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Details of our Loan Processing Services:

  • Enter the borrower’s information from the online application to Calyx Point.
  • Do Pricing Adjustments from Lender’s Rate Sheet or Website.
  • Do Income Calculation.
  • Review borrower’s provided information – W-2’s, paystubs, asset statements and income tax returns.
  • Order credit report (hard pull or soft pull) and appraisal report.
  • Do What-if and/or Credit Analyzer to help increase the borrower’s fico score.
  • Order Credit Supplement.
  • Request Written Verification of Employment.
  • Run DU or LP for QM loans to be sure we receive Approve/Eligible/Accept findings.
  • Communicate with UW, AE and Loan Officer for any loan issues.
  • Obtain preliminary sales comparables for the subject property in order to identify any potential value issues on refinance loans.
  • Open escrow and order the preliminary title report and borrower’s estimated settlement statement.
  • Order Payoff Demand for refinances.
  • Coordinate with escrow for the re-subordination of the second loan when refinancing the first loan only.
  • Send borrower’s lender disclosures, including 1003 Loan Application, Loan Estimate and Closing Disclosure
  • Create the loan submission package, lock request and doc request forms.
  • Complete prior to docs and prior to funding conditions.
  • Communicate with borrower by email or text of what documents are needed with copying the MLO or communicate directly with MLO and have them collect from borrower, whichever the MLO prefers for the loan processor to do.
  • Send your Mortgage Broker Demand along with any invoices to Escrow.

What we CANNOT do for the Mortgage Loan Officer (MLO) and Mortgage Broker (MB):

  • Any activity that would constitute the origination of a mortgage loan including, but not limited to, the following activities: quoting on interest rates, getting the loan application verbally, negotiating the loan on behalf of the borrower, explaining the loan terms and disclosures to the borrower as these activities are deemed to be in violation of Department of Real Estate and NMLS rules.  These origination related activities require a license through the appropriate agencies. As loan processors, we are not required to be NMLS licensed, except for the principal of Capital Coast Processing Services Inc. We are merely assisting the NMLS licensed loan officer and mortgage broker with administrative activity of processing the loan.
  • We do not select the lender or broker compensation for the MLO/MB. The MLO/MB selects both the compensation and the lender to submit the loan to.
  • Difficult loan scenarios are shopped around to the lenders by the MLO/MB.
  • CCPS loan processors will not submit broker packages to lenders for the MB.  Mortgage Brokers must already have an established relationship with the lender in order for CCPS to submit loans.

Getting Started

  • Click on this link to fill out our Broker Registration form so we can email our Service Agreement contract to you for your review, and to esign if you want to move forward with our services.
  • CCPS will send you an email with links to CCPS’ Online Application that is dedicated to your company (ie subdomain –abcmortgage.capitalcoastps.com) for loan processing purposes only, and any loan application coming from your subdomain will automatically be assigned to your loan processing team. CCPS does not originate any loans as we are strictly a 3rd party loan processing company. You can email the link along with instructions to the borrower of what documents are required to start the loan process. Let the client know that you are working with CCPS to process their loan application only. If you have your own online application, then we prefer using that instead. If the borrower does not have internet access, then the MLO can collect the information directly from the borrower and enter it into the Online Application so we can start working on the loan as soon as possible.
  • After the borrower has completed our Online Application or the MB’s Online Application and all supporting documents requested have been received and reviewed, then the loan processor will discuss the loan file with MLO including any potential issues (ie DTI is too high for loan amount applying for, fico score is too low or assets not enough for the loan program applying for).

FEES

  • The loan processing fee is $1,275 per transaction charged to the Borrower at closing.  3rd party loan processing fee will show in the LE/CD Section B. There is also a $300 Mortgage Broker fee per closed loan file paid separately by the Mortgage Broker as a technology fee to cover the cost of Office Chat, Calyx Point and Online Application, whether being used by Mortgage Broker or not, and to cover CCPS’ Errors and Omissions insurance.  Both invoices will be emailed to Mortgage Broker for signature. Escrow will make the payment directly to CCPS Inc. for the $1,275 loan processing fee charged to borrower.
  • In the event that a transaction does not close; or escrow is formally canceled in writing by agent or principals on a purchase loan transaction; or if a borrower does not qualify for a loan, then NO COMPENSATION is due to CCPS from the MLO, MB or Borrower.
  • CCPS loan processors are independent contractors and not employees of the MB, and thus cannot be paid as a W-2 employee.  CCPS will provide a copy of our W-9 form to you in order to receive a 1099 from you for the $300 MB fee per closed loan transaction.

capital coast processing services

Capital Coast Processing Services Inc.
Capital Coast Processing Services Inc is your one-stop service provider for all your real estate sales and mortgage brokerage needs no matter if you are a single-person brokerage firm or over 20, and whether you are experienced or not. We can help you succeed!

CCPS

DRE License #01527466
NMLS License: #2106492
Real Estate Broker
CA Dept of Real Estate

Main Office Address

7502 Fortaleza Avenue Elk Grove, CA 95757

Contact Us

info@capitalcoastps.com
Toll Free: (888) 885-4788
Fax: (888) 885-8574