Who will work in conjunction to expedite the Originations process as much as possible?
MOSs & MLOs
A loan application will work through what phases before entering Processing?
Application, Initial Contact, Pre-Underwriting, Approval
How can a loan application be collected?
Online or Over the Phone
What's the time frame an online application will be assigned to an MLO?
1-3 business days
What's the maximum number of days a member should be called for the initial contact?
With Address w/in 3 business days. W/o and Address(TBD) w/in 3-5 business days
Who is responsible for reviewing and requesting any and all information necessary to assess the risk of lending money to the borrowers, and relaying that decision to the appropriate representative in a timely manner?
Underwriting
What part of the timeline does a loan spend a majority of its time?
In Processing
How long do appraisals take in the Processing timeline?
Typically take 20-25 days to obtain.
What is the timeframe for the Closing/Funding stage?
Typically 1-2 weeks, including funding
If a delay in the process is encountered, who should be notified to extend deadlines?
Team Lead or Supervisor
What delays could happen in the loan app process?
Influx of loans, doc delays by member, availability of necessary reports, pipeline size
What type of chips was Pete eating yesterday?
Hot Cheetos!
In the Pre-Underwriting stage, how long do MLOs have to collect appropriate docs and obtain a loan decision from UW?
W/an address 30 days, W/o and address no real timeline
