Loan Processing Services

At 7 Virtual Assistant Services, we use our experience as a third-party mortgage loan processing company to assist lenders and brokers in loan closures. Our use of advanced technology allows us to offer our clients a competitive advantage, and our standard administrative processing practices help lenders to gain efficiencies in the areas of operations, cost and market effectiveness.

Our services include the following:

Review Document Compliance

The first step in our processing services is to review all documents for necessary compliance. We review the documents, which include W2s, pay stubs, Form 1003, etc, to ensure all of the pertinent information is provided. Once all provided information has been verified, we then move to the next stage of generating a Loan Estimate (LE) to the borrower. This process usually takes roughly three business days upon receipt of application.

We review all documents thoroughly to ensure our client is in a position to provide data upon request. Documents reviewed often include:

  1. Tax returns
  2. Pay stubs
  3. Copies of W-2 forms for past two years
  4. 1099 forms, Form 1003,etc
  5. Bank statements
  6. Rental history
  7. Gift letters,stocks and bonds
  8. Work visas or green cards
  9. Profit and loss statement,if self-employed
  10. K-1's for the past two years, if necessary

Credit CheckServices

We provide all of the administrative support that our lenders need to execute credit checks seamlessly. We screen potential borrowers with a full credit check to ensure a reputable credit history. We will do all of the work, including pulling credit reports, reviewing credit history, verifying social security status, and more. We also pay special attention to outstanding loans, payment default history and tax return information.

The following are examples of reviewable documents:

  1. Bank statements
  2. FICO score statements
  3. Debt information to include statements from the previousthree months
  4. 1099 forms, Form 1003,etc
  5. Bank statements
  6. Rental history
  7. Gift letters,stocks and bonds
  8. Work visas or green cards
  9. Profit and loss statement,if self-employed
  10. K-1's for the past two years, if necessary

Third-Party Document Review

We provide review ofthe following third-party documents, plus we ensure payment of appraisal fees and validate property titles.After review, you will receive a comprehensive report flagging contradictions, incompatibilities or invalid data.

  1. Appraisal and title reports
  2. Homeowners insurance proof
  3. Form 4506-T
  4. Employment gap verification
  5. Divorce and child support statements
  6. Insurance policy copies

Background Verification

We will focus our attention on background data, such as income, and future and previous employment details. As this is part of key regulatory compliance, invalid verification of key details can lead to serious compliance violations.

We verify the following:

  1. Employment (VOE)
  2. Deposit (VOD)
  3. Mortgage (VOM)
  4. Property sale history and location
  5. Appraiser signature and registration

VA and FHA Details

Lenders are required to fill out a form on behalf of buyers who are applying for an FHA or VA loan, in order to receive a case number. We will fill out the form for you and ensure that all details are correct and complete, in order to avoid a processing delay.

  1. Filling out of FHA or VA case number forms

Loan Estimate Preparation

We prepare loan estimates with the attention needed to allow borrowers understanding of all costs and risks of the loan terms. Once the loan application is submitted, we provide the estimate in three business days.

Collection of Supporting Documents

Supporting documents play a key role in the loan process. We work with lenders to collect and file supporting documentation such as financial, pension and bank statements, as well as divorce or child support forms. We also handle the property’s homeowner’s and flood insurance.

Loan Submission & Condition Clearing

Delays in the loan submission process can take weeks to resolve, and can lead to a closing delay. We work to ensure that all information is provided and that the applicant’s credit report is error-free. If an error is found, we will work to handle the condition clearing process.

By outsourcing mortgage loan processing to us, you get the following advantages:

  1. 150+ expertfull-time mortgage underwriters and processors
  2. 99% accuracy in loan file review (including credit reports, VOE, VOD, appraisals, etc.)
  3. Compliance with all regulatory requirements
  4. Standardized and automated mortgage processing administrative support
  5. A 24/7 work environment, allowing up to 30% reduction in TAT
  6. Up to 40% reduction in standard individual employee operational cost
  7. During peak operational times, we can increase workload up to 50% as necessary
  8. Seamless communication and highly efficientoperations
  9. 100% data securityand compliance with privacy policies
  10. Flexible staffing model

