My help comes from the Lord, the maker of Heaven and earth.
Help.
Psalm 121:2
Step 7
If you need some training on using LendingPad, please watch the Training Video. If you are new to our industry and would like some additional help, please click here for an Income Calculator. Please watch the videos on Calculating Income offered by one of our Mortgage Insurance companies, Enact. They offer several other videos free of charge.
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We also have a partnership with MGIC, which offers free Mortgage Industry Tools for Mortgage Loan Originators. MGIC offers a full suite of trainings that can be accessed here. You can schedule a live seminar or listen to prerecorded sessions.
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Here are some additional calculators that will help you along the way. Bank Statement Calculator, Pre-Qual Calculator, Amortization Calculator, 3-1 Buydown Calculator
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Knowing how to properly pre-qualify Borrowers for a purchase loan is an essential part of your job. Once you calculated the income, you can use the Pre-Qual Calculator above to determine how much your Borrower(s) may qualify for.
The second form of a commitment from a Borrower(s) is to obtain the needed documents from them within 72 hours. Part of this process is having control over your Borrower(s). Giving the Borrower(s) a timeframe will convey how important it is to meet certain deadlines. There are a lot of dates within a purchase contract that the Borrower(s), Realtors, and Mortgage Loan Originators must conform to. Please make sure you read through the purchase contract for any financing contingencies. This may include having a commitment from a Lender by a certain date. If we do not meet these dates, the Borrower(s) may lose the offer and any deposit they may have within the contract. Under NO circumstance should you provide a Borrower with a pre-approval letter without having their identifying information, income, and asset documents in the file. Failing to do so may result in an immediate termination. Our overall reputation is on the line when you provide a pre-approval letter to the Borrower.
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If you have a new loan already input into LendingPad and are ready for disclosures, select a Processor in the "Assignments" tab in the "Overview" section of LendingPad. You will then proceed to push the button in the "Actions" tab, press "Submit to Processing", which will then let our processing department know that you have a loan that is ready for submission.
Please Note: You get compensated very well for closing a mortgage loan here at Glory Mortgage, please make sure that your application is fully completed and all documents needed to process the loan are in the "Documents" section, before submitting to processing.
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Glory Mortgage has several established relationships with Third-Party Processing Companies. Each Processor has different fees that they charge for processing your loan. These fees range by company. Processing Pros $895.00, WEMLO is $995.00 and $1,195 for Non-QM, and Peggy's Processing is $895.00. By using a third-party company, the fees for processing are passed onto your Borrower(s) for them to pay at closing. We do also offer internal processing for a lessor fee if you do not wish to pass the fee onto the Borrower(s). The fee for an internal loan is $695.00.