Platinum approved homebuyer allows a borrower to receive a loan approval from an underwriter

1. “Platinum Approved Homebuyer”
October 22, 2014
Confidential – Internal Use Only

2. “Platinum Approved Homebuyer”
• What is included in the program
• How to Submit request through encompass
• Process Flow
• Turn Times
• UW Decision
Confidential – Internal Use Only

3. “Platinum Approved Homebuyer”
• Loans for customers who do not yet have homes
under contract but gain clear advantage in the
home buying process by getting fully approved
rather than just pre-qualified.
• Short sale transactions where a pre-approval is
necessary before the bank/mortgage company will
approve the sale.
• New construction transactions where the builder
will not start to build without a pre-approval.
Confidential – Internal Use Only

4. “Platinum Approved Homebuyer”
Encompass Submission
• Forms: Pre-Approval Request
• Property must be TBD and cannot have Full application
• Leave commitment date expected blank
• Upload Required Documentation
• Enter Description and Request
Confidential – Internal Use Only

5. “Platinum Approved Homebuyer”
• Turn Time:
– 24 hours for Pre-Approval Processor to submit to UW
– Up to 96 hours for UW to render decision
• Decision:
– Pre-Approved – Pre-Approval will be uploaded into the efolder
– Incomplete – if loan needs restructure – 7 calendar days to re-submit
– Declined – UW will inform the LO of a decline
– Cancelled
• Notifications:
– LO will receive email notifications from “no-reply” on any status
changes
Confidential – Internal Use Only

6. “Platinum Approved Homebuyer”
• Final Step:
– Review the Pre-Approval located in efolder
– Once property is selected, continue with
requesting disclosures and file submission
– The file will be resubmitted as a new underwrite
and will given back to the original underwriter
(if volume permits).
Confidential – Internal Use Only

7. “Platinum Approved Homebuyer”
• Final Step:
– Review the Pre-Approval located in efolder
– Once property is selected, continue with
requesting disclosures and file submission
– The file will be resubmitted as a new underwrite
and will given back to the original underwriter
(if volume permits).
Confidential – Internal Use Only