FastForward Loan Officer Quick Starter

What is FastForward?

FastForward is a program that creates a "fast track" for borrowers. Instead of gathering and submitting numerous documents, virtually all of the validation is completed digitally.

An Underwriter still has to review your information, however, it is done electronically with little to no effort from you. The elimination of paperwork can significantly reduce cycle type. You submit an accurate application and set up the digital review account.

Prepare for Conversation with Borrower

• Be prepared to easily explain the benefits of FastForward: Rapid Close, Little to No Documentation, Potentially Compete with Cash Borrowers.
• FastForward is designed to quickly approve borrowers with strong financial profiles. FastForward relies on electronic data validation of income, employment and assets in lieu of pay stubs and similar documents. Borrower will be required to participate in a secure, electronic data validation process.
• Electronic data validation is the future of lending. The transferring and storage of sensitive paper documents, like tax returns, is not a safer alternative to electronic data validation.

Set Proper Expectations

• FastForward provides a path to rapid close - Review the benefits with the Borrower. Remember an Underwriter is still reviewing the file; he or she is simply relying on electronic verification in lieu of paper documents. The information entered on the 1003 application must be accurate.
• Don't estimate - Make sure you have the correct information Electronic Data Validation will require providing some personal, financial login information for digital access.
• This is a secure process, and is not riskier than submitting paper versions of these documents. If for some reason something cannot be validated electronically, it will have to be confirmed manually, which may slow down the process. If you ensure application data is correct and follow the steps for Electronic Data Validation, you could very well close in record time!

Receive Application

• Completing an accurate 1003 is vital to a successful rapid close ensure borrower's stated income is accurate and verifiable!
• Ensure employment information is accurate; it may need to be verified manually.
• See something say something - if part of the borrower's income/assets profile doesn't look correct, handle the discrepancy. Anomalies will be caught during Electronic Data Validation and will slow down the process.
• Don't send in or upload docs if unnecessary - FastForward is paperless. Your borrower may provide pay stubs for you to calculate income with him/her. It is not necessary to include these documents. If you do, they WILL BE reviewed by the Underwriter.

Assets Validation

• Assets are verified through AccountChek, the Borrower will have to create an account: Login to AccountChek, Enter Borrower Data and Hit "Create," Will Prompt Login with 4 Digits of SSN and Bank Info
• Remind Borrower - either way the lender needs this info. Digital is significantly faster and just as secure compared to paper documents
• Will receive an email notification when complete - it's that simple!
• Note: Make sure the account has borrower's name on it, not just a spouse.

Income and Employment

• Employer and Payroll verification is handled in tiers: 1st tier - Digital acquisition of information via The Work Number. 2nd Tier - Manual validation is conducted. 3rd Tier - Rely on the 4506C and retrieve information from IRS.
• Note: obtaining the IRS transcripts via the 4506C takes the longest (84-96 hours) of the tree tiers and is not always faster than a traditional alternative. However, validating this way gets the rep & warrant relief.
• Ensure all employer information is accurate! Whether employment validation is automated or manual, process time is still drastically reduced!

What's FastForward Anyways?

• "FastForward is a new program that creates a "fast track" for borrowers with a strong, reliable financial profile. Instead of gathering and submitting cumbersome paperwork, virtually all of the validation is completed digitally."
• "An Underwriter still has to review your information; however it is done electronically with little to no effort from you."
• "The elimination of paperwork allows these loans to close quickly and simply. We submit an accurate application, set up the digital review account, and you're basically done."

How do you validate my information?

• Income and employment - "Your income and employment information is validated through a service called TWN, or The Work Number. TWN has been in use for years within the industry and virtually all lenders rely on it for fast, effective confirmation of employment. If your employer is not part of the network verified through TWN, then a manual confirmation will be performed."
• Assets - "If you use online banking, assets will be verified using AccountChek. AccountChek is the safest and easiest way for you to stare the financial information we need - no statements required."
• For example: "I just sent an email inviting you to verify your banking, retirement and investment assets using AccountChek. Just open the email to get started. You don't need any account numbers - just the names of your financial institutions and your login credentials."
• "...and don't worry. We trust AccountChek because it's super secure and doesn't store your passwords or any personal info."

Is it safe to provide my info electronically?

• "I certainly understand some initial apprehension with providing electronic access to bank records and similar documentation. However, these are services that have been in the industry for years and their success hinges on providing the most secure networks possible. It is really no different than online banking or completing taxes online."
• "Ultimately the Underwriter has to review financial information. It's just a matter of whether he or she can quickly review it electronically."
• "The alternative is to collect paper versions of pay stubs, tax returns, and other documents and submit them for review, which unfortunately takes a lot longer and is no more secure than electronic review."

How can I close my loan more quickly?

• "The most important part is to have accurate information on the application. We need to make sure the stated income is calculated correctly. We need to make sure your employment information is accurate and that your name is on all bank accounts."
• "We will need to quickly set up your accounts for electronic validation. If anything does come up and more information is necessary, the faster we respond, collect, and submit it, the faster it will close."
• "Hopefully we don't have to send in anything, and we can close very quickly."

What could happen to delay the process?

• "Ultimately, an Underwriter has to review and approve the file just like any other loan. With FastForward, we are able to use Electronic Data."
• "Verification rather than paper documents. If a key component of the financial picture cannot be verified electronically then it must be done manually. To the extent possible this will be handled without requiring you to provide anything. These can result in slight delays of a few days."
• If there is a discrepancy between the application and the actual financial records, this will require validation. This is especially problematic if the discrepancy is significant and/or could cause the application to not qualify. Any discrepancies we will have to handle on a case-by-case basis and respond as quickly as possible, if necessary."
• However, this is why having accurate application data is so essential. It lays the foundation for a smooth, successful process."