Processors will need to use their judgment if the email or voice mail needs to be returned immediately instead of during the three blocked times. Priority should be made to loan officers, support team, Corporate and loans that are closing within the next few days. If you are able to pick up the phone and/or repond to the email immediately and quickly, then do so.
Out of Office- Everyone in the branch is to use an “Out of Office” email response if you are going to be gone more than 3 hours and not answering emails on your cell.
Pipeline Update- Every Tuesday and Thursday by 12:00 noon, every processor is to access the pipeline on Google Drive and update each and every loan in their pipeline. The pipeline will be uploaded to Google Drive by 9:30 AM by the person responsible for getting out the pipeline that morning. Examples of updates from the processors would be:
3220123151 White Loan in Closing 07/24/2013File in closing, HUD reviewed, ready to go
3230701002 Mathews Approved with Conditions 07/26/2013Still waiting on amendment and borrower is getting me what I need. Have contacted the buyer again this morning and gave a deadline. Express docs not done yet as we are waiting on insurance binder
3220112006 Jones Approved with Conditions 07/30/2013In for CTC this morning at 10:30 AM. Express docs have been completed.
3220113212 Smith Application taken/in process 08/071/2013Will be reviewing file by end of business day for action and submitting
Login access to the branch Google Drive is Username:
After 12pm, the Processing Manager (back up pre-determined if Processing Manager is to be out of the office) will download the pipeline and send to all Loan Officers and LOAs. If a processor is going to be out on either day in the week, it is to be done the business day before they leave in order for everyone to be updated.
It is also imperative when processors are updating the loans that they are also reviewing lock expiration dates.
Escrow Repairs- Processors (cc’ing Loan Officer) are to put on their calendar one week out from closing to follow up for any loan that has an escrow repair. This includes HUD Foreclosures with escrows as well as any buyer using the Repair Plus program. Once the one week follow up is done by the processor (i.e., calling buyer), then a follow up call will be scheduled again if necessary (and the loan officer cc’d). This will continue for a minimum of weekly follow up until work is completed and the repair check requested from accounting. It is important to verify with the buyer the name/information of the contractor as well as if a final inspection needs to be ordered. When the Check Request is ordered, cc the buyer, the buyer agent and the Loan Officer.
Verifying Expiration of Credit Report- If the closing date of a file is moved out from original closing date, the changing of the date in LP must be the “trigger” for the Processor to review the expiration of the credit report. The Processor will 1) Verify credit report date 2) Change the updated date in LP and 3) Email Loan Officer of when the credit report expires.
Waiver To Be Signed for 2nd Appraisal, Field Review or Final Inspection- If an 2nd Appraisal, Field Review or Final Inspection is ordered, Processors are to have the buyer sign immediately a waiver. This is to be sent to the buyer and cc the Loan Officer. Loan Officers
Loan officers to email processors anytime there is a conversation with Agent(s), Buyers, Title Company or Insurance after file has been submitted to set up. Thoroughly complete the 1003 with accurate information- this is mandatory. Do not depend on processors to fill in the blanks- the accuracy of the file starts here. CC appropriate processor on all email correspondence to buyers, agents, title company, insurance, appraisal desk. Disclose to the buyer within 3 business days of receipt of 6 pieces of information. Get the file to set up quickly- it is unfair to ask the processors to do their part if we hold on to files. Make certain that you have detailed, written notes of how the file should be structured and what the processor/underwriter needs to know. Ten minutes spent on detailed, written notes will save a processor and/or UW a lot of time and frustration. Ask for everything (including insurance) upfront from the buyer and give them a deadline. Make certain that you put the most updated HOMEwork list of items needed in the file (and given to buyer) so that the processor knows the list (and the deadline you gave the buyer) Utilize Doc V when wanting to see approval and/or where we are in line in UW for approval or conditions. Over communicate to the processor any changes and updates during the loan process. Don’t over commit. Complete the yellow sheet and the front of the folder with accurate and detailed information. Identify the Prospect/Borrower as Follow Up or Do Not Follow Up in Point under Track => Branch/Team => Division Put names and emails of both agents in both Point and LP as well as phone numbers in LP General/Loan Property/ Selling and Listing Realtor Put origin of lead in Point under Track Status => Agent List => Origin Put origin of lead in LP under Miscellaneous Fields, Loan Officer, Origin PROCESSOR CHECKIST/ TOUCH POINTS (9/2013)
Buyer ______Closing Date ______
Loan Review Sales Price When File is Received By Processor- Buyer; Selling Agent; Listing Agent Review file within 48 hours. File must be stacked and homework list verified and updated during that time. Call (or email) buyer, Listing Agent and Buyers Agent within 24 hours to introduce self and explain your role in the process. Tell each party “The Next Step” Review contract to make sure all parties agree with terms Seller Assistance ______; $ ______to be given Does the buyer have hazard insurance? ______Premium $ ______
Email Scripting to Buyer (Choice between phone and Email) To Buyers: (put “Your Home” in subject line) Email #1- Introduction My name is ______and I am one of the senior processors with Service First Mortgage. I wanted to introduce myself to you. My job is to take you from “contract to closing” and I look forward to working with you. My next email communication to you will be when the appraisal is received, unless there is another reason that arises.
The following is information that I need to obtain from you by ……..
We like to tell our buyers, “No news from us is good news”. If I have any questions, or need anything, I will call or email you. If you have an urgent need, obviously please call me at 972-278-3400 or email me at ______. Otherwise, we want you to sit back and enjoy the purchase of your home.
