Loan Processor

Lagorio Processing · #1 (**permalink**) 03-03-2006, 04:56 PM

Hi, I am new at this and just learning. I found this site while looking for rates for a loan on a manufactured home on 5 acres, Bakersfield, CA area. Hope to chat with some of you soon.

Erik · #2 (**permalink**) 03-03-2006, 05:03 PM

Welcome to the site, LP. Looks like you got the login issue figured out

Glad to have you here.

carlo@CreditReportAtlas · #3 (**permalink**) 03-03-2006, 06:20 PM

Hi Lagorio,

Welcome to MBL. You are now a MortgageBrokerLandian.

Thanks,
Carlo

The Wizard · #4 (**permalink**) 03-04-2006, 03:12 PM

Welcome pull up a chair and enjoy your stay!

Processor · #5 (**permalink**) 04-05-2006, 09:50 AM

I was wondering if you could help me. I have been processing in the state of Ohio for a little over 12 yrs. I recently went out on my own as a contract processor. The brokers who have expressed interest in my services are in California. I know that the process of the loans and the compliance laws are a little different there then in Ohio. I was wondering if you could help me in learning these differences.

The Wizard · #6 (**permalink**) 04-05-2006, 10:55 AM

Hi Processor,

There are a key few terminology. California there is a thing called escrow. Your closing equals our signing. Closing here is funding. The borrower must sign the loan documents and they must be checked back in before they fund the loan. It is not an automatic like on a Purchase or 3 days after on a refinance. That makes us a dry state.

We get est. closing statements not finals before our signings. The est. closing statement may change from the date of the signing if the closing is delayed for any reason.

Our loan documents are not doc senistive.

That is what I can think of off the top of my head.

Good Luck!

Processor · #7 (**permalink**) 04-05-2006, 01:19 PM

Can you explain the Escrow? Is that the main difference that I will have to deal with?

The Wizard · #8 (**permalink**) 04-05-2006, 02:41 PM

No the biggest is the timing. Processor best thing to do is call an escrow company out here and ask them the difference. Ask your clients who they use and call their escrow division. In addition if your Clients are in California, you are gonna have alot of overnight bills to get the files out here.

Do you have the transbox system you your neck of the woods?

Processor · #9 (**permalink**) 04-05-2006, 05:39 PM

No we don't have a trans box, But I am familiar with them! How lucky you guys are to have them!!!! I hope that they start comming out this way. I have seen that they are in IL. so hopefully we will get them in the next couple years! The timing factor is the biggest thing in every state! Along with knowing how to review everything and making sure everything is right before giving it to an underwritter! With that said I believe in the processor knowing how to organize a smoth running processing system!