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carl292
93 Posts |
 Posted - 09/06/2008 : 06:03:08 AM
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Been FHA for under a year now and I use a processor from my company, but she charges $500-600 per file, added to clients closing costs. I'd like to save them the extra cost and learn to do my own FHA files from start to finish.
Can someone please post a " How To Guide", detailing their process in ordering caivrs, case I.d.'s etc.. What sites do you go to when order these things to make the file ready to go in ?
Thanks
Carl |
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carl292
93 Posts |
Posted - 09/06/2008 : 11:29:15 AM
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| No- one knows how to package a FHA deal ... |
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powwow
385 Posts |
Posted - 09/06/2008 : 1:39:12 PM
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quote:
Originally posted by carl292
No- one knows how to package a FHA deal ...
I'm amazed you pay $500 for a processor on one deal. Good processors are a dime a dozen right now. I know 5 that would contract process for half that much. |
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bestbet123
1577 Posts |
Posted - 09/06/2008 : 2:31:40 PM
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| Check in the announcement section , i think you'll find all kinds of processors there. |
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carl292
93 Posts |
Posted - 09/07/2008 : 05:11:13 AM
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| I'm not looking for a processor / looking to do my own! Maybe the post is a little vague, but I'm looking for info on how to process my own FHA files. I know there's a certain way to package them and forms and I.D.'s #'s , CAVIRS that need to be ordered. Does anyone have a breakdown of whats needed and where to order these things ? |
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FLProcessor
429 Posts |
Posted - 09/07/2008 : 06:42:48 AM
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Carl-
There is a thread titled "***Who Wants GREAT FHA Training?" by TSnyder. Do you have this program? It might help you, look back in the threads and have a look at that.
In my opinion, one of the easiest ways to start, is to get some sort of workflow checklist that covers 80% of all situations. For each file, start by marking only the processes you'll need to focus for that particular file, then step through it. As you get to each item, come back here and I'm sure a lot of people will be willing to help you on specific questions.
However, asking for the entire run-through on the forum, generally more generalized questions like that are difficult to get answered in forums. |
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just in kase
474 Posts |
Posted - 09/07/2008 : 10:32:33 AM
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why dont you just let her process at 500-600 dallors, which is average for processing FHA.
sounds like you are closing loans, borrowers are happy with both your and her services. in the end result, she is making you more money by opening time for you to orginate more loans and being available for your agents.
i perosnaly would rather be giving presentions, working on new business, building a new realtionships, than siting on the phone with HUD or paper pushing with FHA connect,DU/LP, indv Lender AUS systems, Indv lender stacking orders.
my two cents.
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Jimmymackin
635 Posts |
Posted - 09/07/2008 : 1:39:41 PM
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That comment is not well thought out... When you have thousand's of dollars at stake, you do not want a paper-pusher handling your file. When you have thousands of dollars at stake it is crazy to save yourself 100 bucks hiring a paper pusher processor who has little experience. You want a great processor who can make your job as easy as possible and get the deal done.
quote:
Originally posted by powwow
quote:
Originally posted by carl292
No- one knows how to package a FHA deal ...
I'm amazed you pay $500 for a processor on one deal. Good processors are a dime a dozen right now. I know 5 that would contract process for half that much.
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hherrm
1407 Posts |
Posted - 09/07/2008 : 1:43:41 PM
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| Why don't you just print an FHA stacking order from any lender, that tells you what they need. |
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carl292
93 Posts |
Posted - 09/07/2008 : 2:48:33 PM
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My 2 processors are VERY good and what they do and thier fees are fine too. If there is something in my profession I don't know, I will always ask and find the answers!
Thanks FLprocessor for the tip with Tsnyder's thread. |
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mortgageprocesso
210 Posts |
Posted - 09/10/2008 : 7:19:56 PM
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| Do you still need some help? We, of course offer great processing and our fees for FHA is much lower then $500. HOWEVER, I also have a great outline/checklist-more of a cheat sheet-I'd be willing to share. |
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smoothlid
411 Posts |
Posted - 09/10/2008 : 8:09:55 PM
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things that YOU need to do will vary by lender.
Starts with a fully doc'd out file like any other, then add:
FHA case #- FHA connection website
This now issues caivrs # for borrowers on printout
LDP/GSA checks
Appraisal logging once appraisal is complete
HUD addendum to URLA
MCAW
& anything else you get comditioned for by the lender.
these are not hard to do, you just need to know where to go, & how to do those items correctly.
(No, I can't train you from here.) I know how to do it, but I use a processor to do some, & our company does some for us.
Good luck.
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carl292
93 Posts |
Posted - 09/11/2008 : 05:28:21 AM
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Good info ! Thank You
MortgageProcessor email sent
quote:
Originally posted by smoothlid
things that YOU need to do will vary by lender.
Starts with a fully doc'd out file like any other, then add:
FHA case #- FHA connection website
This now issues caivrs # for borrowers on printout
LDP/GSA checks
Appraisal logging once appraisal is complete
HUD addendum to URLA
MCAW
& anything else you get comditioned for by the lender.
these are not hard to do, you just need to know where to go, & how to do those items correctly.
(No, I can't train you from here.) I know how to do it, but I use a processor to do some, & our company does some for us.
Good luck.
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KevinCLC
25 Posts |
Posted - 09/11/2008 : 08:27:13 AM
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Carl,
It is great to do your own processing if your loan files are low. If you are doing many files each month, I would focus on getting more deals in. The fees are reasonable for what she is charging. You have to assess how much your time is worth. Think about it. If you paid for processing on four files($2000-2400) in one month, you could make up for it with one extra loan($3000 comm.) - $120k loan. It may take 8 working hours to go back and forth on an FHA file. If you have a judgment on there that requires a payment plan or set aside of the judgment with a settlement fee - a lot of correspondence between the processor, client, and attorney. How much extra business could you get in 32hrs. of non-stop calling or other marketing?
Kevin Currier ~ Account Executive
Cell - (586) 738-8449
Fax - (586) 247-1804
E-Mail: kevincurrier.clc@gmail.com
Website: www.clcnationwide.com
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“OVER 8000 PROGRAMS AVAILABLE”
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