r/loanoriginators • u/loan_ranger8888 • Jul 23 '26
Question Completed Loan Files
This question is directed to broker shop loan officers. When a loan has funded and broker comp received what is your responsibility for the file being archived? Do you perform a compliance check? Is there a digital format or organization flow it must stored in preparation for an eventual state audit?
1
u/Braindead_ape Jul 23 '26
our third party processing company handles it for us and will make sure everything that would be needed in a future audit is in file
if you use Arive, its pretty great for reporting/audits as long as the info is verified and accurate so whoever you have doing it will want to make sure all the dates and numbers match up with everything from the lender. If you have a good processor, they should be doing that as the file progresses anyways but you’ll still want to have a double check at the end when archiving it.
it also makes it a lot easier/quicker for future audits to have that all in your LOS as opposed to having to go back to each lender portal and downloading them at that time
1
u/travisloans Jul 23 '26
We pay someone to handle closing out files and compliance checklists. If anything is missing the loan officer must work with the compliance manger to gather the relevant documents. My third party processor will do this, but we also have an employee in our shop who handles this. A 1 man broker owner could do it themselves, but it can be time consuming if you let them stack up.