What are the main differences between the way I do business now versus how I will conduct business with the credit union?
When doing business in the states where you are currently licensed, nothing changes. If you refer an out of state loan to the credit union, the following changes take place: a) Applications must be taken in the name of the company using the credit union’s address and a toll-free, dedicated phone number that answers in the credit union’s name. (You must acquire this for your office.) b) The client’s information must be entered into the Encompass loan origination software c) Credit must be run from said system, using the credit union’s choice of credit report provider d) A copy package of the application and supportive documents must be sent to the credit union in proper stacking order, along with a completed, funding sheet. Upon review of the complete copy package, payment to you is released (usually within 48 hours).
