PROCESSING CHECK LIST for THE RC

SYSTEM
Abbreviations: HB Home Buyer PA- Preapproval
PC Purchase Contract OFC Owner Finance Contract
CA Closing Agent CS Closing Statement CC - Closing
Costs
CD Closing Disclosure DP Down Payment
EM - Earnest Money EMC Earnest Money Check
EC Executed Contract RMLO Residential Mortgage Loan
Officer

STEP 1 SIGN UP 1 DAY

Interview Notes
1 PP Presentation
2 Quiz, Grade it, Read word for word
3 Buy Sell Agreement, read word for word
4 Collect Training Fee payable to RCS
5 Provide a Receipt
6 Save HB cell phone
7 Copy Docs, Give to Buyer, put in an RCS folder
8 Include Bus. Card and RCS Training Phamplet
9 Complete Interview Sheet
10 Scan docs, upload to CRM
11 Send Training Fee to RCS w/invoice
12 Send Custom Welcome E-mail to Buyer
13 Make Welcome Call or Congrats call
14 Assign Approved Realtor
15 Save Realtors PH in your cell
STEP 2 OFFER 10 DAYS
16 Collect EM payable to TE ; provide Receipt 2;
upload to CRM
17 Sign TREC PC Offer; Email Agent copy w/EMC ,PA
Letter
18 Get FAST Inspection done Renegotiate Better Price if
possible

19 Email EC to Title Co. with a copy of your EMC

20. Get a receipted contract HB pays option fee to
Seller Goal: Replace copy of your check with
investors check. Provide your earnest money only if
you have to. If so, you will
have to get a release of earnest money signed when
you need to get it back
STEP 3 LOCK DOWN 1 DAY
21 Customize OFC
22 Get OFC signed, Read word for word
GET HOME BUYER TEMPORARY LEASE SIGNED
Collect Verification of Income from buyer (now or
later)
23 Have Buyer deliver EM (10% DP) with OFC to CA
STEP 4 INVESTOR CLOSING 30 DAYS
24 Prepare ROI Analysis
25 Send ROI to Investor and get a yes
26 Send Investor PC, OFC, Assignment doc
Customized
27 Get Assignment signed
28 PROVIDE INVESTOR INSTRUCTION SHEET
29 Send new contract to investor to sign
30 Get Seller to sign new contract
31 Email new contract to title co
32 GIVE INVESTOR A COPY OF LEASE
33 Have investor send EM to title Co.
34 Get EM back if you advanced any Release of EM
35 Email lender TREC contract and copy of EM check
36 Have investor get all docs. to Lender
37 Confirm old survey is available via selling agt
38 HB pays appraisal fee to investor,
39 Pay investor; get appraisal ordered;

40

Get Investor to order insurance binder Desiree Rendon cell 281-635-8498 281-459-

0899
Find out monthly payment. Notify buyer

41 Get monthly taxes and PMI from lender. Notify

buyer
42 CONFIRM APPRAISAL COMES IN AT VALUE
or renegotiate and rewrite ofc
43 HB pays bal. of EM (10%) + 2% for cc
44 RMLO sends HB RMLO Doc
45 Lender sends CD to investor to sign
46 Investor sends CD to TE
47 TE Creates HB Closing Statement; gives to HB
48 PROVIDE HOME BUYER INSTRUCTION SHEET
Customize it. include name and address of investor and
lender

49 Get balance of HB ccs delivered to CA with copy

of OFC
50 Provide distribution instructions to ca especially
investor
and lenders address and names
51 Get Investor closed. See Promissory Note, 1ST Payment Due Date
.
52 Get Investor Payment Letter, Total payment amount, Breakdown,
Lenders address, Loan#,
53 Mortgage co. funds transaction
54 Confirm closer Distributes funds
55 Pay Investor, Withhold $200 for RMLO monies
advanced
STEP 5 MOVE IN & 2ND CLOSING
56 Home Buyer gets keys and moves in; use lease to turn on
utilities

57 TE gives wrap doc instructions to title co. with

O.F. contract
58 Ins. agt puts homeowner policy in buyers name
59 CA sends Wrap docs to investor with insurance dec page 1)
Buyer signed Aug REI Docs 3)Warranty Deed 4) Original note 5) Copy

of notarized deed of trust 6) RMLO Approval 7) Income Verification 8)

Wrap Note Agreement
Investor sends warranty deed to title co.
60. Buyer signs wrap docs. 1)Aug REI doc. 2) RMLO FORM 3)
BUYERS NOTE 4) DEED OF TRUST 5) wrap note agreement, Buyer gets
a copy of1) Amortization. 2)Survey 3)HOA docs 4) investors CD, 5)
COPY OF BUYERS unrecorded WARRANTY DEED,
60Insurance co sends dec page to lender

61.
62

TE helps Investor complete Aug. REI Docs Investor signs off

TE makes sure Aug REI gets the 1) Aug REI package 2) Note,
Deed of Trust, Warranty Deed Into Home Buyer 4) Insurance dec. page
63 CA RECORDS DOCS AT COUNTY COURTHOUSE CA SENDS COPY
OF FULLY EXECUTED PKG to home buyer Original warranty deed goes
to home buyer address ; original deed of trust goes to investors
address
Maggie 281-466-1310
matkins@twfg.com

TWFG Ins

7 PINES DRIVE

SUITE 200

Mary Regan
Texas Independent Insurance
1420 W. Exchange Pkwy, Suite 130
Allen, TX 75013
(972) 612-2393
Fax (972) 464-2740
Mary@knowyouragent.com
Prentiss Walle
Burdick Insurance
6825 Manhattan Blvd - # 101
Fort Worth, TX 76120
817-719-2613
817-845-8546 (cell)
817-717-2989 (fax)
dave@insuredfw.com
RANDIEJWILLIAMSJR16422STUEBNERAIRLINESUITE118SPRING,(832)6483600

Desiree Rendon Goosehead Insurance

459-0899

281-635-8498 281-

20 ITEMS THAT MUST OCCUR that cant be short

circuited
Home Buyer PPP with sign up docs to CRM
Recording all monies received on the CRM
Home Buyer Earnest Money
TREC 1-4 family (RCS / Seller)
Copy of Earnest Money Check & RCS Preapproval Letter
Owner Finance Contract (Use 2015 Taxes; Get quote for Insurance
Binder)
Home Buyer Earnest Money (1/2 Down Payment) + Lease
Creating Investor ROI Analysis
Assignment of contracts and Lease
TREC 1-4 family (Investor / Seller)
Investor Earnest Money
Ordering Appraisal (USE INVESTORS MONEY Reimburse w/Home
Buyers Money)
Deposit Balance of Home Buyers Down payment
Get the Investors Insurance Binder
Investors Closing Statement
Create Home Buyers Closing Cost Breakdown Statement
RMLO Analysis, + Proof of Income
Go over it with Buyer; collect balance money make sure investor is
paid
Wrap Document Package with instructions
Distribution Instructions
August REI Docs

FINAL STAGES