SIERRA PACIFIC MORTGAGE CORRESPONDENT APPROVAL …
SIERRA PACIFIC MORTGAGE CORRESPONDENT APPROVAL WORKFLOW
Regional Center Compliance [pic]
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Correspondent completes application package and sends to AE (Relationship Manager).
AE reviews package for completeness and forwards to Regional Manager. Incomplete packages WILL delay approval time until all conditions are signed off.
Regional Manager reviews package and emails it to Compliance:
correspondent-approvals@ with existing wholesale Broker Code.
New Correspondent approvals with NO PRIOR Broker Code will need a Seller ID. (Same procedure to assign a Seller ID as a Broker Code).
Compliance receives package. START OF CLOCK for initial review within 72 hrs.
NO
YES
Regional Manager and AE are sent a “PENDING NOTICE” of missing, incomplete or problematic issues. Package is put back in queue until all conditions are met and signed off at Corporate.
Approved? Conditions met?
YES
Approval letter and a copy of the fully executed Loan Purchase Agreement get sent to the Correspondent.
Send Approval email to Regional Manager and AE.
Send complete fully executed package to Storage.
FINISH
Is the Package Complete? Initial review will determine incomplete or missing items. At this time, all background reports will be ordered to determine possible issues. Management will provide a thorough examination of the file as presented upon initial submission and sign off on final approval. Approval will be issued at this time or notice will be sent out to correct deficiencies.
NO
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