USDP SCOUT

U.S. Data Processing (“USDP”) will NOT take applications from borrowers or discuss mortgage loan rates or terms. After the MLO takes the initial application, assistance in completing the application for an MLO will be provided.

Services Provided by USDP:

The USDP can begin services once the application is complete, and all supporting documentation has been received and placed into the Borrower’s file. These specific services are as follows: 

• USDP will generate a loan quote/prequalification with 3 side-by-side loan options within 15 minutes of receiving loan inquiry. *** During normal Monday – Friday working hours, 9-5 PM EST.
• USDP will send link to invite borrower to complete 1003
• USDP will analyze 1003 after it is completed, alert the MLO of any deficiencies.
• USDP will provide a pre-approval letter within 2 hours of receiving a completed 1003 application and supporting documents. *** During normal Monday – Friday working hours, 9-5 PM EST.
• USDP completes the fee worksheet within the LOS.
• USDP qualifies borrowers by running them through MLO specified Lender automated underwriting.
• USDP registers and or submits with the Lender and initiates disclosures.
• USDP sends to processor/MLO.
• USDP prepares loan status updates for all parties.
• USDP monitors closing and rate lock expiration dates.

Required Documents and Tasks List from MLO:

• MLO has an initial conversation with the Borrower, chooses USDP level of service at https://usdataprocessing.com/, and provides the following link to borrower: https://usdataprocessing.my1003app.com/inquiry. 
• MLO will coordinate with the USDP and confirm a completed loan application is received. 
• MLO addresses any deficiencies in the FNMA form 1003 or URLA.
• MLO obtains the Borrower’s credit report (hard or soft pull) for qualification review (paid by the Borrower or MLO).
• MLO reviews the credit report, addresses all deficiencies.
• MLO requests and scrutinizes all necessary supporting documentation required for loan approval.
• MLO obtains a fully executed, legible sales contract, including all addenda.
• MLO will approve the fee worksheet constructed from USDP.
• MLO will float/lock the rate. USDP will not lock the loan to avoid any timing issues and the risk of re-pricing.
• MLO completes the Manual Underwrite Checklist if the file is referred through the AUS.
• MLO will approve the Closing Disclosure to be sent to the Borrower.

*** MLO will be responsible for processing their own files and or contracting a third-party processor.

*** Processor/MLO will be responsible for ordering Appraisal, Title, Insurance, VOE, VOD, etc. and all compliance..