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The Faster
Clear-to-Close
Solution

Kudos Financial provides expedited loan processing so mortgage brokers and originators can close faster and earn quicker commissions.

Speed & Security

Flexibility & Scalability

Better Collaboration

With Expedited Processing, Great Things Can Happen

 Time is money.  By partnering with us for your loan processing tasks, you save valuable time and resources that can be allocated to originating more loans and bringing in more pay.

What We Offer

Kudos Financial is built for mortgage brokers and originators to speed up loans and save their borrowers money with faster processing times, mobile or virtual closings, and standardized loan fees.

Workflows That Work

Workflows That Work

We assist with your loan volume effectively so that you can handle a larger number of loan applications without the need to do-it-yourself or hire and train additional in-house staff.

Smart Tech Tools

Smart Tech Tools

We leverage advanced software solutions to optimize loan processing workflows with automation tools that enhance efficiency, data accuracy, and speed of delivery.

All-In-One Solution

All-In-One Solution

We review the application for completeness, accuracy and compliance with lending guidelines while ensuring all necessary documents are collected from the borrower and other relevant sources.

Comprehensive Support

Comprehensive Support

We act as a liaison between appraisers, title companies and other relevant parties by ordering services, providing timely updates, addressing inquiries, and facilitating smooth communications.

Built for Brokers,
Powered by Processors

Our services free up your mortgage origination business by handling the many administrative tasks involved in processing a loan application.

Application Management & Review

Document Collection & Verification

Underwriting Preparation & Support

GSE & Lender Overlay Adherence

1099 & W2 Income Calculations

Appraisal & Survey Coordination

Red Flags & Loan Quality Screenings

Title & Closing Support

Compliance & Regulatory Assistance

FAQs

Explore Our
Flat-Rate Pricing

No surprises here. We cut the cost of standard fees across our network of providers to get you and your borrower to closing faster.

