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Tips to Speed Up Processing of Your File Whether your borrower does or does not elect to receive the loan documents electronically, YOU must insure a complete set of documents is printed and given to the borrower within 3 days of application submission. You must also insure the docs are signed by all borrowers, and returned via the FedEx label provided by GEL. The FedEx label provided is valid for 48 hours from the time it is printed, so do not print the label until you have confirmed the package is ready to submit to a processing center. All new loan packages sent by the borrowers/agents/field trainers/loan coordinators to a GEL processing center must also contain the specifically requested loan conditions - such as most recent income and asset documentation, purchase contracts, divorce decrees, bankruptcy documents, proof of paid obligations, investment property lease agreements, etc. These conditions will vary based upon the level of documentation you selected when you submitted the loan. Note: new loan submissions cannot begin the processing phase if there is incomplete documentation. Make sure all pages of all requested documents are provided by the borrower. If the loan request is for a refinance transaction, the package must contain a copy of the most recent existing mortgage statement for the subject property. All new loan packages sent to a GEL processing center must contain a fully completed and signed credit card authorization form so that an appraisal can be ordered on a timely basis. All new loan packages sent to a GEL processing center must contain a legible copy of the driver's license for all borrowers. Insure that all phone numbers for home and employment, social security numbers, birth dates, street numbers, etc. shown on the application are correct. Borrowers may hand-write any and all corrections on the loan application that is sent in the package to GEL. The processing center will make the necessary corrections to the loan data when the file is logged in. Phone numbers provided for the borrower's employment cannot be directed to anyone other than company authorized personnel who can verify employment. Under no circumstances can a cell phone number or the number of a co-worker be provided as an employment contact number. Agents cannot order third-party services such as appraisals and title commitments. Orders for these services must be provided by processing center personnel only, as mandated by our investors. Agents may not instruct or direct any processor to submit a file with incomplete documentation to an investor for underwriting. Make sure to use the Pipeline Message Log as the preferred method of communicate with all GEL employees involved in processing your loan.
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