Mortgage loan processing is a tedious task, a resource-hungry activity that can consume a lot of your valuable time and money. Consider outsourcing your mortgage loan processing and benefit from significant savings in time and cost. Hiring the services of a mortgage loan processor such as Auctor Business Solutions could be the answer to your problems.
Key processes involved in mortgage loan processing:
Review Document Compliance
We receive documents and review document compliance the first stage in processing mortgage loans. For example, Form 1003 is used to record the financial information of potential borrowers when they apply for a conventional mortgage. We review this form and all other documents such as W2s, pay stubs, GFE, TIL, Form 1008, borrower’s authorization etc., to ensure that all the information necessary for processing the application is provided.
We conduct a complete credit check of prospective borrowers to ascertain their credit worthiness. This includes pre-screening of credentials, obtaining and checking credit reports, credit history, FHA authorizations, Social Security status and more. We also check for existing loans with MERS, payment defaults, tax returns and transcripts, etc.
We order appraisals by providing the loan application references and details of the property to authorized appraisers. We also check payment receipts for appropriate appraisal fees and check property titles.
We conduct verification checks against all the information provided by the prospective borrowers. This includes verification of disclosures for accuracy, VOE (Verification Of Employment), VOD (Verification Of Deposit), VOM (Verification Of Mortgage), verification of property sale history, location maps, the appraiser’s signature and license, registration, etc.
VA and FHA case numbers
We order the VA and FHA case numbers online.
GFE and TIL Disclosures
Good Faith Estimates (GFE) are the disclosure of the fees and charges for the loan closing. Truth-in-Lending (TIL) a federal law requires mortgage lenders to disclose, in writing, all the costs and terms associated with a loan. We help brokers, bankers and lenders with preparation of GFE and TIL disclosures.
We assist in collecting supporting documents such as bank statements, mortgage statements, pension statements, escrow documents, divorce decrees and child support documents, etc. We also order homeowner’s insurance and the flood certificate for the property.
Outsource mortgage loan processing to reduce the time and stress associated with processing extensive paperwork and streamline your business processes. Partner with a professional and experienced service provider like Auctor Business Solutions and derive several benefits:
- Increase loan closures
- Shorten closure cycles and generate revenues faster
- Minimize recruiting and training of mortgage loan processing professionals
- Minimize office space and infrastructure requirements
- Leverage specialist knowledge and expertise in mortgage loan processing
- Enhance borrower satisfaction
- Focus on your core business