Loan File Process

Loan Officer/Loan Officer Assistant Responsibilities:

1. Add Processor to File in Arive – My Teams – User Setting – Manage – Contract Processor – Invite Processor – enter processor email (libby@iprocesshomeloans.com) and send invite or click add to team  

2. Complete loan application  

3. Check guidelines to make sure borrower qualifies for loan program  

4. Upload the credit report / income / assets / ID’s / Purchase Contract 

5. Loan Officer to complete income calculation worksheet. Absolutely required for Self Employed or non-salaried borrowers. This can be completed in the Arive “Analyze Income” button located in the Employment Section. 

6. Complete all required fields in Arive: 

• A) Complete 1003 
• B) Pull credit report  
• C) Products and Pricing to be completed  
• D) Fee screen – Processing Fee $995 
• E) File Contacts with full Names, address, phone and email – Realtors / Insurance Agents / Title Company 
• F) Loan Narrative – Provide a complete loan story for the processor  
• G) Run DU/LP 

7. Disclose file with Lender   

8. Once disclosures are signed move file into processing  

9. Lock Loan and disclose LE  

Processing Responsibilities:

1. Read Loan Narrative 

2. Keep Arive updated during entire loan process – submitted, approved, docs out, including all Tracking Dates (Trackers in Loan Center) 

3. Review documentation in Arive – Credit, Income, Assets, Purchase Contracts  

4. Update all fields in Arive and the Investor portal with documentation provided  

5. Order any required verification for file – VOE’s, VOD’s, Mortgage ratings, Credit supplements  

6. Review income and compare income worksheet sheet provided by loan officer and make sure it is accurate  

7. Checking guidelines to make sure loan meets loan program 

8. Order appraisal (this may be ordered by loan officer or LOA as well)  

9. Reach out to borrowers or real estate agents for any additional documentation  

10. Order title items  

11. Order Hazard insurance information  

12. Keep the loan updated in Arive by using the conversation log  

13. Submit loan to Investor with detailed notes to underwriter  

14. Once Approved review Approval with loan officer 

15. Order CD to start the clock  

16. Request any additional documentation from borrower through Arive 

17. Review documents uploaded from borrower and approve them in Arive  

18. Once all conditions are in, resubmit conditions to investor for a clear to close  

19. Once a Clear to Close order loan documents and balance with title  

20. Send final CD to Loan officer and loan officer assistant to ensure funds to close are accurate  

21. Update everyone once there is a signing scheduled  

22. Check for any funding conditions 

23. Update everyone once loan documents are back to the investor and file is ready for funding  

24. Send Broker wire instructions to the title company (if applicable) 

25. Request from title – Final Settlement statement and copy of fully executed signed loan documents