Welcome to FastAction Processing

General Questions

Bottom line, why would I use contract processing vs. hiring a processor full time?

Time, expense and simplification. You don’t have to worry about the day to day management and training of an employee which is a part time job by itself. You don’t have to provide space, equipment, software or pay for items like health insurance, matching taxes, unemployment insurance, vacation time and sick days. You also only pay for what you use instead of having a fixed monthly expense hanging around your neck. By simplifying your business you achieve clearer focus on the things that make you money like marketing, sales and networking. Outsourcing works, which is why every industry does it.

What makes you better than other contract processors?

Higher level of service:

Money Back Service Guarantee and Assigned Team Leads
Our standard service (no extra fees.) is higher and includes: running AUS pre-approvals, manual lender pre-approvals, working with the borrower directly to collect signatures and paperwork, keeping borrowers and referral partners updated.
Exclusive “No Loan Left Behind” email updates to Loan Officer, Borrower(s) and referral partner(s).

More expertise:

Exclusive QC process, certified by 5 senior underwriters for cleaner, faster closings.
Management & Team Leads average experience level is 16+ years.

Fun team:

Hey, what can we say – you will like working with us!

Does it matter if I’m located locally or not?

No, we have customers all over the country. Our technology and systems make us as convenient as being right down the hall, regardless of location.

Do I need special software to work with you?

No, our system is compatible with all processing software. You send a FNM 3.2 file and our software handles the rest – including paperless processing, paperless document delivery, vendor orders and aggressive tracking management.

Can I just send you one loan to try you out?

Of course! In fact, we’ll back our service up with an unheard of money back guarantee! If you aren’t satisfied with our work or service we’ll refund 110% of any fees we’ve collected including the processing fee charged to the borrower! You have to sign our service agreement to get started but you can submit just 1 loan or 1000s of loans without further obligation.

Do you have a monthly minimum I have to send?

No. Some of our loan officers do more modest business while others do 20+ loans a month. We can accommodate any size producer.

Are there any contracts or long term commitments?

You may cancel our services at any time. We do sign an agreement with you that clearly defines our relationship but either party can terminate the agreement without cost or consequences.

Does FastAction Processing originate loans themselves?

FastAction processes loans for their clients exclusively and does not originate loans.

How do you collect your Processing Fee?

Our client’s have two choices. 1) We can charge our fee directly to the borrower on the HUD. This can be good for your fee conscious borrowers because they see a third party service making the money instead of you. 2) We can have title deduct our fees from your gross proceeds during disbursement. This is good if you want to charge lower or no processing fee. You choose the solution that works best for you.

Why do you charge $27 to submit a file?

First thing we want you to know is that we do not make money on the submission fee – we earn our profit when loans fund. The fee subsidizes the hard costs of sending disclosures, verification costs ($15-$55 each depending on type), overnight fees and other hard costs associated with processing a file. Read the fine print of professional contract processors and you’ll find they pass these costs onto you by charging extra fees to send disclosures, using your overnight account or invoicing these hard costs loan by loan. Rather than create one more thing for our customers (and us) to track, invoice, and pay, we have a single low and easy to manage fee upfront. Our goal is to simplify your processing and reduce your work - which includes a simpler way to manage your costs.

Are there any cancellation fees?

There is no cancellation fee if the loan does not close because conditions can not be met, interest rates changed, programs were discontinued or any other reason beyond the originator’s or FastAction’s control. If a loan receives a full lender approval at the same terms and on the same program as it was submitted there may be a cancellation fee if the loan does not close.

Do you share or sell information I give when I sign up or when I submit loans?

Absolutely not! Your loan officer and borrower information are proprietary and protected under the terms of our agreement with you.

Can I join the Marketing Club without using the Processing Services?

No. This program is available only on loans processed and funded within FastAction Processing. The only exception is after a new loan officer funds their first loan. At that point there is a one time option for them to sign up their previous database into the program. This option will be covered as part of your sign up process.

