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Initially, the lender will have a signed contract with the TPO mortgage originators laying down the term of their service, roles, and involvement of the mortgage originators in the mortgage loan process.\u00a0<\/b><\/p>
This could be marketing the lender\u2019s services using different marketing strategies, taking loan applications online, assisting the lender in underwriting the loan, and assisting the lender to close on a loan.<\/b><\/p>
Once the contract is signed between the lender and the TPO mortgage originator, the originator can start taking an application for a loan from the potential borrowers.\u00a0<\/b><\/p>
The lender’s automated system will determine if the borrower is getting qualified based on the required loan parameters.\u00a0<\/b><\/p>
If the borrower qualifies, the mortgage originator will request all supportive documents and will screen them before submitting them for underwriting and get an initial loan application signed by the borrower.<\/b><\/p>
Once the documents are screened by the third-party originators, they will be submitted for underwriting with the lender\u2019s in-house underwriting team or again a third-party underwriting firm or company.\u00a0<\/b><\/p>
While the loan is underwritten, the third-party originator will be a mediator between the underwriter and the borrower.\u00a0<\/b><\/p>
Any conditions that are held by the underwriter to close the loan will be shared with the borrower by the third-party originator.<\/b><\/p>
Once the underwriter clears the file to a clear to close status, the originators will assist the borrower in sending all the closing disclosures to the borrower and set up a closing date with the borrower.\u00a0<\/b><\/p>
Once the loan is closed all the documents are submitted to the lender and the servicing rights are handed over to the lender for the loan.<\/b><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t