Table of Contents

Processing Questions

1. What is your typical turn around time for processing a loan?
2. Is there a minimum amount of loans that must be submitted per month?
3. Is there a maximum amount of loans that my Processor can handle?
4. Can I use my own list of Vendors? 
5. What happens if a loan doesn’t close?
6. How do you get paid?
7. How do I reach my Processor?

Underwriting Questions

1. What is the turn around time for Underwriting?
2. Do I get a discount if I use Precise Mortgage Processing, Inc. for both Processing & Underwriting?
3. Will my Underwriter be my Processor?

What is your typical turn around time for processing a loan?

We will review the file the same day that it is submitted to us.  Generating disclosures, collecting supporting documentation, ordering appraisal, and title work, etc are all done the first day we receive the file.  As we receive new items on the loan, it will be processed the same day.   

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Is there a minimum amount of loans that must be submitted per month?

No.  You are not required to send us a minimum.

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Is there a maximum amount of loans that my Processor can handle?

NO!  Whether you send us 1 loan a month or 50 we have the capabilities to accommodate your every needs!  We have a team of Management Processors that are able to assist all our Processors in making sure all loans are processed accurately and close within our set time frame.

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Can I use my own list of Vendors? 

Yes!  Upon Processing Submission you can make note of who you would like to use for Appraisal, Termite, Title, Survey, etc.  We will contact them on your behalf to order whatever is needed.  Precise Mortgage Processing, Inc. also has a list of Vendors in each area of the State should you require us to locate one for you.

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What happens if a loan doesn’t close?

Simple!  If the loan doesn’t close, we don’t get paid.  We do not charge a cancellation fee.  However, if the rate of withdrawn files exceeds 45%, then a $50.00 per file cancellation fee will be imposed.

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How do you get paid?

Precise Mortgage Processing, Inc. will be put on the HUD as a Line Item Charge for a 3^rd party vendor.  We will send a bill to the Title Company and we will be paid out of closing. 

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How do I reach my Processor?

The best part about our Company is that we have extended service hours from 9am-9pm EST which conveniently serves all our time zone clients!  You will always be assigned the same processor, but upon your initial submission, you will receive an email notification of contact information for your Processor.  Furthermore, you can always contact our Client Service Department at 877-230-1521 Monday-Friday from 9am-9pm EST and via email over the weekend!

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What is the turn around time for Underwriting?

We will assign and review your loan the same day and all conditions are reviewed same day as well.

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Do I get a discount if I use Precise Mortgage Processing, Inc. for both Processing & Underwriting?

YES!  If we are processing your loan too, our Simple Underwriting is Free and our Complete Underwriting carries a discount of  $50.00 per file.

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Will my Underwriter be my Processor?

Absolutely not!  For Compliance reasons, your Processor and Underwriter will act as two different entities.  Your Processor will Process and your Underwriter will Underwrite!  If you chose to have Precise Mortgage Processing, Inc. both Process and Underwrite, your Processor will be in constant contact with Underwriting.

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Please visit the Contract Underwriting Page for additional information!

Precise Mortgage Processing, Inc.
Copyright © 2005  All rights reserved.
Revised: 08/27/07.