1035 | Approval Requirement

Current day: we require a fully completed SOH, in addition to any other pending 1035 requirements (1035 approval and the surrender form for example) in order to start the exchange. Normally the agents provide the approval to start the exchange but forgetting that we also need the SOH. We cannot receive off the 1035 approval requirement the agent provides as that is what notifies the 1035 team that the case is ready to process the exchange. Since we leave this requirement outstanding until the SOH is received, this can cause duplicate follow up calls/emails from agent’s stating that they have already provided the approval to start. We then have to explain that we do not receive off that requirement until the SOH is received.

With FAST – is there any way to for us to receive off the 1035 requirements as they come in, but maybe a final step or button for the case manager to select that will push a task to the 1035 team that we are ok to start the exchange? Discussions may need to be had around this when the time comes – and a lot of it may be based around what happens with the statement of health too and how/when we require it going forward. I am not sure if underwriting will be making any changes to the stipulations on that form either, so just thought I’d mention that.

Submitted by: RYH - Carmin Jewell