  • How do I submit a new loan for processing?
    Just click that 'Submit Loan' button and send us what we need to get you and your borrower going. If you don't have an account with us, please select the 'Sign Up' button so we can set you up with one.
  • At what stage do I submit a loan for processing?
    As soon as you send out that Loan Estimate and get the go-ahead from your borrower!
  • Who pays the application fee?
    You decide! We'll collect the application fee from you once a loan is submitted. But you can recoup that cost at closing from your borrower based on your own preferences. Just make sure to have the Application Fee included in Section A of your Loan Estimate if you plan to bill your borrower later.
  • How long is an application good for?
    After submission, we'll work on an application for 90 days to get you to the closing table.
  • How many borrowers are included in the cost of the application fee?
    Up to 4 borrowers to cover the normal limits set on a conventional loan.
  • What happens if a loan does not close?
    No worries! We can only go as far as a borrower's qualifications will let us. If a loan doesn't close, we won't charge any additional fees and any documents associated with the loan will be sent to you for record keeping.
  • Can I use your flat-rate pricing for my Loan Estimate?
    Yes! It's necessary to ensure you're transparent about pricing so you don't charge borrowers any fees that aren't listed on the Loan Estimate.
  • How competitive is your pricing?
    We save our clients an average of $400 per loan. You be the judge.
  • How do I know which fees my loan will require?
    We've compiled a list of fees that are generally applicable to all conventional loans. There might be small differences in scope, which we'll base on your AUS Findings Report, Title Report and Underwriting Conditions.
  • Are the verifications and other listed services extra?
    Yes. They're typical costs associated with a loan that are usually paid by the borrower but at much lower rates than you'll find elsewhere.
  • What re-verifications are included?
    In order for the loan to close on-time, we've baked in the following re-verifications into our fee: - Reverification of Income - Reverification of Employment - Reverification of Deposits - Reverification of Assets - Reverification of Insurance As for a Refreshed Credit Report, mortgage brokers and originators will need to generate those through the same credit reporting tool they used to run the initial credit report.
  • Are there any pass-through fees?
    Yes, like with any loan, recording fees, documentary transfer tax and other pass-through fees will be billed as a pass through cost by the title company. Please make sure to include all of those on your Loan Estimate prior to providing it to your borrower(s), as applicable.
  • Can I purchase individual services from you?
    We are not a reseller of these services. We curate our network of providers in order to expedite the loan process for you and your borrower. So we only use them internally on your behalf as a third-party processor.
  • What if Title has already been order on a purchase?
    No worries. We'll go with what you've got and make sure we cover everything else in the loan process.
  • What fees should I include in my Loan Estimate if I plan to submit a loan for processing?
    Short answer: All our associated fees plus any other third party fees. Long answer: We cover most costs associated with the loan process but not all. There are a host of fees that can be specific to your loan program, lender, or for services outside the scope of what we've standardized, such as Tax Monitoring Fees. Please make sure to review your Loan Estimate with your compliance team prior to sending out that Loan Estimate to make sure you've accounted for all costs. Remember, there's very little wiggle room once an LE is sent to the borrower.
  • What types of loan do you process?
    Covering 82% of nationwide loan volume, we focus on the processing of conventional loans. This includes purchase, refinance, and home equity transactions.
  • Who pays the processing fee?
    The borrower! The processing fee charged by a third-party loan processor is considered a non-shoppable fee because the borrower does not have the ability to select or shop for the loan processor directly. As such, it is typically disclosed in Section B of the Loan Estimate under "Services You Cannot Shop For." This section includes fees that are required for the mortgage transaction but are not subject to being shopped or selected by the borrower. IMPORTANT: Please make sure to include our flat-rate processing fee within your original Loan Estimate if you plan to submit your loan to us for processing.
  • Is the processing fee included in the QM Points & Fees Calculation?
    No. As a bona fide third-party, you do not include our processing fee within your Points & Fees calculation to determine its QM loan status.
  • What costs can my borrowers expect to pay beyond those listed?
    Outside of any third-party fees you might anticipate for your loan, when it comes to fees from our end, they are: - Subordination Fees - Frozen File Fees - and any other fees based on discussions with your borrower
  • What if my borrower chooses a different title company?
    The borrower has the legal right to shop around for their own title policy. In that instance, please update your revised Loan Estimate or Closing Disclosure to reflect the amount approved by the borrower, within the tolerances allowed by RESPA. However, as the title company would be outside of our network of providers, we won't be able to control the speed at which they complete their work.
  • Can my wholesale lender have fees in addition to these?
    Possibly. Please check your pricing engine and lender-specific agreements for any fees associated with originating a loan in your lender's name.
  • What if my wholesale lender's fees conflict with your fees?
    As a general rule of thumb, go with the mandatory fees your wholesale lender lists within your pricing engine. They may have particular providers they work with that are part of their internal underwriting process. But your best bet is to contact us first since some fees have the same name but mean two different things.
  • Are all borrower documents and info securely stored?
    We only use software and tools that meet certain minimum requirements, such as GDPR, SOC 2, and PCI Compliance. As such, rest assured all your borrower information is stored securely with safeguards in place.
  • Do you work with individual MLOs?
    Yes! Just check to see with your sponsoring broker if they've already setup a company-wide authorization. If yes, we can skip a lot of the legal jargon and get you setup with an account quick. Otherwise, we'll send you an agreement to sign and get you that clear-to-close!
  • Do you work within our systems and software?
    In order for us to streamline the process for our clients, we utilize our own advanced software solutions in order to get you the CTC in the fastest time possible. During the loan process, we'll provide you with any completed work, such as verifications and income analyses, in order for you to submit to underwriting . Just make sure to include our info as the 'Processor' on file so we're kept in the loop on any underwriting conditions and needs.
  • Who submits the loan into the lender's portal?
