Q. What services does Compliant Monk provide?
A. Compliant Monk provides Dodd Frank Compliance Underwriting for $495.00 and Delivery of Closing Documents (electronic only) for $295.00.
Q. If I submit a complete loan application and 2 years' income documentation for my borrower, when can I expect a response from Compliant Monk.
A. After receipt of a complete loan application and acceptable income documentation, Compliant Monk will issue a Conditional Loan Approval or Suspense Notice within 48 business hours.
Q. Does my borrower pay Compliant Monk directly?
A. No. Compliant Monk may never receive payment directly from the borrower. We work for the seller/lender and, by law, may only receive payment therein.
Q. Do I need to pay anything at the time of submission?
A. No. The invoice for payment will be issued at the time of Final Approval (prior to closing). Invoices are due and payable within 48 hours of receipt. No monies are due if the borrower does not meet Ability to Repay requirements.
Q. How do I pre-screen my borrower before submitting to Compliant Monk?
A. Simply ask the borrower(s) these 3 questions: 1. Can you document the most recent 2 years of income (paystubs and W2s, or 12 months bank statements for self employed). 2. Can you provide a letter from your landlord verifying the most recent 12 months housing payments have been made on time? 3. If a bank were to deny your application for a mortgage, what's the biggest reason(s)? If you don't feel comfortable with their answers, they may struggle to meet Ability to Repay requirements.
Q. What if my borrower doesn't have a social security number?
A. Borrowers that do not have a social security number but have a registered TIN (tax identification number) with the IRS, and can clearly document the most recent 2 years income may be considered.
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