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Loan Delivery


What you can expect from BFO for Post Closing/Shipping and Delivery:

  1. Review Note, Security Instrument and Assignments to verify accuracy.
  2. Prepare copy and submit Collateral Package to Warehouse Bank the same day file is received from Closing Agent.
  3. Review documents within 24 hours of receipt to ensure proper execution.
  4. Organize loan file in order established by Lender’s Investor requirement.
  5. Prepare necessary Delivery Forms, Good-bye Letters and any special forms as required by Investor.
  6. Copy documents and prepare delivery file as specified by the Investor Guidelines.
  7. Ship file to Investor via overnight delivery service.
  8. BFO will work directly with Investor to answer questions about the file and clear any exceptions.
  9. As is necessary, contact the Settlement Agent regarding missing or incorrect documents.  Provide continuous follow-up until mortgage documentation is corrected and/or complete.
  10. Contact the most direct source to obtain missing documents/conditions as outlined by Underwriting Department. Provide continuous follow-up until documentation is correct and complete.
  11. Provide Client’s Management with an individual Suspense Report for each loan not delivered due to deficient documentation. These loans become a priority, with daily updates until deficiency is cleared.
  12. Provide a Daily Submission Report indicating those loans Shipped each day.
  13. Follow up with Investor within 48 hours after file was delivered, to obtain status of loan. 
  14. Should loan be conditioned for additional documentation, BFO will notify Lender.  BFO will obtain document(s) from the most direct source and forward to Investor.  Client will be notified and continually updated regarding status.
  15. Client will be notified of the loan purchase.                                  

This process is time sensitive and is given the highest priority!

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