Operations Manuals

Why do we need a policy and precedure manual?

Every company should establish their own internal policies and procedures. This allows senior management to establish protocol for different issues related to origination, underwriting, loan lock-in, pre-closing audit and funding procedures. Your investor, warehouse lender and/or agencies you apply to will require a copy of your policy and procedure (P&P) manual.

When Donnashi Enterprises, Inc. prepares your Policy and Procedure manual, we prepare it in draft format. It shows industry standards and options for your senior management team to review. This allows everyone involved including Donnashi Enterprises, Inc. to customize the manual to your specifications. There is no charge for Donnashi Enterprises, Inc. to modify the draft version of your Policy and Procedure manual.

If you are becoming a mortgage banker, you will need the following manuals:

If you are applying to Fannie Mae, Freddie Mac or Ginnie Mae, you will also need:

If you are going to offer specialized product, you may want (but are not always required to have) a manual including guidelines for the specialized product your company will offer.

If you plan on offering loans on a wholesale (third party originator) basis, you should verify your company has sufficient net worth, and meets individual standards for your investors. Most investors require your company be established for a certain number of years, a higher net worth, evidence of sufficient staffing and the ability to maintain an effective pre-closing quality control department.

STANDARD MANUALS

SPECIAL PRODUCT MANUALS

Special product manuals are NOT mandatory. The purpose of these manuals is to assist staffing in obtaining and preparing proper documentation for a specialized product. It also allows your company to establish a policy and/or procedure for a specialty product.

Sub-prime Lending: $1,250.00
This manual includes basic documentation, procedures for investor underwriting through loan closing of the sub-prime loan. You can substitute your Standard Operations (P&P) with this manual if your main product is sub-prime lending. Or, if you offer conventional, government and sub-prime loans, you can add this as an internal manual for this type of loan product.

Rehabilitation loans: $1,250.00
If your company plans on offering 203(k) loans, FNMA rehabilitation loans then this manual is for you. It includes special rules for a holdback account, cost breakdown, construction documents related to the loan programs, funding, escrow accounts and other pertinent guidelines.

Second Mortgages: $750.00
If your company is or will offer second mortgages, the special procedures for second mortgages are covered in the second mortgage P&P.

CUSTOMIZED MANUALS

Let Donnashi Enterprises, Inc. customize your current P&P. We will incorporate your company’s current policy and procedures, memos adding or changing procedures and prepare an in-depth manual for your firm. We can keep with your company’s format or provide you with many different formats for you to choose from.
Customized manuals usually cost between $2,500 and $5,000.

Donnashi Enterprises, Inc.’s owner Donna Beinfeld has been producing lending manuals and courses for the mortgage industry since 1984. Almost every bank, mortgage insurance company and/or agency has called on Donna Beinfeld to create, modify or customize manuals for their firm.

Who Donnashi Enterprises, Inc.//Donna Beinfeld has created manuals for:
Jackson Federal Bank, Domestic Bank, Thornberg and Associates, New Century Mortgage, Norwest Financial (now Wells Fargo Mortgage), Transnational Financial Network, Franklin Financial, American Unified Mortgage, PMC Bancorp to name a few.

Note: DONNASHI ENTERPRISES, INC. does NOT encourage you to purchase additional products. If your firm only needs one type of a manual, we would prefer you obtain only the manuals you need. If in doubt, call our office. We will do everything we can to assist your company as you choose to add more services or products.