FAQs On Mortgage Processing Support Services

Mortgage loan processing is the process of collecting and preparing all the materials needed to secure a loan for a borrower. The process entails examining and verifying all the information contained in the loan application. It also involves reviewing the property title report and appraisal report which gives a first-hand account of the condition of the property. Once the documents clear processor requirements, they are passed on to the underwriter for a final consideration followed by underwriting the loan. Most lenders and credit unions outsource loan processing services to partners.
Third-party mortgage loan processing is the process of evaluating a mortgage loan and determining its eligibility by third-party back office support providers. Mortgage loan processing begins with the review of initial application and ends with post-closing quality checks. Third-party support providers have the skilled knowledge, resources, technologies, and experience to ensure this process is performed in an error-free, cost-effective and efficient way. Major lending institutions outsource loan processing services to third-party partners.
Our clients outsource mortgage processing services to us because our team of mortgage experts are well-versed in working with lenders across the globe. Our depth of experience, spanning over a decade, means that we are fully equipped to handle mortgage projects of all sizes and complexities. We stay updated on all the latest industry guidelines and standards so that our experts rely on only the most current trends and best practices to get their job done. We have developed this efficiency over a period of 10 years which is why we are rated amongst the best contract mortgage processing companies in the world.
Are you Licensed to Provide Mortgage Processing Support?
It all depends on the complexity and volume of the requirement. For tasks such as loan indexing/setup, pre-processing, we can start as early as within 2 weeks anything complex than that may take up to 4 weeks, especially for end-to-end loan processing.
We use the software used by our clients. We do not host any software systems locally for performing or storing data. Since we are working with more than 60 mortgage companies across the US, we are familiar with almost every software systems used for preforming mortgage activities.
We assign resources according to our client’s project requirements. As soon as a project is transitioned, we deploy full-time employees who work 8 hours a day, 5 days a week to take care of their business volumes and processing requirements. For new clients we start with small tasks. Once the client is convinced with our capabilities, we take add more headcounts to take up more work as required by the client.
No. We do not provide onshore operations as the major advantages of outsourcing like cost cutting, scalability, quality, and speed would not be realized with that setup. At the same time, we routinely send some of our project staff onshore for various purposes - from receiving performance feedback to implementing process improvements.
Our team of experts has worked with a host of clients from around the globe and from differing domains as well. As such, we have worked with numerous LOS systems that include the likes of Encompass, PC Lender, Calyx, Lending QB, etc.
Expert Mortgage Assistance is ISO 27001:2013 and SSAE16:SOC2 certified mortgage process outsourcing company. It takes numerous measures to ensure 100% data security for our clients. Our experts are strictly prohibited from downloading any confidential information or even hosting any of your data locally. In fact, all your sensitive data is stored on your own servers alone. We also ensure complete data security by limiting our access to our workstations through biometric data. Moreover, disabling external storage devices and being restricted to only white-listed Internet connections, means that our client’s data remains secure and protected at all times. Our top-notch services coupled with our security mechanism makes us one of the best contract mortgage processing companies.
Our mortgage process outsourcing experts will keep you updated on your project’s progress by communicating with your internal team about its latest developments regularly. In fact, any changes that are made to the project must first be sent to the client for approval, which ultimately means that you are in complete control of your project at all times. Our communication channels are always open to ensure that all pertinent information regarding the project’s advancement can be shared with ease on a 24/7 basis. We conduct weekly process health check calls with the onshore and offshore team to calibrate and collect feedback with an intension to continuously improve our work and efficiency.
Expert Mortgage Assistance is renowned for being one of the most affordable loan servicing solutions providers in the mortgage domain today. We do not price our services on a per-file basis. Instead, you can choose to opt for pricing on an hourly basis or based on how many Full Time Equivalents (FTEs) you would like to hire on a long-term basis. We can provide you with a transparent pricing structure as soon as you send across your project’s scope and requirements.
You can reach an Expert Mortgage Assistance sales representative via email at or by phone at 1855 – 224 – 6855.
Our corporate office is in Princeton, NJ and our operation centers are in India (Bangalore & Pune) and in Philippines (Davao)
Our team has extensive experience working with Lenders across the states. They are all well versed with lending guidelines and are up-to-date with all the recent changes. For all regulatory changes, we work closely with our clients to ensure implementation across the board.
We offer support services for Origination, Servicing, Accounting, Software Development, IT Support and Business Analytics. Our support functions for origination back-office include loan set-up, indexing, loan processing support, underwriting support, closing support and post-closing services. We also have experience working with AMCs and Title/Settlement companies for their back office requirements (Quality Control, Title Searches, Commitment Preparation, Closing Disclosures)
We use what our Clients uses. We do not want our customers to fit into our environment, rather we use their system/s and technology to perform the desired tasks just as if anyone else in their office will do.
We deploy full time resources to each project/Client based on the skill-sets required. These dedicated staffs are working 100% for you which is as good as having a contracted employee in-house. Our full time resources work 8 hours a day, 5 days a week (barring some of the US federal holidays).
We normally require one full time staff to begin with as we do not have a shared resource model. Since the dedicated staff comes with certain capacity, it will be idle to have enough volume to keep the staff busy throughout the day.
Considering the primary benefits of outsourcing (Pricing, Scalability, Quality & Speed), and our commitment to ensure our clients leverage these benefits to the fullest, we decided not have onshore operations. We certainly sent our staff onshore from time to time for requirement gathering, transition, ongoing process improvement and performance feedback..
Yes, we do. Since we work with various lenders and brokers, we have worked on almost all the major LOSs available in the market. For eg., Encompass, Calyx, PC Lender, Lending QB and many more.
We are ISO 27001 and SOC2 certified company, the two of the highest data security standards. You data always reside on your servers as we do not download and host anything locally. The physical data security is also rigid with bio-metric accesses, disabled external storage devices from the systems and only white-listed internet access.

Our shift hours are flexible to suit the needs of our Clients. The fact we are capable of 24/7 operations, allows you to utilize services to expand your working hours and reduce closing time. We are always flexible with service hours and let our clients decide what coverage do they want.

We ensure constant communication with your in-house team with various daily/weekly reports and conference calls. Any change in the process (even if it’s minor), is implemented only once it has been approved by the client so although the team is not physically in your office, you have complete control on what they do and how they do that.

Although the list of outsourcing benefits is long, some of the most important ones are as below:

  1. Scalability just when you require it
  2. Reliable and measurable outcomes that are easy to control
  3. Streamlined and efficient operations for better customer experience
  4. Operational cost saving adding direct to your bottom-line

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