USDP VETERAN
USDP Veteran: $995 to perform the below services on behalf of the MLO.
Services Provided by USDP:
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 analyze 1003 after it is completed and 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 to the Lender and initiates disclosures.
- USDP prepares loan status updates for all parties.
- USDP monitors closing and rate lock expiration dates.
- 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 completes the Manual Underwrite Checklist if the file is referred through the AUS. USDP acts as liaison/first point of contact for the MLO.
- USDP orders Title, Appraisal, Pest Inspections, Insurance, Surveys, VOE, VOD, Rent, Deposit, Mortgage, etc.
- USDP updates the MLO when the file reaches milestones during the loan process.
- USDP will give regular updates to MLO on all loans in the pipeline.
- USDP obtains and clears all loan conditions to meet lender loan criteria for final approval.
- USDP to ensure that all aspects of the mortgage process comply with U.S. Data Processing, Inc.’s quality control audit and milestones.
- USDP to ensure all aspects of the mortgage process comply with the lender’s quality control guidelines/ overlays that were used for the mortgage loan.
- USDP to ensure all aspects of the mortgage process comply with all State and Federal guidelines.
Required Documents and Tasks List from MLO:
- MLO takes initial application with the borrower.
- MLO will coordinate with the USDP and confirm a completed loan application is received.
- MLO will calculate Borrower’s Income.
- 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.
*** USDP manages the file from completed application to closing/funding.
*** 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.
USDP does not handle Post Closing items.
Submit your Veteran File
Email Al Tiede:
files@usdataprocessing.com
Attach your Encompass, Point, or LendingPad file
Make sure the file is in Fannie Mae 3.2 or MISMO 3.4 format
Attach Your completed User Agreement
Download user agreement here
As soon as we receive your file, we will send you a confirmation receipt and start the process.