Need some Questions answered? Here is a list of our most popular asked Questions!
How do I submit a loan to Devon's Processing?
The process is smoother when you submit the following:
1. Fully completed DPNS Loan Submission Form (very important)
2. Fully complete 1003
3. Good Faith Estimate/Truth-in-Lending statement
4. Credit report
5. Complete Disclosure Package, signed by borrowers
6. Supporting income and asset documents
7. Point file (required)
What happens if the 1003 is not complete?
Getting the 1003 on the underwriter’s desk in a complete and quick fashion results in a cleaner approval that will have very few conditions. It is frustrating for all when missing information holds up the underwriting approval.
Does DPNS pull credit reports?
DPNS DOES NOT pull credit reports. This MUST be done by the loan officer prior to submission to processing so that they can pre-qualify the loan PRIOR to submission to processing.
What can we expect from Devon's Processing?
1. Once file is received, allow 24 hours for the loan to be reviewed prior to UW submission
2. We’ll order title, open escrow, if not done already, and proactively request information needed to complete UW package
3. We’ll email you loan updates
4. We’ll run AUS
5. We’ll submit to your lender of choice
6. We’ll order VOD’s, VOE’s, VOM’s, CAIVRS, case #’s where needed
7. We’ll email you a copy of the approval
8. Anything that comes from borrower, DPNS will request you obtain
9. What DPNS can get outside of contact with the borrower, we will get ASAP
10. It is not DPNS’s policy to lock loans; however, we are happy to help on an exception basis only.
11. We’ll follow up with lender for final approvals
12. We’ll order the hazard binder with insurance info provided
13. We’ll request loan docs upon receipt of your signed LO Fee Verification (we will provide for your signature upon clear to close)
14. We’ll send broker demand and all requisite final compliance documents to escrow
15. We’ll follow w/escrow for a copy of the est. HUD and scheduled signing appointment time
16. We’ll forward HUD to you for review
17. We’ll follow up with lender for funding conditions
18. We’ll advise you what is needed from borrower, if anything, for funding
19. We’ll follow up with escrow to confirm funding
Does Devon's Processing charge a cancellation fee?
We pride ourselves on not having to charge a cancellation fee because of the quality of loan officer that we have chosen to work with. Our philosophy is that our clients and processor must work as a partnership. Simply put, if the loan does not close, no one gets paid, so we are highly motivated to close your deals! Our loan officers help us to do this by consistently completing the following prior to submission to processing:
1. Pre-qualified their borrower
2. Pulled the borrower(s) credit to ensure their credit worthiness
3. Completed a brief quality control on all information provided to them by the borrower.
4. Review complete package with account representative of lender in person or on phone.
5. Submitted a complete package to processing, which includes income/bank statements/divorce and or bankruptcy papers, purchase and sales agreements, etc.
Fee Schedule:
DPNS is proud to be able to offer exceptional service at below market rates.
$595 processing fee for 1st mortgages
$295 processing fee for concurrent 2nd mortgages
$375 processing fee for stand alone 2nds
$595 processing fee for FHA/VA loans
Will Devon Processing assist in placement of the loan?
We are happy to offer information if we are aware of a better rate, program or lender for your borrowers. If we actually need to shop the loan for the loan officer, additional fees will apply, as this is traditionally the role of the loan officer/salesperson.
Do you charge extra for multiple submissions?
If a file has to be submitted three or more times for UW, an additional $130 fee will apply to the final processing fee.
Will you contact my borrower?
Your processor will not contact the borrower. We feel that the borrower is best served by working with their loan officer directly, and this also maintains the integrity of your proprietary relationship with your borrower.
Do you process government and construction loans?
At this time, Devon 's Processing do offer processing services on construction loans. Government loan processing fee is also only $795.
Why outsource processing?
Avoid the expense and frustration of hiring, training, firing and re-training in-house processors. Reduce overhead by eliminating salaries, benefits, sick time, vacation time, worker's comp, etc. Free up expensive office space for originating and marketing. More time for originating and less time tracking down your processor and worrying about handling overflow.
