Many brokers feel apprehensive about outsourcing their files to a distant location. However, with the technology today and with the reliable overnight delivery services, there are no longer any disadvantages to this type of service. We usually receive the files no later than 10:30 a.m. the morning after you send it to us and we immediately start to review them. This, in many cases, is even faster than an in-house processor.

STEP 1: SETUP
When FIRST CHOICE PROCESSING receives your loan, we call you immediately to let you know of its arrival. By the end of the day we will have input the data, reviewed the ratios and have faxed to you a list of any additional items needed to submit a top quality loan. In addition, at First Choice Processing we will fax a copy of the GFE and TIL (according to RESPA guidelines), a copy of the preliminary 1003, a copy of the transmittal form and a list of what we anticipate the underwriter will require as conditions, if any exist. These items will be on your fax by the opening of the next business day, Guaranteed!

During setup we send out all needed verifications and do most of this by fax to expedite loan submission and approval. We also order a credit report, if one has not been included with the file.

We will order, depending on the broker's needs, title commitments, payoffs, appraisals, surveys and anything else that might be required. Again, we are very flexible and will gladly customize our services for you.

STEP 2: SUBMISSION
After receiving all necessary documents for processing, we will contact you for any possible last minute changes and to let you know we are submitting the file (along with required copy packages) to your desired underwriter.

As you would expect, FIRST CHOICE PROCESSING stays on top of your loans while in underwriting. We will keep you up to date on the loan's progress and inform you of any contact we have with the underwriter or lender concerning your files.

Once we have received a decision from the underwriter, we will immediately fax you a copy of the approval and follow up with a phone call to you to go over any conditions, if any exist. Again, at FIRST CHOICE PROCESSING communication is of the utmost priority.

STEP 3: CLOSING
After we have met all conditions and have obtained title commitment, survey, and necessary documents to close, we will closely monitor the file in the lender's closing department to make sure the correct closing papers are sent to the Title Company as promised.

FIRST CHOICE PROCESSING will obtain a HUD I from the closing agent and immediately fax it to you for your review. The day of closing, or the expected funding day, we will call the Title Company to confirm a funding number was given to the Title Company and all monies have been released to the appropriate parties. Many loans can fall through the cracks after a loan is approved, so we make an extra effort to follow through with the closing and funding side of the process.