Experience and Knowledge are the keys to our joint success not location.
4810-12 S Prairie Ave 5332 Kester Ave
Chicago, IL 60615 Sherman Oaks, CA 91411
Phone- 773-593-6831
Mortgage Overview
Consumers are making the transition from renting to home owning. Even local governments are allocating money to help residents purchase homes instead of renting. Since most people do not pay for a home as a complete cash transaction, financing is necessary. These same individuals will at some point want to refinance for various reasons, such as:
·lowering the interest rate
·Lower the monthly payment
·For home improvements
·For debt consolidation
Again, financing is needed and that is where brokers, processors, and lenders play an essential role.
Once a Loan Originators (LO) has made initial contact with a perspective borrower, the Loan Originator/ Loan Processor relationship begins. The processing of that mortgage request is essential to the customer, lender, and processor.
Customer Importance:
Most borrowers expect to take an application with a LO and close on their purchase or refinance within 30 days.
THE CONNECTION
Loan Originator/Loan Processor Importance:
The Loan Originator and the Loan Processor want the same thing, to ensure excellent customer service, to hopefully have a return customer, and to make a profitable return from their time and knowledge investment. These qualities make the LO/ LP relationship, unique.
How do I know Contract Processing works?
When considering outsourcing the processing for your company, keep in mind that large companies such as Accubanc, ABN-AMRO, Wells Fargo, and Washington Mutual outsource. There are many benefits to outsourcing:
1.It reduces overhead-
Such as electricity, paper, and necessary office items
2.It reduces employee costs-
Reduced salaries, usually commissions per file
Reduced need for medical benefits
3. It leads to more productive employees, because they are in a
familiar environment and are
Less distracted by office activity.
Keep in mind as a smaller company if you outsource the processing, it makes you available to generate more business, and focus on contacting more individuals, while maximizing your customers time and money with little risk involved, by having a professional handle the processing.
FREQUENTLY ASKED QUESTIONS
WHERE IS THE BUSINESS LOCATED?
The processing will be at our office, located in the Hyde Park/Bronzeville area of the city.
WHAT IS THE TIME FRAME?
Once a COMPLETE loan file is received, processing and closing is within thirty (30)- days- from receipt.
HOW DOES THE PROCESSING WORK?
JC Processing obtains a complete mortgage file, at that time the LO. When received the file, will be accompanied with access codes for FHA Connections and VA Case # Request from each mortgage broker to process VA/FHA loans, and those codes are used for your particular files only. Once the loan is stacked and complete, it submitted to the lender, conditions are cleared via direct contact with the customer, and the loan is scheduled to close. The final fee sheet is completed and forwarded to the LO for approval and then submitted to the lender. On the closing date, the HUD-1 is reviewed and the file is returned to the broker when payment is received.
WHAT IS THE METHOD OF PAYMENT?
All processing fees are made payable to JC Processing, and are due within ten (10) calendar days after closing.
WHAT IF THE LOAN DOESN’T CLOSE?
If the loan does not close there is a $250.00 cancellation fee, due within ten (10) calendar days of the loan cancellation. This fee is only enforced if the loan goes to closing and the borrower cancels.
HOW DO I KNOW IT WILL WORK FOR MY COMPANY?
Because JC Processing prides itself on superior work and efficiency, as well as excellent customer service, your first loan submitted will be processed at a reduced rate, just so your company can decide if outsourcing is effective for your needs.
WHAT OTHER BROKERS DO YOU WORK WITH?
Our clients are brokers throughout Chicago, and the Chicagoland area. Those references are available upon request.
*****WE OFFER WEEKLY CONSULTATIONS WITH LO’S TO DISCUSS LOAN STATUS, TO INSURE EXCELLENT CUSTOMER SERVICE. ***********
Fee Schedule
1st mortgage and/or 1st and 2nd same lender $600.00
1st and Piggyback with separate lenders $650.00
1.FILE IN ENTERED AND STACKED
2.ALL VERIFICATION SENT
3.APPRAISAL AND TITLE ORDERED FROM VENDORS OF YOUR CHOICE
4.FILE IS SUBMITTED TO THE LENDER OF YOUR CHOICE
5.STIPULATIONS SHEET IS FAXED TO YOUR COMPANY AND STIPS ARE
CLEARED BY JC PROCESSING
6.LOAN IS SCHEDULED FOR CLOSING AND FEE SHEET IS COMPLETED.
7.ALL CLOSING ITEMS ARE FAXED TO LENDER
8.ON CLOSING DATE, HUD1 IS REVIEWED FOR ACCURACY
FHA/VA Procedures and Fees
THE FEES APPLY TO STREAMLINE AND FULL DOC
Lender of your choice $600.00
1.FILE ENTERED AND STACKED
2.VERIFICATIONS SENT (IF APPLICABLE)
3.APPRAISAL AND TERMITE ORDERED (IF APPLICABLE) YOUR CHOICE
VENDOR
4.TITLE ORDERED
5.CASE NUMBERS COMPLETED
6.FILE SUBMITTED TO THE LENDER OF YOUR CHOICE
7.CONDITIONS CLEARED
8.SCHEDULED TO CLOSE
9.FEE SHEET COMPLETED AND FAXED FOR YOUR APPROVAL
10. ALL CLOSING STIPULATIONS FAXED TO LENDER
