FAQs
Why outsource your processing?
Avoid the expense and frustration of hiring, training, firing, and re-training in-house processors. Reduce overhead by converting a fixed cost into a variable cost. Eliminate salaries, benefits, sick time, vacation time, worker’s comp, etc. Partner up with a company that specializes in the processing of loans. Our services can also be used to cover for vacation, maternity/paternity leave, or short and long term illness.
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Will I need to sign an agreement?
eXpertivity uses a standard service agreement which is very easy to complete. We are a performance based company; therefore there is no annual contract or minimum volume commitment.
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Will you contact my borrower?
We will contact the borrower(s) unless advised not to do so. A large part of processing is the collection of trailing documents. The last thing we want to do is provide you with lists of items to go out and retrieve.
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What about compliance?
All files submitted to eXpertivity for processing undergo a thorough Initial QC. This Initial QC is conducted utilizing detailed compliance checklists. Our goal is not only to close your loans, but to ensure that your office is fully compliant with State and Federal regulations.
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What do you need to start processing?
- Signed 1003, GFE, TIL and Disclosures.
- Completed eXpertivity Processing Submission Form.
- Credit Report.
- Supporting documentation collected throughout the origination process (i.e. income documents, insurance info, bankruptcy paperwork, IDs, mortgage statement, etc).
- AUS Findings.
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How do I submit loans to eXpertivity for processing?
eXpertivity provides you with three different options for submitting new files for processing. You may overnight physical packages, scan and email in PDF format, or fax packages. A step-by-step submission procedure will be provided after concluding the eXpertivity Processing New Client Orientation.
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How do I monitor progress once files are in processing?
eXpertivity provides every client with access to a centralized communications platform called the eXpertivity Processing Dashboard. This dashboard gives you access to view the details of your loan, all loan related documents in PDF format, and a detailed conversation log which is updated in real-time as files are being worked on.
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Do you sell information about clients and borrowers to other companies?
Absolutely not. eXpertivity treats as confidential the identities of, and all financial information submitted by, all borrowers whose loan applications are being processed, or have been processed by eXpertivity. eXpertivity further agrees not to solicit, transfer, or convey any loan application information or Customer’s business practice information to any other companies, individuals, or third parties, ever.
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Does eXpertivity hold a broker business license?
No. eXpertivity does not hold a broker business license so as to prevent any conflict of interest. We are solely a processing firm. In addition, we are unable to process in states that require a broker business license. To obtain a list of states that require a broker business license to process loans, please
email us.
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What lenders do you submit to?
eXpertivity works with a multitude of lenders. If we come across a lender we have never dealt with, we will contact the AE and request the necessary submission procedures and requirements.
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How does eXpertivity get paid?
eXpertivity prefers to be paid at settlement on all loans. However, if a specific lender or loan type do not allow for a third party processing fee to be paid at settlement we will simply invoice our client or charge their credit card (Credit cards are only charged upon written approval from our clients).
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What happens if a loan does not close?
If a loan doesn't close, we don't get paid. All loan related documents and information will still be kept on the eXpertivity Processing Dashboard for a period of 1 year.
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How do I get the final package back after the loan closes?
Once the loan has closed and funded, a final LOS file will be transmitted back to the loan officer. The final LOS file will match the final terms of the loan and will have all of the tracking information updated. All loan related documents will be stored on the Dashboard electronically for a period of 1 year.
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How do I get started?
Contact us to request more information and a thorough demonstration of our processing workflow, compliance procedures, and Online Dashboard.
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