Our audit and review processes offer the perfect tools required in today’s market minus the high overhead costs of employing internal staff. After the documents have been signed at closing and sent back to fund the loan, our mortgage post-closing team conducts stringent reviews and audits to ensure completeness and compliance.
We take receipt of signed and funded loan documents from various origination points and process them before delivering the loan files to the respective custodial service providers. We review legal, origination and HMDA documents for regulatory compliance. Our team validates compliance with underwriting and loan processing rules and retrieves missing documents, if any. Finally, we conduct loan data integrity checks and generate quality control reports stating any exceptions, if applicable.
Some of the key steps in our mortgage post-closing services are:
Trailing Document Retrieval
Document tracking, also known as trailing document retrieval, is a critical (but tedious and time-consuming) part of mortgage post-closing that starts after loan closure. Trailing documents include mortgage or trust deeds, assignments, tax records, modifications, assumption agreements, mechanic’s liens, Uniform Commercial Code (UCC) records, judgments and more. Assignment, lien release and issuance of the final title policy are all done only after completion of this process.
Assembling the Post-closing Loan Package
After successful loan closure, we can assemble a post-closing loan package for you by compiling all the documents submitted during the entire process. These include the Note, the Trust Deed with Riders and Final HUD1 with signatures and necessary addendums, etc. We work closely with brokers and title companies to assemble and review post-closing loan packages.
Post-Closing Data Integrity Audit
We conduct a post-closing data integrity audit to address any loan deficiencies that may have crept in. This is a critical step of mortgage post-closing, including tasks such as owner occupancy verification, addressing underwriter red flags, etc. Here again, we work with brokers and title companies to ensure complete data integrity.
We register all approved loans with MERS (Mortgage Electronic Registration System). We can register ‘MERS as Original Mortgagee (MOM)’ inoculating loans against future assignments and MERS remains the mortgagee irrespective of servicing being traded multiple times. Lenders benefit through cost savings (correction & tracking costs, document penalties etc), faster execution, reduced shipping time, zero documentation errors and simplified closing processes. MOM is approved by Fannie Mae, Freddie Mac, Ginnie Mae and most of the rating agencies on Wall Street.
We can register ‘MERS by Assignment (Non-MOM Loans)’ assigning loans already closed in the lender’s name. All future transfers can be done electronically and the need for additional assignments is eliminated unless servicing rights are transferred to non-MERS members. Lenders also become compliant with requirements of trading partners.
We can do ‘MERS iRegistration’ enabling organizations to avail fraud and loan tracking services at a discounted price without recording MOM in the county land records. We prevent fraud by verifying the borrower’s declaration of property and completing property preservation information.
Mortgage Quality Control Audit
We offer Mortgage Quality Control Audit Services using class-leading auditing systems and processes. This service covers Pre-funding, Post-Closing, Compliance, Servicing, Cancel/ Reject, Foreclosure/ EPD Loans, Fraud Investigation & Repurchase Loans, Commercial Loan audit and QC Plan preparation. We can audit all loan types such as Fannie Mae, Freddie Mac, FHLB, FHA, VA and Lender-specific. Our standard audit processes include File Document Review, Underwriting Evaluation, Third Party re-verification and Credit Risk Analysis etc.
We can customize our audit processes to suit our client’s business model. Our Post-Closing Audit sampling can be customized to suit specific requirements and we can also accommodate any unique information provided to us. We can audit almost all mortgage loan files such as conforming & non-conforming loans, sub-prime, Reverse Annuity, Subordinate Lien and more.
Our audit clients benefit from:
Dashboards providing critical information
Graphical and statistical analyses
Easy-to-read customized reports
Cost-effective, third-party reviews
Security and confidentiality of loan files and information
Tax, Insurance & Reserve Audits
Following closure of your mortgage loan, we review all tax, insurance and reserve requirements as part of our auditing process. We check to see whether all tax obligations have been fulfilled and identify problems, if any. We review the title insurance policy and other policy documents to look for discrepancies or errors that may have crept in. Finally we review the reserves and check for inadequacies.
Outsource mortgage post-closing services to Auctor Business Solution and leverage our expertise. Our services enable you to focus building your business. Post-closing services delivered by Auctor Business Solutions are meticulously designed to address all the critical aspects of mortgage post closing and to ensure speedy processing.