Frequently Asked Questions

Service Scope

Could you detail the exact scope of your service? Specifically, does your service range from registration and document collection to the point of funding? Would you also be able to assist with any compliance-related inquiries we may have?

MPG Processors are able to take a loan from submission to closing.

General Steps are:

  • LO submits the loan to the processor and assigns the loan in the broker’s LOS (Arive, LendingPad, Calyx, Encompass).

  • Processor reviews the file, uploads the 3.4 file to lender and discloses the loan.

  • Processor reviews all documents already provided and will send an intro email and make a call to the borrower requesting any additional items needed for initial submission.

  • Processor orders all third-party items including, but not limited to: Appraisal, Title, Insurance, Condo Docs, WVOE’s, and HOI.

  • Processor will communicate with the borrower the conditions on the loan after approval and collect the requirements for final approval/CTC.

  • Processor will work with lender once loan is CTC to ensure closing docs get sent out.

  • Processor will update the dates in the broker’s LOS and make sure all docs associated with file are uploaded.

  • Processors are not compliance experts; they will help get the requirements needed to pass compliance but are not expected to be fluent in the requirements outside of what the broker is requesting.

  • Processors do not track receipt of broker checks.

Experience

How long has your company been established and how long have you been working with lenders such as UWM?

Every MPG Processor is familiar with UWM and many other lenders. Years of experience varies per processor, but MPG does not hire anyone with less than 2 years of broker experience and 5 years of total experience in processing. The combined processor experience for our staff is over 400+ years.

Payment Structure

Could you clarify your payment structure? Would your charges vary if we needed to register the loan or take over the loan from the conditional approval? Are there any charges associated with canceling or withdrawing?

  • Our compensation is due at the loan closing and is normally paid through a submitted invoice to the settlement agent.

  • Our charges do not vary if the loan is taken over once conditional approval has been obtained.

  • There typically are not any charges associated with a loan file that does not close because of low appraisal, poor inspection, borrower’s loss of a job, etc.  If a loan is withdrawn after loan approval is obtained, the processing fee may be due, at the discretion of the Director of Processing.

  • Our fee for processing and loan officer assistance services varies by state. Please contact the Mortgage Processing Group for a fee for your specific state.

Team Composition

How many processors are there on your team? Do we have the ability to choose the loan processor from your team?

Processors are assigned based on their pipeline ability. Brokers are assigned one specific processor. If for any reason it is not a good fit, a new processor will be assigned. We have enough processors to handle our broker needs and hire accordingly if the need increases.

Familiarity with Non-QM

We would like to confirm, are you familiar with handling Non-Qualified Mortgages (Non-QM)?

Yes, MPG processors can work Non-QM loans, DSCR loans, and Business Purpose Loans (BPL).

Lender Relationships

Which lenders do you typically work with?

  • In the broker world there are so many lenders that it’s hard to quantify this answer. Each broker we work with has their favorites and our MPG processors will work to familiarize themselves with each lender that the Broker/MLO works with.

  • The most common lenders are: UWM, NewRez, PennyMac, Provident, PRMG, Orion, Windsor, Click ‘N’ Close, Plaza, CMG, and New Fi.

Turnaround Time

What is the usual turnaround time for document collection and communication regarding additional underwriting documents?

One of the advantages of contract processing is that processors are commission-only just like the MLO, so closing the loan quickly is to their benefit as well. MPG processors work hard to view new files the same day they are received, and a doc review within 24 hours is normal in most cases.

Language Support

Could you please tell us the languages that your services support?

Currently the Mortgage Processing Group has two bilingual loan processors (Spanish & Portuguese).

Pricing

Could you elaborate on your pricing model?

Our pricing is state-based and is established based on the cost of conducting business in that particular state, i.e. the cost of licensing, bonding, franchise taxes, etc. that the firm is required to pay. Please contact the Mortgage Processing Group to see how affordable exceptional mortgage loan processing is.

Post-Closing Conditions

Would post-closing conditions also fall under your responsibility? For example, handling cases where a borrower sends funds from unverified accounts, requiring the loan to be sent back to Underwriting (UW) to establish a paper trail for the funds, or situations that require follow-ups on 1004D status after the loan is funded?

Processors will handle everything through funding. There are very rare instances where the examples given are post funding, as these would fall under PTF. Processors will be involved until the transaction is completed and all conditions are cleared.

Closing Coordination

If the borrower chooses not to visit the title company to sign the closing documents and opts for a mail-away instead, would you assist in coordinating the closing?

As long as the processor has notice of a mail away, they will communicate with Title to make sure docs are sent to the right address. Title is responsible for finding the notary, but processing will work in tandem with Title to ensure it’s all set up correctly and assist Title with any questions that they may need answered by the borrower.

Broker Responsibilities

We would appreciate it if you could outline the basic responsibilities on our side, as the broker, when collaborating with your company.

  • The Mortgage Broker’s job is to provide a complete application and communicate with the processor on any potential issues with a loan. Brokers are to discuss the fees and loan locks and then lock the loan. Brokers will deliver the bad news to a borrower if applicable, and the broker will be responsible for restructuring the loan if needed.

  • The broker should ensure introductions are made to borrowers before a processor reaches out so not to surprise a borrower.

  • Loan officers are expected to respond in a timely manner to a processor’s question or needs to ensure that there are no delays.

  • We strongly believe that loan processors and loan officers are a team for every transaction and each should be able to rely on the other for excellent communication and customer service.

Minimum Submission Requirements

Can you inform us about your minimum submission requirements? For instance, would we need to provide you with the tax return documents?

  • Before beginning a relationship with the Mortgage Processing Group, we require that our contract for services be executed by the owner/broker. We also make sure that every MLO acknowledges our fee sheet and complete a loan processor assessment, so that we will know more about how they would like their business conducted.

  • Minimum requirements would include anything received by the MLO for a prequalification, credit to be pulled, and passwords provided to run AUS. Standard docs the processor would see in a new submission would include the following:

    • 30 days back - most recent paystubs

    • 2 years of W-2’s

    • 2 months back - most recent bank statements

    • Photo ID’s

    • Property docs for all REO

    • Purchase Contract that is fully executed

  • The processor will request any additional items needed for the particular transaction scenario.