Processing Protocol

Our processors have 4+ years of experience. They only get paid if your loan funds. Thus, they have a vested interest in getting your loans funded on time, every time. Below you will find a detailed description of the processing protocol at 1st Rate.

Submission:

0. Loan officer to complete 1003 in Point.
0. Loan officer to shop and select program/loan.
0. Loan officer to collect all documents (initial disclosures, pay stubs, w-2, bank statements).
0. Loan officer to fill out processing submission form on 1st Rate website.
0. Loan officer to fax, email, mail, or drop off 
     i. Submission packet: items 3 & 4.
0. Processor will run AU with LO’s lender of choice.
0. Processor will stack file.
0. Processor will submit to lender.

Conditions

0. Processor will order title from Loan Officer’s company of choice, if no preference then processor will pick Title Company.
0. Once conditions are received, processor will email/call Loan Officer with breakdown of conditions.
0. Processor will lock the loan upon instruction (email) from LO.
0. Processor will order appraisal upon instruction (email) from LO (this can be done prior to submission as well).

Docs

0. Once conditions are met, Processor will email/phone LO to finalize fees and order documents.
0. Once docs are out, Processor will notify LO to schedule signing with title co.

Funding

0. At signing, if anything is needed for compliance/funding, processor will provide items to title co.
0. Processor will follow up with the lender and make sure all conditions are cleared so file can fund.
0. Processor will notify LO once file has funded.
0. Processor will ensure file is compliant and will be cleared for payroll.

**If LO needs file ran through the lenders AU system before getting initials signed and documents collected – LO to complete 1003 and submission form and email submission form to processing@1rhm.com with instructions.**