Process Approach. FCC Services Home Lending Conference Tuesday May 8, :15 a.m. 10:00 a.m.

Transcription

1 Process Approach FCC Services Home Lending Conference Tuesday May 8, :15 a.m. 10:00 a.m. Panelists: Jennifer Huffine Loan Process Manager - Texas Farm Credit Angie Winegar VP Consumer Lending - FCSAmerica/Frontier Farm Credit

2 Association Overview Texas Farm Credit 3,000 Customer-members 120 Employees $1.5 billion in loan volume (associations) $50 million Consumer Lending $30 million Secondary / $20 million Portfolio 20 Retail Locations in Texas

3 Consumer Lending Structure Texas Farm Credit (TFC) 4 Mortgage Loan Officers Direct customer sales, manage relationship with Branches 5 Mortgage Support Staff 2 Secondary Market Processors Portfolio Loan Coordinator Processing Associate Consumer Compliance Specialist (portfolio)

4 Consumer Lending Team Texas Farm Credit (TFC) VP of Operations Loan Processing Manager Senior MLO Secondary Loan Processor Portfolio Loan Coordinator MLO (3) Loan Processing Associate

5 Consumer Lending Support Texas Farm Credit (TFC) Secondary Market Processor Create disclosures (LE, CD), gathers closing requirements, reviews all underwriting submissions, coordinates with UW, Proc. Assoc., MLO, and borrower Portfolio Loan Coordinator Creates disclosures(le, CD), coordinates with MLO and borrower Processing Associate (Secondary) Orders title and appraisal, follows with up third party items Compliance Specialist Team Consumer Compliance Specialist and Loan Processing Manager Review Portfolio LE and CD

6 Secondary Market Process Texas Farm Credit (TFC) MLO takes Application, gathers financials and sends to Proc Assoc Proc. Assoc. orders title and appraisal, puts documents in order and sends to Processor Processor generates LE and Disclosures, review all docs and sends to UW for review Processor works with borrower, MLO, third parties, and investor on any conditions When loan is cleared to close, Processor generates CD, orders docs from investor, schedules closing Proc. Assoc. reviews all docs for funding approval and send final docs to investor Processor works on all post close conditions to receive funding from investor

7 Portfolio Loan Process Texas Farm Credit (TFC) MLO takes loan application and gathers financials Loan Coordinator enters loan info into Farmview and ADS, Generates Disclosures, orders title and appraisal Consumer Compliance Team reviews disclosures Credit Team reviews financials and MLO comments file Coordinator creates CD Once file comes back from Credit the loan goes to ELC for approval Outside Counsel creates Note and DOT Loan closers create all other docs Coordinator puts together closing packet Loan Coordinator Books loan and Services Loan

8 Process Strengths Texas Farm Credit (TFC) Secondary Market Processor relationship with investors Processors thoroughly review all documents prior to sending to underwriting Separation of Processor and Processor Associate roles streamline process Portfolio Loan Coordinator role to be more hands on with borrower

9 Process Challenges Texas Farm Credit (TFC) Portfolio Technology - Loan Origination, Accounting and Document Systems

10 Jennifer Huffine Loan Processing Manager

11 11 Association Overview FCSAmerica / Frontier Farm Credit 57,000 Customer-members 1680 Employees $29 Billion in Loan Volume $1.5B Consumer Lending Portfolio Only 48 Retail locations

12 12 Structure FCSAmerica / Frontier Farm Credit Sales and Support (Retail) Consumer Lending Officers (32) Regional VP (16) Financial Officers (Ag/Retail) VP Retail Operations (16) Other Retail Support Roles Consumer Specialist (29) VP Related Services Related Services Roles

13 13 Structure FCSAmerica / Frontier Farm Credit Centralized Consumer Operations Team (Omaha) VP Consumer Lending Lead Documentation Specialist Training Specialist (1) Product Manager (1) Escrow Manager (1) Front-End (3) Back-End (4)

14 14 Structure FCSAmerica / Frontier Farm Credit Other Centralized Support (Omaha) Compliance Officer (2) Credit Analyst (3) Financial Specialist (3-5) Loan Accounting (3)

15 Process Overview Launch application (CLO) Prepare Disclosures (CLDS) Prepare Decision Letter (CLDS) Communicate Decision/Loan Conditions Obtain Intent to Proceed Introduce Specialist (CLO) Enter Financials (FS) Order appraisal (CLO) Decision Loan (UW) Order Title Clear conditions (CLS)

16 Verify final loan amount Document waivers Lock rate (CLS) Prepare Closing Docs (CLDS) Set Closing (CLS) Approve CD Obtain Signatures Fund Loan (CLS) Balance Title Prepare CD (CLDS) Book loan (LA)

17 Process (Construction) Complete /Document Inspections (CLO) Establish perm. Financing interest rate with customer (CLDS) Prepare Disbursement and all lien waivers (CLS) Process non-escrowed loans to perm. financing (CLS) Process all servicing requests during construction (CLDS) Process escrowed loans to perm. financing (CLDS)

18 18 Strengths of the Process FCSAmerica / Frontier Farm Credit Consistent/Scalable Increased accuracy of disclosures and closing documents Increased productivity (expert of some/not all, repetition of tasks) Centralized Operations = Team of knowledge experts for support

19 19 Challenges and/or Gaps of Process FCSAmerica / Frontier Farm Credit Clear and timely communication amongst team members Inconsistent file documentation Leadership/teammates not aligned under one structure

20 Future Enhancements FCSAmerica / Frontier Farm Credit Expand teammate use of e-disclosure Implement electronic construction monitoring Automate pieces of escrow process

21 Angie Winegar VP Consumer Lending Farm Credit Services of America/ Frontier Farm Credit

22 22 QUESTIONS / DISCUSSION