Q:
|
Who can answer my questions?
|
| A: |
Please contact your Account Executive with program related questions. Broker Credit Operations (800-803-4212) can help with status questions for loans in process. |
| |
|
| Q: |
What are your credit score requirements? |
| A: |
Our requirements vary based on the program used. See our Rate Information for specific rates and program guidelines. |
| |
|
| Q: |
What credit score do you use? What if my score is different than yours? |
| A: |
U.S. Bank will pull all three credit bureaus and we will use the middle score of three or lower of two scores. |
| |
|
| Q: |
How quickly can I expect a credit decision on a loan application? |
| A: |
For a complete, accurate application, you can expect a faxed Decision Notification within 48 hours. If you provide your email address on the Application Submission Form, we will also email your notification. |
| |
|
| Q: |
How do I lock the interest rate on my loan? |
| A: |
The rate locks automatically upon approval and is good for 45 days without any additional
markup. Your loan receives the rate in effect at the time of application. |
| |
|
| Q: |
Where do I send documents for underwriting review? |
| A: |
You may email all conditions to usbankstips@usbank.com or fax them to 800-576-9431.
Please include the borrower's name and U.S. Bank reference number. Instructions for delivering your conditions are also included on your Decision Notification. |
| |
|
| Q: |
If all conditions have been sent in, when will closing documents be ready to sign? |
| A: |
Underwriting will require 2-7 days or more if additional documents are needed. You will then receive a Final Approval confirmation at which time you'll call Client Services at 800-803-4212 (option 3, option 1) to schedule your closing and review terms. We will fax you a Document Request Form (DRF) detailing those terms for your review and signature after that call. |
| |
|
| Q: |
What is U.S. Banks daily cut-off time to close a loan the next day? |
| A: |
We must receive the signed Document Request Form by 1 PM local time for a next day closing. For Texas closing request details, please see our Quick Reference Sheet - Closing. |
| |
|
| Q: |
Who orders and pays for the Title Insurance / Property Reports? |
| A: |
If you request a property report from U.S. Bank, we order and pay for it (except AL, SC, TX which require full Title Insurance) for all second position, non-purchase money loans or lines under $150,000. The customer always pays for Title Insurance. Call Credit Operations at
800-803-4212 (Option 1) or email usbankcfd@usbank.com to place an order.
The broker must obtain title insurance on purchase money loan and lines, simultaneous closings, non-purchase money loans and lines of $150,000 or greater and any loan or line where a change in vesting occurs.
|
| |
|
| Q: |
What is a property report? |
| A: |
A property report (for non-attorney closing states) is available at a reduced cost to your borrower, includes a sub-escrow and signing service and is sufficient for loans that do not require title insurance. Call Credit Operations at 800-803-4212 (Option 1) or email
usbankcfd@usbank.com to place an order. Please include borrower's name and reference number for the file. |
| |
|
| Q: |
What are the appraisal guidelines for U.S. Bank? |
| A: |
See our Rate Information for specific rates and program guidelines. |
| |
|
| Q: |
Do you have a preferred appraisal vendor list? |
| A: |
Yes, you can find our Preferred Appraisal Vendors list on the Forms page of our website. Call your Account Executive or Credit Operations at 800-803-4212 (Option 1) if you have concerns about your appraiser. |
