Processing Loans
First Choice Processing is the partner you need to free up your time and close more loans. From start to finish, we handle every step of processing your loan with precision and care, ensuring a smooth and efficient loan closing experience.
Are you spending countless hours gathering conditions and coordinating with multiple parties?
Look no further. First Choice Processing offers the solution you need. By taking over the loan processing and closing tasks, we free up your time so you can focus on growing your business.
Our reliable and efficient team ensures that all the details are handled seamlessly, allowing you to concentrate on what matters most—building your client relationships and expanding your business.
what are you getting from us?
Compliance Assurance
We stay current with industry regulations to ensure your loans are processed in full compliance, minimizing legal or regulatory risks.
Scalability
We provide scalable solutions that adapt to your growing business needs.
Expert Loan Processing
Our experienced team ensures accurate and efficient loan processing, reducing the risk of errors.
Streamline communication
We manage all communications with borrowers and third parties, ensuring a smooth flow of information.
Enhanced Client Experience
We ensure a faster, smoother experience for your clients, improving satisfaction and retention.
Time Savings
We handle the entire loan process, allowing you to focus on growing your business and closing more deals.
Frecuently asked questions
What is the broker's responsibility when submitting an application to the processor?
What should a broker do if a loan approval is not achievable?
If loan approval is not achievable, the
broker will be responsible for delivering this news to the borrower and restructuring the
loan if necessary.
How can a broker help facilitate communication between the borrower and the processor?
To ensure smooth communication, we request that brokers
send an introductory email to the borrower, copying the processor. This helps the
borrower feel at ease with the processor’s correspondence and calls.
How quickly should brokers respond to the processor's questions or requests?
Brokers are expected to respond promptly to the processor’s
questions or requests to prevent any delays in the process.
How do brokers and processors collaborate during transactions?
We believe that brokers and processors should work as a team for
each transaction, relying on each other for excellent communication and customer
service.
Do you work on Non-QM / Foreign National Loans?
Yes, First Choice Processing handles Non-QM and Foreign National loans. We are experienced
with various types of Non-QM loans, including the popular DSCR (Debt Service Coverage
Ratio) loans.
Here are a few Non-QM lenders we work with:
• AD Mortgage
• The Lender
• ClearEdge
• Quontic
• ВАС
What are the minimum submission requirements for a conventional file, FHA loans, and VA loans?
• Pay Stubs: Most recent 30 days.
• W-2s / 1099s: For the past 2 years.
• Tax Returns: 2 years of business and personal tax returns (all pages), if required by DU /
LP.
• Bank Statements: Most recent 2 months (all pages). Address any large deposits.
• Photo IDs: For all borrowers.
Property Documents: For all Real Estate Owned (REO), including:
*Recent mortgage statement
*Property taxes
*Property insurance reflecting the annual premium
*Property HOA statement, noting if payments are due monthly, quarterly, or yearly
• Purchase Contract: Fully executed.
• ***VA- copy of COE
***If divorced- copy of divorce decree / martial settlement agreement
What are the minimum submission requirements for Non-QM loans?
Please note that each lender may have slightly different requirements for the initial submission of
a Non-QM loan. To ensure a smooth process, please provide all documents specified by the
selected lender for the chosen program.
Are there any additional fees for resubmitting to a new lender?
At First Choice Processing, we understand that files may need to be transferred to a different
lender for various reasons.
Due to the extra work involved in submitting a new file, updating title, insurance, and potentially transferring appraisals, an additional fee will apply in these situations.
Please contact us to discuss the specifics of this fee.
What are the steps involved in the Scope of Work for a Mortgage Processor when starting a new loan?
Steps for Starting a New Loan:
1. Document Upload:
• Mortgage Broker (MB) uploads all relevant documents into a shared Dropbox
folder for the new borrower(s).
MB completes a New Loan Submission Sheet to outline the loan structure and
provide key contact information and emails Processor to begin working on the
new file
2. File Access:
• MB uploads the 3.4 file into Dropbox or Processor accesses the MB’s Loan
Origination System (LOS) – such as LendingPad, Encompass, Arive, etc. — to
download the 3.4 file.
3. Initial Review:
• Processor reviews all documents uploaded within 24 hours of receiving the
submission email from the MB.
• Processor notifies the MB if any documents are missing for a complete
submission to the chosen lender.
4. Submission and Disclosure:
• Processor submits the new file to the selected lender and discloses the file. Note:
Some lenders may require initial documents to be disclosed by the lender.
5. Third-Party Orders:
• Processor orders all necessary third-party items, including but not limited to:
• Appraisal
• Title
• Insurance
• Condo Documents
• Verification of Employment (WVOE)
• Homeowner’s Insurance (HOL)
6. Condition Communication:
• Processor emails the borrowers) with any conditions required after loan
approval. If the MB opts to collect borrower conditions, the email will instruct
borrowers to send documents directly to the MB. Otherwise, the Processor will
gather all borrower conditions.
7. Clear to Close (CTC):
• Processor communicates with both the MB and borrower(s) when the Clear to
Close (CTC) has been issued.
8. Closing Coordination:
Processor coordinates with all parties involved to ensure a smooth closing
process.
9. Post-Closing Documentation:
• Processor works with the MB to gather all post-closing documents as needed.
Use us as your third-party processor
At First Choice Processing LLC, we are committed to helping mortgage brokers close more loans and thrive in the industry.
Contact us today to learn more about how we can support your success, or visit our service page to see how we can help you achieve your goals.