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BFO will provide the Lender/Originator with a specific Processing Coordinator that becomes a Partner and is available throughout the day, with the Processing Manager being available seven (7) days a week. The Originator always has a backup!
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Processing Coordinator will obtain any missing documentation, allowing the Originator to do what they do best – ORIGINATE LOANS!
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Processing Coordinator will prepare and mail any disclosures not executed at the time of Loan Application.
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Loans are processed on Calyx “Point” system.
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Documents reviewed and processed in accordance to Investor’s criteria.
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Loan data is entered into a Fraud Prevention Program verifying Social Security Number and OFAC list. Limiting Lender’s fraud risk.
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Credit Report, Appraisal, Flood Certification and Preliminary Title work are ordered by BFO.
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Continual communication between all parties, with weekly status reports provided to Originator and Lender.
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Loan file is packaged, copied and forwarded to the Underwriter.
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Coordinator will clear all “prior to closing” conditions within 48 hours after being notified, when possible. If the condition cannot be cleared within 48 hours, the Originator is notified and solutions are discussed.
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Processing Manager will discuss with the Underwriter any unordinary conditions or decisions.
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Coordinator will forward to Borrower the applicable “Loan Approval” or “Denial” letter.
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BFO will forward all required documentation to the Closing Department.
