FAQ

Frequently Asked Questions

Why outsource processing?
Will I need to sign a contract?
Does it matter if you are local to me?
What is your turnaround time & processing time?
Will you contact my borrower?
What about compliance?
How do I get the final package back after the loan closes?
What lenders do you submit to?
How do I keep track of my loans?
Do I have to provide a credit report?
What are your fees?
How does SD Processing get paid?
What happens if a loan does not close?
Who prepares the broker demand?
What makes SD Processing different from the competition?
Can I send a file to try your services?
How do I get started?

Answers

Why outsource processing?
Avoid the expense and frustration of hiring, training, firing and re-training in-house processors. Reduce overhead by eliminating salaries, benefits, sick time, vacation time, worker's comp, etc. Free up expensive office space for originating and marketing. More time for originating and less time tracking down your processor and worrying about handling overflow.
Will I need to sign a contract?
SD Processing uses a standard (sub-contractor) service agreement. This easy to read agreement is designed to outline our procedures and the expectations of both parties.
Does it matter if you are local to me?
No, with technology today, you could be next door or across the country and the file would be processed the same. We are just a phone call, fax number, or mouse click away!
What is your turnaround time & processing time?
We order services (title, appraisal) within 24 hours of receiving the loan. From then on we anticipate when documents and information will be required and proactively collect them before they are due. As you know, the processing time for a file depends on a number of factors including the type of loan, how complete the file is when submitted to us, how quickly title companies and appraisers are, how cooperative your borrowers are, etc. Taking this into consideration, it is in everyone's best interest for us to complete the process as quickly as possible.
Will you contact my borrower?
Your processor will not contact the borrower. We feel that the borrower is best served by working with their loan officer directly.
What about compliance?
Ultimately, compliance is the broker's responsibility. However, we will assist you to make sure all issues are covered.
How do I get the final package back after the loan closes?
Once a file is closed, we provide you with a hard copy of the final package. If you have a specific stacking order, just let us know. We can also supply a CD version of the file upon request.
What lenders do you submit to?
We submit to whichever lender you prefer and are Approved with. Many loan officers have preferences for companies that they have developed a good relationship with. We respect those relationships and are happy to work with new lenders. Sometimes, due to submitting files with different companies, we may have a good suggestion for lender programs, but we DO NOT shop loans on behalf of the Loan Officer or Broker.
How do I keep track of my loans?
You will get a progress report emailed to you weekly. Communication is a daily occurrence. You are always notified of any possible set backs when they arise, for example clouds on title, unclear title information, debt to income ratio issues, etc.
Do I have to provide a credit report?
Yes, all credit reports must be in the clients/borrowers name. It lets us know that you have considered the credit score and have looked at the credit history to make sure this loan meets the product guidelines for the lender you hare having us submit with.
What are your fees?
Please see our Pricing page.
How does SD Processing get paid?
We send an invoice to escrow/title. Our fee is added to the HUD-1 as the processing fee and we are paid from escrow, similar to any other 3rd party charge.
What happens if a loan does not close?
There is no charge and the cancelled file will be sent back to the loan officer.
Who prepares the broker demand?
We will fill out the broker demand on your behalf. It is our policy that you must approve them prior to being faxed to the lender.
What makes SD Processing different from the competition?
One of the biggest challenges for a Loan Officer or Broker is finding a Processor with knowledge, integrity, excellent customer service skills, and who answers the phone. SD Processing is a contract processing company, which meets all of the above criteria.
Can I send a file to try your services?
Yes! Once you have returned our Service Agreement you can send 1 or 101 files. The Service Agreement does not constrict you to a certain time frame, only who is responsible for which duties.
How do I get started?
Visit our Getting Started page for complete instructions.

"Ever thought about using a Contract Processor?
Now is the time! - Contract Processing is the way of the future"