Processing Service Questions

What’s the catch with your money back guarantee?

No catch, but we don’t guarantee results if you submit an incomplete or incorrect loan package and we don’t guarantee results of third party vendors like appraisers or the lender. We guarantee that you will be 100% satisfied with the service and responsiveness of our team or we’ll refund 110% of any fees we’ve collected.

Do I work with the same processor each time?

Each loan officer is assigned their own Team Lead that they will contact and use on all their loans. The Team Leads are backed up by others so that loans flow smoother and faster than a single processor approach.

What is your turn around time?

We process new files and QC documentation within 8 business hours of receipt and often faster. The only thing we can’t control is the turn time of third party vendors or lenders. BUT rest assured that we aggressively follow up on your file and keep you updated until it closes. We push hard to close loans as quickly as possible since we get paid when you do – at funding!

How do I get loans to you?

Most of our customers use our secure fax or email. You can use a courier if you prefer but it will slow you down. We have a short Getting Started training where we’ll explain how to get the very most from our service.

What items do I need to send to get a loan into processing?

We only need a completed 1003, fnm 3.2 file, credit report and complete submission form. We’ll do the rest including preparing and sending your disclosures, collecting borrower signatures, running the AUS of your choice or even sending for manual approval if needed.

Who orders the credit report?

Most of our customers pull the credit themselves before submitting. We do have a service that allows web applications to come directly to us. Credit is pulled thru your account in this instance and the $27 submission fee applies.

Who sends and is responsible for disclosures?

We send disclosures as part of our regular service unless disclosures are included in the initial submission or we are told not to. The originator is ultimately responsible for the disclosures going out on time so submitting a file to us within 24 hours of application is critical to stay in compliance.

Can I use my own appraisers, title companies or other vendors?

Absolutely! We usually place the order and of course we handle all the follow up and tracking but you are still in charge. If you are doing a loan in a new area we can locate good vendors for you, at your request.

Will you contact my borrower?

Of course! This is one area where we are different. Once you pass us the loan we do the rest including contacting the borrower for signatures and documentation. We always interact with borrowers as your “assistant” so you look your best. The only thing we won’t do is sell the borrower, discuss rate, closing costs, closing deadlines or deliver decline/suspense news. We leave those topics to you.

How do I stay updated on my loans?

Anytime documentation is received or there is a status change we email you a detailed update. Our customers love our exclusive “No Loan Left Behind” loan update system because it allows them to stay on top their loans while they are on the go. If you have an email enabled phone or blackberry you don’t even need a computer or internet connection to stay on top your business.

How does your exclusive Quality Control process help me grow my business or make more money?

You’ll fund more loans, have happier clients and almost more important less unhappy clients. Poorly processed files make a bad impression that is hard to recover from, which is why a loan that starts out bad ends up being conditioned to death and never funding. More importantly an underwriter does more favors and exceptions for loan officers that send in high quality processing because they trust them more.

We’ve also all experienced the longer a file drags on and never closes the uglier the borrowers (and Realtors) attitude towards the loan officer gets. The angrier someone is the more people they tell. Good processing catches un-resolvable issues faster. This saves your reputation as well as valuable time.

Which lenders do you work with?

We can work with any lender you request. If we are working with a new lender our Team Leads will make contact and work with the lender to insure the loans are submitted and processed exactly as they need them to be.

What happens with my final package?

We deliver a complete final package on all funded and cancelled loans for your records electronically. The file is password protected and delivered via a secure website for fast easy download. If something happens to your copy, we keep a backup for 7 years and can forward another to you at any time.

What things won’t you do for me?

An originator is always responsible for selling the borrower, taking a complete application and locking their loans. Locating a loan program and lender for the loan is also the originators responsibility unless they’ve purchased our Loan Placement services which are separate from our processing services.

How do I get started?

Fill out the online Sign Up Request form. We’ll walk you through our exact processes, complete the services agreement with you and get you ready to submit your first loan. It’s simple and it’s fast!