I hope this message finds you well. It’s been three months since I acquired Call The Underwriter, and I’m excited to share some significant updates and improvements we’ve implemented to better serve you.
Enhancements in Underwriting
We’ve completed the transition process and have introduced new systems to enhance and expedite our underwriting services. Additionally, we’ve expanded our team with part-time staff to support back-office functions, ensuring smoother operations. More improvements are on the horizon.
Introducing the CarFax for Notes
Historically, Call The Underwriter provided a certificate of Dodd-Frank compliance, along with the 1008 form detailing underwriting notes, loan-to-value, and debt-to-income ratios. Starting in January, we will deliver a comprehensive 1-page report for each note. This new format will simplify the understanding of relative risk factors and show where your note stands on the spectrum. Think of it as a CarFax for seller finance notes, offering better insights into compliance and the relative risk level of the note, which can help maximize your value if you decide to sell it.
Facilitating Note Sales
I’ve established connections with several institutions and individuals interested in purchasing seller-financed notes. This month, we began facilitating our first sales. Moving forward, I’ll be able to provide you with an early estimate of your new note’s potential sale value during the origination process and assist with the sale of the note if you choose.
Expanding Our Vendor Network
While some experienced clients have their vendor networks established, many newer clients need assistance beyond underwriting. We are partnering with a loan servicing company to ensure seamless onboarding and loan data transfer. If you require a loan servicer, we can initiate the boarding process for you automatically. Additionally, we’re partnering with a nationwide company to handle closings and title work, complemented by our extensive network of attorneys for referrals.
Process Improvements and New Services
We’re continuously working behind the scenes to enhance our delivery speed and consistency. Responding to numerous requests, we’re adding a Spanish-speaking loan processor to assist borrowers with application processes and income documentation. This new team member will be available in the first quarter of next year. In the meantime, we have effective translation tools to assist borrowers via email and text.
Updated Pricing
Effective January 1, the underwriting fee will increase from $744 to $799, with $149 invoiced at the start and the remaining $650 invoiced upon sending the Loan Estimate. Most clients pass this cost on to the borrower at closing. Please note, as we represent lenders, we are legally required to have the invoice paid directly by the lender.
Your Feedback Matters
If there are any additional services or educational content you’d like to see, please reply to this email and let me know. Your feedback is invaluable, and the above changes are a direct response to client suggestions.
Wishing you a joyful holiday season and great success in 2025!
Cheers,
Dan Deppen