USDP PATRIOT
30 bps, with a minimum of $895
To perform the below services on behalf of the MLO.
Services Provided by USDP Patriot Service Includes ALL the Scout offering, plus the following:
The USDP can begin services once the lead inquiry is complete.
USDP obtains the Borrower’s credit report (hard or soft pull) for qualification review (paid by the Borrower or MLO).
USDP reviews the credit report, addresses all deficiencies, and informs the MLO of these items.
USDP requests and scrutinizes all necessary supporting documentation required for loan approval. The USDP will follow up with the borrower(s) if any additional information or documentation is needed based on the review of items received.
USDP conducts weekly follow-ups with preapproved homebuyers on their home shopping progress and enters notes in the LOS.
USDP completes the Manual Underwrite Checklist if the file is referred through the AUS.
USDP acts as liaison/first point of contact for the processor/MLO.
USDP updates the MLO when the file reaches milestones during the loan process.
*** USDP manages the file from inquiry to closing/funding.
***U.S. DATA Processing, LLC (“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.
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 a fully executed, legible sales contract, including all addendums.
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 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, Clearing all Lender Conditions, etc. and all compliance.