What you can expect from BFO for Loan Guaranty/Loan Endorsement:
Prepare loan guaranty packages as required by the Federal Housing Administration (FHA) or Veterans Administration (VA) Guidelines to include:
a. Review of original loan to assure Agency acceptability.
b. Arrange file in proper Agency “stacking” order.
c. Determine, report and recover missing documents that are necessary for loan submission.
d. Provide Lender with an individual Suspense Report for each loan not submitted due to deficient documentation.
e. Provide complete data input into FHA Connection of Appraisal and Insurance Application information.
f. Provide complete data input into LG Xpress.
g. Order pay histories from Lender and/or “Investor” on those loans where loan submission date exceeds closing date by more than 60 days.
h. Provide to Lender the following reports to include, but not limited to:
1. Daily Loan Submission Report
2. Daily Suspense Report
3. Loan Guaranty Summary Report
4. Loan Guaranty Unsubmitted Summary Report
Provide continual follow-up with FHA and/or VA until evidence that final Loan Guaranty or Endorsement has been issued.
Obtain evidence that Final Loan Guaranty/Endorsement Certificate has been issued.
Correct and/or obtain duplicate LGC/MIC as required by Lender.
Respond to all VA Audit Reports.
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