Frequently Asked Questions
We understand you have questions, here are the answers.
What is the broker's responsibility when submitting an application to the processor?
The mortgage broker is responsible for submitting a complete application and communicating any potential issues with the processor. Brokers should also discuss fees with the borrowers and lock in the rate.
What should a broker do if a loan approval is not achievable?
If loan approval is not achievable, the broker will be responsible for delivering this news to the borrower and restructuring the loan if necessary.
How can a broker help facilitate communication between the borrower and the processor?
To ensure smooth communication, we request that brokers send an introductory email to the borrower, copying the processor. This helps the borrower feel at ease with the processor’s correspondence and calls.
How quickly should brokers respond to the processor's questions or requests?
Brokers are expected to respond promptly to the processor’s questions or requests to prevent any delays in the process.
How do brokers and processors collaborate during transactions?
We believe that brokers and processors should work as a team for each transaction, relying on each other for excellent communication and customer service.
Do you work on Non-QM / Foreign National Loans?
Yes, First Choice Processing handles Non-QM and Foreign National loans. We are experienced with various types of Non-QM loans, including the popular DSCR (Debt Service Coverage Ratio) loans.
Here are a few Non-QM lenders we work with:
AD Mortgage
The Lender
ClearEdge
Quontic
BAC
What are the minimum submission requirements for a conventional file, FHA loans, and VA loans?
Pay Stubs: Most recent 30 days
W-2s / 1099s: For the past 2 years
Tax Returns: 2 years of business and personal tax returns (all pages), if required by DU / LP
Bank Statements: Most recent 2 months (all pages). Address any large deposits
Photo IDs: For all borrowers
Property Documents: For all Real Estate Owned (REO), including:
Recent mortgage statement
Property taxes
Property insurance reflecting the annual premium
Property HOA statement, noting if payments are due monthly, quarterly, or yearly
Purchase Contract: Fully executed
***VA – copy of COE
***If divorced – copy of divorce decree / marital settlement agreement
What are the minimum submission requirements for Non-QM loans?
Please note that each lender may have slightly different requirements for the initial submission of a Non-QM loan. To ensure a smooth process, please provide all documents specified by the selected lender for the chosen program.
Are there any additional fees for resubmitting to a new lender?
At First Choice Processing, we understand that files may need to be transferred to a different lender for various reasons.
Due to the extra work involved in submitting a new file, updating title, insurance, and potentially transferring appraisals, an additional fee will apply in these situations.
Please contact us to discuss the specifics of this fee.
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TESTIMONIALS
What others are saying
"Susan is the best! She is always ready to help and shares her knowledge and expertise in any situation. She’s a tremendous asset to me and my team, and we truly consider her another member of our team. Highly recommend!"
- Yaira M. | Pioneer Mortgage Funding Inc.
"Ashley is great to work with, very fast and resourceful. Turnaround times are excellent, love working with her”
- Oscar B. Capstone Mortgage Lending, LLC
“Angelina is great! She will relentlessly work to get even the toughest files to close on time”
Paul T. Capstone Mortgage Lending, LLC
“Rose is the best! She is always on top of it and always willing and able to go the extra mile to provide the best service!”
- Virgina I. Capstone Mortgage Lending, LLC
“Gerdy is very knowledgeable, and she helps me to make the process easier. Thanks to her I can obtain CTCs on a timely manner”
- Ariel A.- Capstone Mortgage Lending, LLC
“Thank You Angelina. Clients are super happy to connect with you. I am getting wonderful feedback. Great Customer care. Thank you for the hand holding, it makes a difference."
- German M. Jaxen Mortgage Group, LLC
USE US AS YOUR THIRD-PARTY PROCESSOR
At First Choice Processing LLC, we partner with licensed mortgage brokers to streamline loan processing, reduce turnaround time, and help you close more deals with confidence.
Our experienced team handles the details behind the scenes—so you can stay focused on originating, advising clients, and growing your pipeline.
Contact us today to learn how we can support your production goals, or visit our services page to see how we help brokers scale efficiently.
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