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Contract Loan Processing Service Advantage The Broker Will: - Take the loan application - Collect signed disclosures - Collect borrower docs - Identify lender and program - Register and/or lock loan Minnesota Home Mortgage Services Will: - Order appraisal and title - Order payoff and subordination agreement (if necessary) - Verify disclosures are accurate and complete - Review credit report, bank statements, pay stubs and W-2's - Submit loan package to lender - Clear lender conditions - Contact hazard insurance company for new mortgagee clause - Prepare fee sheet for review by broker, then submit to lender - Coordinate closing schedule - Follow up to confirm closing was successful - Assemble a Post Closing loan package and deliver to broker - Keep the broker informed throughout the loan process |
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