Platinum approved homebuyer
Download as PPT, PDF
0 likes136 views
This document describes a "Platinum Approved Homebuyer" program which provides fully approved home loans for customers before they find a home. It allows customers with an advantage in the home buying process. The program also benefits short sales and new construction loans that require pre-approval. The document outlines the submission process through Encompass and expected turn times of 24 to 96 hours for a underwriting decision. It notes the loan can be resubmitted to the original underwriter once a property is selected.
Platinum approved homebuyer
- 1. Platinum Approved Homebuyer October 22, 2014 Confidential Internal Use Only
- 2. Platinum Approved Homebuyer What is included in the program How to Submit request through encompass Process Flow Turn Times UW Decision Confidential Internal Use Only
- 3. Platinum Approved Homebuyer Loans for customers who do not yet have homes under contract but gain clear advantage in the home buying process by getting fully approved rather than just pre-qualified. Short sale transactions where a pre-approval is necessary before the bank/mortgage company will approve the sale. New construction transactions where the builder will not start to build without a pre-approval. Confidential Internal Use Only
- 4. Platinum Approved Homebuyer Encompass Submission Forms: Pre-Approval Request Property must be TBD and cannot have Full application Leave commitment date expected blank Upload Required Documentation Enter Description and Request Confidential Internal Use Only
- 5. Platinum Approved Homebuyer Turn Time: 24 hours for Pre-Approval Processor to submit to UW Up to 96 hours for UW to render decision Decision: Pre-Approved Pre-Approval will be uploaded into the efolder Incomplete if loan needs restructure 7 calendar days to re-submit Declined UW will inform the LO of a decline Cancelled Notifications: LO will receive email notifications from no-reply on any status changes Confidential Internal Use Only
- 6. Platinum Approved Homebuyer Final Step: Review the Pre-Approval located in efolder Once property is selected, continue with requesting disclosures and file submission The file will be resubmitted as a new underwrite and will given back to the original underwriter (if volume permits). Confidential Internal Use Only
- 7. Platinum Approved Homebuyer Final Step: Review the Pre-Approval located in efolder Once property is selected, continue with requesting disclosures and file submission The file will be resubmitted as a new underwrite and will given back to the original underwriter (if volume permits). Confidential Internal Use Only