    The broker or originator is responsible for submitting the loan into the lender's portal, selecting the loan product, and ensuring the AUS was successfully run with valid findings.
  • Who is responsible for disclosures being sent out to the borrower?
    Mortgage originators and brokers typically have in place an LOS, POS or other compliance software that automates much of this regulatory landscape. As such, we leave that to the brokerage's internal processes to focus more on the grunt work that you're less likely to love.
  • Who provides the Closing Disclosure (CD) to the borrower?
    Since the Closing Disclosure (CD) is a regulated process with specific requirements and responsibilities, mortgage brokers and originators typically have established procedures with their lender to ensure compliance and accuracy. As such, the responsibility for preparing and providing the CD will fall on the mortgage broker, originator, and/or lender.
  • Do borrowers sign a separate authorization for Kudos Financial to work on their loan?
    Yes. As an independent contractor not affiliated with the originating broker or lender, it's important for the borrower to give us authorization to pull credit and personal data.
  • Do you review documentation not generated through your network of providers?
    Yes! While we've created our network of providers to get you to the closing table faster, we'll also work with any provider that you or your borrower may choose. However, we don't work outside our systems and software so please make sure to provide us with those documents for processing.
  • When does your third-party processing services end on a loan?
    We'll work on a file until the loan has been successfully closed and funded and all post-close documents have been received for a neat and complete loan file for regulatory purposes. Additionally, we remain available to address any post-closing inquiries or requests for assistance from our clients or relevant stakeholders.
  • In what states do you offer your services in?
    We're currently licensed to operate in Michigan, with more states coming soon.
  • Do you comply with any federal & state regulations?
    We adhere to the same standards as our brokers by complying with the SAFE Act, TILA, RESPA, FCRA, MLA, ECOA and all other federal and state regulations. Here are some of the common regulations that third-party loan processing companies need to comply with: 1. Data Protection and Privacy Regulations: Companies handling personal and financial information are generally required to comply with data protection and privacy laws, such as the General Data Protection Regulation (GDPR) in the European Union or the California Consumer Privacy Act (CCPA) in the United States. These regulations often require obtaining proper consent, implementing security measures, and providing transparency in data handling practices. 2. Anti-Money Laundering (AML) and Know Your Customer (KYC) Regulations: To prevent money laundering and financing of illegal activities, financial institutions and loan processing companies are usually required to implement AML and KYC measures. This includes verifying the identity of customers, monitoring transactions for suspicious activities, and reporting any suspicious transactions to the relevant authorities. 3. Consumer Protection Laws: Loan processing companies may be subject to consumer protection regulations aimed at ensuring fair and transparent practices. These laws may govern areas such as advertising, disclosure of terms and fees, fair lending practices, and dispute resolution processes. 4. Financial Licensing and Regulatory Requirements: Depending on the jurisdiction, third-party loan processing companies may need to obtain specific licenses or registrations to operate legally. They may be subject to oversight by financial regulatory bodies, such as banking authorities or consumer financial protection agencies. Compliance with capital requirements and maintaining appropriate financial records may also be necessary. 5. Fair Credit Reporting Act (FCRA): In the United States, loan processing companies that handle credit information are typically subject to the FCRA. This law regulates the collection, use, and disclosure of consumer credit information, including requirements for accurate reporting and dispute resolution. They must also ensure the proper handling and protection of borrowers' personal and financial data. 6. Electronic Transactions and E-Signature Laws: As loan processing often involves electronic transactions and digital documents, companies may need to comply with electronic transactions laws and regulations, including those governing electronic signatures and records. 7. Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act): The SAFE Act mandates loan processors to be registered or licensed through the Nationwide Multistate Licensing System and Registry (NMLS). They must meet specific education, testing, and background check requirements. 8. Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA): Loan processors must comply with TILA and RESPA regulations, which provide consumer protection measures in mortgage transactions. These regulations require accurate disclosure of loan terms, fees, and settlement costs to borrowers. 9. Michigan Mortgage Licensing Act (MLA): Loan processors in Michigan must comply with the MLA, which regulates the licensing, education, and conduct of mortgage professionals in the state. This act requires loan processors to be licensed through the Michigan Department of Insurance and Financial Services (DIFS). 10. Equal Credit Opportunity Act (ECOA): Loan processors must follow ECOA guidelines, which prohibit discrimination in lending based on factors such as race, religion, gender, or marital status. They must treat all loan applicants fairly and equally.
  • Do you process manually underwritten loans?
    Yes, we handle manually underwritten loans, providing detailed reviews and personalized processing services to meet specific lending requirements.
  • Do you only process QM loans?
    No, we can cover a broad range of loan by working with your team to setup a specialized process for your particular loan products.

$

49

application fee

Included URLA Loan Application Audit (1003)

Included W-2 Income Calculations (Hourly & Salaried)

Included Self-Employed Income Calculations (1084)

Included Rental Income Calculations (1037, 1038 & 1039)

Included Business Income Calculations (1088)

What's Included

paid by borrower

$

99

per borrower / co-borrower

verifications fee

Included Verification of Income & Employment (VOI/E)

Included Verification of Deposits & Assets (VODA)

Included Verification of Mortgage/Rent (VOM/VOR)

What's Included

paid by borrower

$

555

1004 URAR / 1073 Condo

appraisal fee

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paid by borrower

$

225

FNMA VA+PDR / FMCC ACE+PDR

alt appraisal fee

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paid by borrower

$

360

up to $250K refinance

title premium fee

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paid by borrower

$

365

all transaction types

title settlement fee

paid by borrower

$

99

all transaction types

title signing fee

paid by borrower

$

60

all transaction types

deed prep fee

paid by borrower

$

7

all transaction types

flood monitoring fee

paid by borrower

$

599

all transaction types

processing fee

Get the Clear-to-Close with
Expedited Loan Processing

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