Power of 3 Processing Plus
Using ePower to fuel your business!
Using ePower to fuel your business!
Power of 3 | We're Different!
How much does it cost to get set-up with you?
There are NO FEES to get set up for processing!
What are your processing fees?
For the most part, the standard 1-4 family residential loan files are priced at a flat rate of $600 paid at closing from the title company. We don't believe in penalizing borrowers for loan types, as other processors do. It makes it too hard for you to quote costs to your borrower.
Occasionally, we will need to make other arrangements for pricing, but that will be discussed with you during your consultation. Commercial loan pricing will be discussed then as well.
There are no minimum file requirements, so you don't have to worry about those overhead costs and in today's market, that's a HUGE bonus!
What do other people think of your company's work?
THE BORROWER'S POINT OF VIEW:
There are NO FEES to get set up for processing!
What are your processing fees?
For the most part, the standard 1-4 family residential loan files are priced at a flat rate of $600 paid at closing from the title company. We don't believe in penalizing borrowers for loan types, as other processors do. It makes it too hard for you to quote costs to your borrower.
Occasionally, we will need to make other arrangements for pricing, but that will be discussed with you during your consultation. Commercial loan pricing will be discussed then as well.
There are no minimum file requirements, so you don't have to worry about those overhead costs and in today's market, that's a HUGE bonus!
What do other people think of your company's work?
THE BORROWER'S POINT OF VIEW:
- Power of 3 worked on our closing docs for our house and was very dependable and accessible; the Power of 3 processor was very personable and we would gladly use their services again!
- I just wanted to take a minute and THANK YOU all for your help. This
transaction was so smooth and easy and done in record time and I know that
was because you guys where on the ball.
I would not hesitate to recommend you to any of my friends and family.
James, our realtor also said that he would keep you guys in mind with his
clients. He was also impressed.
I know it was not an easy task getting all that paper together but you guys
are AWESOME!!! I hope you all have a blessed day and keep up the good work!
God Bless and take care!
THE ORIGINATOR'S POINT OF VIEW:
- Power of 3 is a joy to work with. Always dependable and knowledgeable, they always find a way to work through the many challenges our files give them. Highly Recommended!
- The staff at Power of 3 is full of knowledgeable hardworking individuals, which enabled me to work "hands off." Their clear instructions were a benefit to my bottom line.
- You only need to read a newspaper or watch the news to know what is going on in the real estate market. Fortunately for my business, I have worked with the staff at Power of 3 Processing Plus. They have always and consistently performed well above average. Their work is detailed, thorough and complete. Behind any good mortgage professional you will find a quality processor. They never get the credit they deserve when things go well. But with Power of 3, things always went well. To have the opportunity to work with an expert like Leslie, not only have I benefited, but so have all of my clients. I would recommend Power of 3 Processing Plus to anyone who is looking for expert mortgage loan processing!
Other references can be found here.
Can you process nationwide or just in Texas?
Because of the new NMLS Licensing requirements, we are only licensed to process loans with property addresses in the state of Texas.
What do we require before we can work on your file?
- (One Time) New Client Set-Up Spreadsheet & Signed Contract
- Loan Transmittal Form with Each File (see below)
- Name of Lender (with lock or registration if you have it)
- Compliance Disclosures
- Any supporting Documentation you have already collected
What's the best way to submit my loans?
- Secure Upload through the ePower Web Site!!!!
- By Mail: 623 West Front Street, Suite #1700, Hutto, TX 78634
- E-Mail - New File Submission to Processing
- E-Mail - File Status Questions or Updates on File Already in Process
- E-Mail - Borrower Questions for Processor
- Fax Toll Free (Digital): (866) 903-6238 - Please include a cover sheet
What is your Phone Policy?
To enable us to process more efficiently, please direct non-emergency questions to the File Status Email Address listed above.Your processor will respond to your email within 1 Hour or less during normal business hours.
Due to the sheer volume of calls we receive from underwriters, title companies, appraisers, insurance agents, etc.while coordinating your loan...we ask that you please reserve phone calls to the processing staff for emergencies only. Thank you for your assistance in helping us provide the highest level of service to your borrowers!
Who Prices and Locks Loans?
As a reminder, due to licensing and liability issues, the processing staff is unable to price and lock loans for you. They will make suggestions to aid you in the process, but they are not allowed to lock in loans. This protects us and it protects your paycheck!
The other thing that we cannot do because of licensing guidelines is discuss rates, points, fees, qualifying ratios, etc. with borrowers. Again, this protects you. The way I describe this in my classes is that there is clear division of duties between salespeople and processing. It is imperitive that you communicate these items with your borrowers because we will only be able to discuss paperwork with them.
Are Contract Processors Allowed to Process FHA Loans?
Here is the excerpt of the revision 4060.1 REV-2:
2-13 Outsourcing. A mortgagee may contract out certain administrative and clerical functions that do not materially affect underwriting decisions or increase the risk to FHA.
However, the mortgagee is still responsible for the quality of the mortgages and must ensure compliance with program requirements and RESPA requirements. The management, underwriting, and loan originator functions may not be contracted out.
A. Types of functions that may be contracted out are:
- Clerical Assistance
- Loan processing: typing of loan documents, mailing out and collecting verification forms, ordering credit reports, and/or preparing for endorsement and shipping loans to investors
- Loan servicing: ministerial processing of a foreclosure action, preservation and protection, and/or tax services
- Legal functions
- Quality control reviews; and
- Such other functions as may be approved in advance by the Department.
The functions listed above in paragraph 2-13(A) may not be contracted out to third party loan originators, real estate brokers, or similar entities.
Do you have forms that I am required to use?
Loan Transmittal Sheet (PDF)
Generally speaking, how does this work?
This question can best be answered with a simple flow chart.
Generally speaking, how does this work?
This question can best be answered with a simple flow chart.
Other Required Loan Disclosures (PDF)
- CHARM Booklet - required for all ARM loans
- HUD Booklet - required for ALL purchase loans
- Chart of Prepaid Finance Charges to aid in GFE/TIL Preparation
- Sample Power of Attorney form
- TX Multiple Roles Disclosure - required if you are brokering the loan and acting as a real estate agent or attorney in the transaction
- TX Homestead Cash-Out (12 Day) Disclosure in English or Spanish
- TX Pre-qual or Pre-approval letters (TX) can be downloaded here and customized.
- TX Mortgage Broker Recovery Fund Notice for your wall
- NEW Texas Anti-Fraud Closing Disclosure - required on ALL residential loans after January 1, 2008. Must be retained in loan file.
Most forms will open with Adobe Acrobat or Acrobat Reader.
If you do not have the software, please visit Adobe's website.