Loan Processing Services

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