How Clara works a loan.
From the day the borrower goes under contract to clear to close, here is what happens to the file, and what you never have to do again.
One file, two weeks.
Day 1
Under contract
Clara builds the package and sends the requests.
Day 2 to 4
Documents come back
Each one checked, the wrong one sent back with the reason.
Day 5
Pre-underwrite
An unexplained deposit turns up, the LOE collected first.
Day 6
Submitted
Off to the lender.
Day 9
Conditions
Every one worked the same day.
Day 12
Resubmitted
The evidence goes back.
Day 14
Clear to close
Done.
Timelines depend on the borrower, the lender and the third parties.
Every file, at the same time.
Clara does not work a queue. Every open item on every active file moves the moment it can, at 2 pm or 2 am.
- Harbor RdConditionsPayoff filed1:40 am
- Pine CtSubmittedPayoff requested9:12 am
- Cedar LnPackageStatement returned11:58 pm
- Willow BendPre-underwriteLOE drafted4:05 pm
- Marsh StClear to closeBinder filedSat 8:20 am
- Alder WayConditionsVOE chased8:47 am
- Quarry RdPackageInsurance requested3:15 pm
- Sable DrSubmittedHOA received10:33 am
Ask anything about the loan.
You do not open the LOS to find out what is going on. You ask.
Where are we on the Harbor Rd file?
Conditions came back Tuesday, six of eight filed.
Waiting on the VOE and title.
Did we get the payoff on Pine Ct?
Yes, at 1:40 am. Filed.
Ask the borrower for the September statement again.
Done, texted at 10:41 am.
Slack, Microsoft Teams, text or the Loandock dashboard.
What Clara asks you.
She asks only when a call needs a person. Income that does not add up, a debt the file does not explain, a document nobody has seen before.
Every question comes with the documents attached, so the answer takes a minute, not a file review.
Needs you
The paystub and the VOE disagree on base pay.
- Paystub, Sep 15
- Written VOE
Reviewed by your processor
Clara processes the loan. Your team handles the judgment.
What Clara never does.
- Make the credit decision.
- Clear a condition. That stays with the lender.
- Guess when the documents are unclear.
- Place phone calls. She texts and emails.
On one file carrying 120-plus conditions and flags, the document chasing would have taken 60 to 70 hours by hand. Loandock did it in 8 to 10 hours, and the file was worked start to finish in 7 days against the roughly 25 days that file would normally take. See all three live-file results.
Getting started.
- Your admin gives Clara access to your LOS and picks the role.
- You choose the first files.
- Clara starts on them as soon as access is in place.
What it costs.
You pay by the file. Per file it runs 20 to 30% under contract processing, and a third to a quarter of what a fully loaded in-house processor costs. The dollar figure depends on how many conditions your files carry, and we size it with you on the walkthrough.
- Loan officers
- Hire Clara as your contract processor. She works your files by the file, and you keep your LOS and your lenders.
- Lenders and larger brokerages
- Priced to your volume and your workflow. Book the walkthrough and we size it with you.
No charge on a file that doesn't close. On at least 80% of files that do close, the file is done before the estimated closing date set after initial underwriting. A file that closes late because of Loandock is free.
Book a walkthrough