Submitting a Loan to Premier Processing: A Step by Step Guide

Before you submit your loan, please ensure that it is complete. Below are common mistakes that

cause a delay in processing and disclosing your loan.

1. Discrepancies Regarding Credit Reports:

Misspelled Names on Application

It is imperative that you make sure the client’s name is spelled correctly as it appears on their driver’s

license (that includes middle names and any suffix indications – i.e. Jr., Sr., III etc.) before pulling the

credit report. If this isn’t done correctly, it will cause a delay in closing the loan and you will have to re-

pull the client’s credit – which can negatively impact the score.

Credit Reports With Disputes

Please ensure that there are no accounts on the credit report that are actively being disputed.

See below an example of an active dispute:

Please note: If you submit a file with active disputes on the credit report, you risk the chance of the

FICO score dropping, which subsequently can cause a borrower not to qualify.

Make sure you have the clients’ most updated credit report before submitting the loan, showing no

accounts being disputed. To remove a dispute, please view the example below:

2. Discrepancies Regarding Borrowers’ Dependents

If your borrower includes dependents in their loan application, please make sure the dependents’ ages

are included. For example, if the borrower has three dependents who are 2-years-old, 3-years-old and

6-years-old, their ages should be noted on the application as (2,3,6).

See below for example:

3. Discrepancies Regarding Borrower’s Employment Address

Please ensure you have the complete address for the borrower’s employer, including the zip code and

an accurate business phone number. An accurate business phone number is needed for employment

verification purposes.

Also, if the borrower is a renter, please make sure the monthly rent amount is indicated on the

application.

Please see example below:

4. Discrepancies Regarding Subject Property

Please ensure that the subject property address is filled out completely as indicated on the purchase

contract.

Please see below for example:

5. Discrepancies Regarding the Fee Sheet

Please note: before you submit a loan to processing, you must include a fee worksheet with submission.

You will need to choose the state and applicaple loan amount by clicking on the closing cost scenario

tab. Once you select this, save the fee worksheet and upload it to the dropbox.

See below for an example on how to acquire a fee sheet.

Step One

Click on the closing cost scenario tab

Step Two

Select your closing cost scenario fees depending on state and loan amount

Step Three

Click on the print icon at the top left corner of the screen.

Step Four

Select fee sheet from the form section. Make sure the document is selected on the right side of the

screen. Save the fee sheet as a PDF. Upload the document, along with your income documents in

the borrower’s Dropbox folder.

6. State Disclosure Information

Before you submit the loan, look to see if your state has state specific disclosures. If so, you will need

to save a copy of all required state disclosures and upload them to your Dropbox. You will also need to

upload these documents so processors can have them signed when they send out disclosures. You

will find this when you click on the print icon.

Please see the example below:

7. Setting Up a Dropbox Folder

To create a folder:

1. Sign into the Dropbox website.2. Make sure you are under your own Dropbox folder3. Click the "new folder..." icon in the right-hand corner:4. Choose: “create a new folder”5. Give your selected folder a name. The folder MUST be named as the borrower’s first and last

name6. Click ‘save’ to create and save the folder to Dropbox7. Click on the borrower’s folder and select ‘upload files’ to select the appropriate files from your

computer.8. IMPORTANT: When you upload files from your computer to the Dropbox, you MUST delete all

the borrower’s information from your computer.

See the example below for more details

8. Submission Process

A. Upload all pertinent documents, including (if applicable):o Most recent 60 days bank statement (all pages)o Most recent 30 days paystubso W2s (past 2 years)o Tax Returns if Self Employed or 1099 Employees (past 2 years)o Identification/SS Card (on loans that require)o Additional loan related docso Fully Executed Purchase Agreement (if purchase)o 3.2file or PCF (point file)

o Complete fee sheet (if we are disclosing your loan)

o Complete and accurate 1003o Eligible DU or LP Findings

o Credit Report

Please see directions on submitting a file to Premier Processing:

Process the Premier Way!

