How to Submit a Loan for Processing
Congrats on your new loan! Now what? Well, its time to submit a loan for processing so our team can fast track your client towards funding. The video below walks you through the best practices and below is a step by step guide:
Ensure your application is complete within Arive and upload the minimum required submission documents.
Complete the Setup & Contacts page within Arive by adding UCP as the Contract Processor, along with other file contacts such as Buy and Sell Side Agents, Closing/Escrow Agents, and Insurance Agents.
Complete the UCP Loan Submission Form with all pertinent details matching your Arive file.
What happens next?
You'll get a confirmation email with the details of your loan submission.
UCP's Opening Department will begin reviewing your file, organizing documentation, registering and, if requested, locking your file.
The Initial Disclosure Package will be send via the Lender to the MLO and client for signature.
A Welcome Email will go out to your client introducing UCP and their loan team. MLO's are copied and this also serves as confirmation of the assigned Processor from UCP. This also prompts the client to sign initial disclosures so that we may proceed with appraisal orders and submitting the file to underwriting.
The assigned Loan Processor will connect with the MLO about the file and starts prepping the loan submission package.
Best Practices to Expedite Service...
Ensure your application is complete with all required URLA information.
Upload all client & file documentation to Arive, avoiding emailed docs or third party document storage providers.
Match your submission form and Arive file on important file details.
Leave detailed notes in the submission form and Arive file notes.
Add UCP as Loan Processor in Setup & Contacts so we may access your Arive file.
Communicate within Arive, the System of Record using Notes, avoiding Email whenever possible.
Add your Business Contacts to Setup & Contacts including Buyer & Seller side agents and transaction coordinators, closing/escrow/attorney agents, and/or insurance agents to ensure your unique status and tracker updates are properly communicated in real time. (this is elective but highly recommended to maximize service levels & communication to earn you more referrals!
Communicate the use of UCP as the loan processor to the borrower and set expectations about who we are and what we provide. This ensures a seamless transition and 5-star experience for the customer. Here is a template email you may utilize to save time!