A successful loan originator
should follow some type of
standard checklist so you can
ensure that each customer has
the same experience.
This is extremely important to
properly and equally serve all
borrowers, including serving
minority borrowers and those
from underserved markets.
Traditionally underserved
borrowers may require more
follow-up, education and
resources than those in
traditional markets in order
to successfully navigate the
homebuying process.
Underwriters have a checklist, processors have a checklist and loan
originators/assistants should have one too, for the items that take
place prior to and aer processing/underwriting.
This ten-step checklist makes it easy for an assistant to work with you,
with very little training. Just put the checklist on the le-hand side of
each file and make sure the origination assistant is following the steps
you assign to him/her.
A sample file checklist follows. You may have to modify it somewhat
depending on your automated underwriting system (AUS) or other
internal procedures, but it should generally be the same from one
loan originator to the next.
This is critical to your growth and to maintaining and sustaining a
world class business with customers for life.
Freddie Mac Single-Family
A SEAT AT THE CLOSING TABLE
Origination Systems
SM
for Serving the
Underserved
Ten-Step Origination & Client-for-Life Checklist
TEN STEPS TO ORIGINATING A LOAN & CREATING
A CUSTOMER FOR LIFE
PART A (STEPS 1-9)
STEP 1:
STEP 7:
STEP 8:
STEP 9:
STEP 2:
STEP 3:
STEP 4:
STEP 5:
STEP 6:
Gather Information
Loan Submission Procedures: Get Ready to Close!
Final Approval
Final Approval
Date
Date
Date
Date
Date
Date
Date
Date
Date
Initials
Initials
Initials
Initials
Initials
Initials
Initials
Initials
Initials
Analyze Credit
Notify Borrower And/Or Realtor
Call Customer – One Week Aer Step 3
Complete Application Received
Review Program, Loan Estimate And Lock
Client is On A MAP
Prequalified for Loan
Map Clients
Prequalified Clients (Already Found Property)
Prequalified Future Clients
Information Gathered Completely Loan Submission Form Complete
Approval Received and reviewed with lender
Conditions reviewed with borrower
Status Changed to Approved in Soware
Approval congrats card mailed
Appraisal Notification to Client Mailed / Faxed
Appraisal Notification to Realtor/Attorney Faxed
Copy of Appraisal Mailed / Emailed
Title Received & Reviewed
Cleared To Close emailed / faxed to
Final Loan Closing Estimate Confirmed
Closing Disclosure Confirmed
Closing interview completed
Status changed to in Closing in Software
Credit Analyzed
Map: Credit Report Highlighted
Client Referral Acknowledgement sent to Realtor
Customer notified of Status dir / vm / em
Notify Real Estate Agent dir / vm / em
Docs Needed Checklist Complete
Map sent to client mail / fax
Prequal Packet to realtor faxed
Future Packet to Client Mailed / Faxed
Customer notified of Status dir / vm / em
Client Referral Acknowledgment to realtor
Prequal/ Loan Packet to borrower sent Fax / Mail
Future Prequal to Realtor Faxed
Call or email red and yellow flags
Complete sales application received
Email / Mail / fax / face-to-face
Verify paystubs, income, credit docs
Complete sales contract received
Contract Received Form faxed to all parties
Program Review & Options Sent to client
Loan Estimate Discussed with Borrower
Loan Locked / Registered
1003 & Discl. to Client fax / email / mail
Updated Docs Needed Checklist fax/mail/email
Appraisal Ordered C.O.D.
Insurance Quote sent to Partner
Run through automated underwriting
Updated docs needed checklist
$______application fee received
Conditional Approval & checklist sent
Cond Approval & Checklist sent to Insurance Agent
Notify Real Estate Agent dir / vm / em
Phone and email added to CRM systems
(Text, Email, Free Education Database)
Phone and email added to CRM systems
(Text, Email, Free Education Database)
Credit Report Fee Received Stacking Checklist Complete
Filed Copied
Copy of Loan Submission to Originator
Complete Original File sent to Processor
Loan Commitment Delay, If Necessary
Reason:
Fee Sheet Copied and Original to Asst
Credit Pulled
Any documents that come in from this point
forward GO TO PROCESSING!
Any documents that come in from this point forward need to be faxed / emailed
to________________________ You may also fax / email a copy to the lender if it
has been approved! NOTIFY PROCESSOR!
Notes:
Freddie Mac Single-Family
A SEAT AT THE CLOSING TABLE
Origination Systems for Serving the Underserved
SM
TEN STEPS TO ORIGINATING A LOAN & CREATING
A CUSTOMER FOR LIFE
PART B (STEPS 10-12)
Visit Freddie Mac's loan officer training series, A Seat at the Closing Table, for more resources
on how to close the homeownership gap for minority borrowers.
Client for Life
Closing Checklist Attached
Final Settlement Reviewed and filed
Mailing Address and Phone Updated
Status Changed to Closed in Software
Remove Color Flag in Software
Commission Sheet to Originator / Manager
Loan filed in closed area
Insurance Referral Letter mailed / emailed
Estate Planing Letter mailed/ emailed
Inspection Letter mailed / emailed
Annual Review Packet mailed/emailed
Annual Review Telephone Call
Annual Review Form Received
Sent to ______________ for market analysis
Phone and email added to CRM system (Text, Email,
Follow-up & Free Education Database)
STEP 10:
3 MONTH
6 MONTH
9 MONTH
12 MONTH
Date
D
ate
Date
Date
Date
Initials
Initials
Initials
Initials
Initials
Post Closing
Post Closing
Post Closing
Post Closing
Post Closing
Notes:
Freddie Mac Single-Family
A SEAT AT THE CLOSING TABLE
Origination Systems for Serving the Underserved
SM
ONE WEEK Post Closing