It’s as easy as 1, 2, 3! The instructions below will show you how to submit a complete file to us. This will allow us to hit the ground running with your loan. We want to be as efficient as possible so that we can close your loan quickly. If we can provide additional assistance, please contact your on-boarding specialist.

STEP 1 – GETTING STARTED

1. Drop box set up -you will be receiving a link for set up from the drop box program. Once you gain access, youwill see your signed contract, initial documents to get started and your first loan folder (you will just need torename it)

2. Broker Credentials Form must be completed in its entirety. Please mark any sections N/A that don’t apply toyou.

WE CANNOT WORK ON YOUR FILE WITHOUT THIS COMPLETED.

3. Register your loan with your designated lender. This includes pricing the loan and choosing to lock or floatyour rate.

STEP 2 – PRE-SUBMISSION

1. Complete the Premier Processing Submission Form located in your Dropbox and provide us with all the detailsrelevant to processing your loan. WE CANNOT WORK ON YOUR FILE WITHOUT THIS COMPLETED

2. Please refer to our Loan Submission Form provided in Dropbox for the documents and information neededfor us to get started on your file. If your file is incomplete, your loan may not be submitted in our 24-48-hourturnaround time.

STEP 3 – SUBMITTING THE LOAN

1. Once your Dropbox file is complete, please email NewSubmissions@premierprocessing.net. The subject lineshould include the name of your borrower, loan# and lender you sent the loan to. Any details and/or specialinstructions can be added to your Premier Processing Submission Form.

2. Please allow24-48 hours for loan review. Once your loan has been initially submitted to the lender, you will beassigned a processing team. Please look for an email from us noting if anything is missing from the file. It isideal to address this right away to not cause delays.

3. Once you have been assigned a processor, please email the processor directly or use our general inbox forprocessing (processing@premierprocessing.net.) Our new submissions inbox is for new incoming

**PLEASE BE SURE TO SUBMIT A COMPLETE FILE TO AVOID DELAYS**

Here is an example of a completed submission form:

Part One

Please see the red notes on the example image and in bullets here:

• Is Premier Processing disclosing this loan through the lender for you? ALWAYS CHECK

• Vendor Information – GET THIS INFO FROM CONTRACT

• Homeowners Insurance is always indicated as ‘TBD’ UNLESS YOU HAVE A QUOTE

• HR Contact for VOE, Phone Number and Email Address – MUST BE COMPLETED

• Buyer’s Agent and Name of Agency - GET THIS INFO FROM CONTRACT

• Seller’s Agent and Name of Agency, Phone Number, and Email Address –THIS INFORMATION IS LOCATED ON PURCHASE CONTRACT

Checklist (Upload all of the documents in Dropbox – NOT VIA EMAIL)

• Broker Credentials From complete and current – ALREADY DONE

• Loan is registered with lender – PROCESSOR CAN DO

• LENDER SUBMISSION FORM - PROCESSOR CAN DO

• Complete Anti-Steering Form provided – SENT OUT WITH LENDER DISCLOSURES

See below:

Part Two Please see the red notes on the example image and in bullets here:

• Broker Compensation is 2.75 – ALWAYS LENDER PAID UNLESS APPROVED BY BROKER

• Lender box is always checked unless they are putting 20% down

• Loan Locked – MAKE SURE PROCESSOR KNOWS ITS LOCKED

• Interest Rate – MAKE SURE TO PRICE OUT

• Click here for doc-less Loan – NEVER UNLESS NON-QM

• Make sure the entire LOAN SUMMARY SECTION HAS BEEN FILLED OUT

• Loan Number – LEAVE BLANK UNLESS LOAN HAS BEEN SUBMITTED

Send an email to submissions@premierprocessing.com with the attached submission form. Allow 24-48 hours for submission.

PLEASE MAKE SURE ALL INFORMATION IS INCLUDED BEFORE SUBMITTING