It is our goal that this transaction is handled very smoothly and easily for you and we look forward to working with you and appreciate your trust.
Email Scripting to Agents (Choice between phone and Email) To Agents: (put address in subject line) Email #1- Introduction My name is ______and I am one of the senior processors with Service First Mortgage. I wanted to introduce myself to you. I will be completing the transaction for the above property and can be reached at 972-278-3400 or at my email of ______. My next email communication to you will be when the appraisal is received, unless there is another reason that arises.
It is our goal that this transaction is handled very smoothly and easily for you and we look forward to working with you and appreciate your trust. When Appraisal is Received-Buyer; Selling Agent; Listing Agent Review for Conditions and Value using the Appraisal Checklist Go over conditions and deadline and instructions for receiving them. o Deadline Given: ______
Email Scripting to Buyer (Email) Email #2 In our quest to continue to provide excellence to you, please find enclosed a copy of your appraisal. For your ease in opening, it is in an adobe format. The home appraised for value with no conditions.
Important: Please note that in order to comply with lending guidelines, please respond today to this email that I just sent that you have received the appraisal. A “I have received appraisal” will be sufficient. We just want to make certain that we are complying with all appraisal guidelines in order not to delay your closing.
Also, please take a moment to save our email and phone number (972-278-3400) for easy access when you have someone you would like to introduce to us. Thank you in advance for remembering us to your friends and relatives when they have a mortgage need.
My next communication to you will be when we are “Clear To Close” (meaning we have satisfied all final loan conditions- typically a couple of days prior to closing), unless there is another reason that arises. I trust that you are “relaxing” as much as possible :) during this transaction and we appreciate you allowing us to work with you in the purchase of your home.
Once again, we appreciate your trust. *****OR******
In our quest to continue to provide excellence to you, please find enclosed a copy of your appraisal. For your ease in opening, it can be accessed by clicking on the “Download Report” link below. The home appraised for value with no conditions
Important: Please note that in order to comply with lending guidelines, please respond today to this email that I just sent that you have received the appraisal. A “I have received appraisal” will be sufficient. We just want to make certain that we are complying with all appraisal guidelines in order not to delay your closing.
Also, please take a moment to save our email and phone number (972-278-3400) for easy access when you have someone you would like to introduce to us. Thank you in advance for remembering us to your friends and relatives when they have a mortgage need.
My next communication to you will be when we are “Clear To Close” (meaning we have satisfied all final loan conditions- typically a couple of days prior to closing), unless there is another reason that arises. I trust that you are “relaxing” as much as possible :) during this transaction and we appreciate you allowing us to work with you in the purchase of your home.
Once again, we appreciate your trust.
Email Scripting to Agents (Choice between phone and Email) Note: Do NOT tell listing agent the value unless short. Also, review if there are any conditions).
Email #2- Appraisal I wanted to update you on the mortgage status for the above referenced- we have received the appraisal for the above referenced and it did make value with no conditions. My next email communication to you will be when we are Clear To Close, unless there is another reason that arises.
As always, thank you for the opportunity to work with you and we appreciate your trust. When Clear to Close/ Reviewing the HUD-1
Processor- The following grid is forwarded to the licensed loan officer/ LOA as well as the final/approved HUD1.
Please find attached a copy of the settlement statement for your closing. Your funds to close are listed below as well as the closing date/time. Please make certain that the funds needed are payable to the title company (see below) in the form of a cashier's check or you can send a wire to them. If you choose to send the wire, go ahead and contact the title company directly for their wiring instructions. You will see on the attached HUD-1 the address and phone number of the “place of settlement” (as well as their information below)
Closing Date/Time: 07/15/2013- Check with your realtor Funds to Close $ for the exact time Interest Rate: Term: 30 year Monthly Payment: (PITI not including HOA) $ Tax and Insurance in house note? Yes First Payment Due Bring to Closing: Government Issued ID (i.e., Driver’s License or Passport) Cashier Check for amount above
If you have any questions, please feel free to contact us.
Thank you & Congratulations!
Licensed LO/LOA Verbal Scripting- To Buyer This is ______from The Davidson Group with Service First Mortgage. I want to review you with your numbers and closing one more time to make certain that we have everything correct. Will that be OK? Great! (Review Checklist Above). I also want to remind you where the title company is and also that your monies needs to be in the form of a cashier check (if applicable). It has been a pleasure to work with you and we hope that you enjoy your home. Please let me know if you have any questions or if I can do anything else for you.
Follow Up Email- To Buyer by Licensed Personnel
Email Scripting to Agents (Choice between phone and Email)- By Processor Email #3- Clear to Close I wanted to update you on the mortgage status for the above referenced- we have Clear to Close on the above referenced and docs will be out by . I have also reviewed the HUD-1 and the loan officer has let the buyer know their numbers.
We want to thank you for the opportunity to work with you and we appreciate your trust. When we can be of further assistance, please don’t hesitate to call us.
EXPECTATIONS Appraisal, survey, title work and verifications are ordered on every loan within 24 hours of receipt of file. Appraisals received within 5 business days. Every loan is submitted within 5 business days of processor receiving the file. Express Doc ordered a minimum of 3 business days prior to closing Clear to Close and full closing package to be submitted to the closing department a minimum of 1 business days prior to closing date. Hud-1s to be reviewed and approved 2 business days prior to closing date. Buyer called and HUD-1 reviewed 1 day prior to closing date.