Curating Intelligent Solutions For US Residential Mortgage Processing

Origination Services

Our origination process is designed to help borrowers obtain the financing they need to purchase their dream homes, while also ensuring that lenders are able to mitigate risk and meet regulatory requirements. We utilize the latest technology, including online applications and digital document management, to make the process fast and convenient for borrowers. Our team also works closely with lenders to ensure that their unique guidelines and requirements are met throughout the origination process. We understand that every lender is different, and we pride ourselves on our ability to adapt to their needs and preferences, and provide them with professional real estate mortgage services.

Processing End-To-End

Mortgage loan processing is a tedious task as well as a resource-hungry activity that can consume a lot of 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 is the perfect choice for your complex projects.

Key Processes Involved In Mortgage Loan Processing:

• Review Document Compliance

We receive documents and reviewing document compliance is 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.

• Credit Check

We conduct a complete credit check of prospective borrowers to ascertain their creditworthiness. 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.

• Order Appraisal

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.

• Verification

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.

Pre-Underwriting & Qualification

The pre-underwriting and qualification section is a crucial step in the process. This section involves a preliminary evaluation of the borrower’s financial status, creditworthiness, and ability to repay the loan.
During pre-underwriting, the borrower’s income, employment history, credit score, and debt-to-income ratio are assessed to determine their eligibility for a mortgage. The lender will also review the borrower’s assets, including their savings, investments, and property ownership. This information is used to determine the maximum amount the borrower can afford to borrow and the interest rate they will be offered.
Qualification is the next step, where the lender verifies the borrower’s income and employment status, runs a credit check, and checks their debt-to-income ratio. The borrower must provide proof of income, such as pay stubs, and tax returns. The lender will also verify the borrower’s employment status, contacting their employer to confirm their job title, income, and length of employment. The borrower’s credit score and credit history will also be reviewed to determine their creditworthiness.

Closing

Closing is a critical stage in the US residential mortgage processing, where the buyer and the seller finalize the sale of the property. This stage marks the end of a long and complex process, and it involves a lot of paperwork and legal formalities. During the closing process, the buyer will sign a number of documents, including the mortgage note, the deed of trust, and the settlement statement. The seller will also sign a number of documents, including the deed of the property. One of the most important documents that the buyer will sign during the closing is the mortgage note. This is a legal agreement between the buyer and the lender, which outlines the terms and conditions of the mortgage, such as the interest rate, the loan amount, and the repayment period. Another important document that the buyer will sign during the closing is the settlement statement. This document lists all of the closing costs associated with the sale of the property, including the fees for the mortgage loan, the title search, and the appraisal.
The closing process can be a bit overwhelming for both the buyer and the seller, but it is important to take the time to review all of the documents carefully and ask any questions that may arise. It is also important to work with a qualified and experienced real estate attorney or closing agent who can guide you through the process and ensure that everything is done correctly.

Customer care services – Email and Calls

At Auctor Business Solutions, we understand that obtaining a mortgage can be a complex process. That’s why we offer customer care services to assist you every step of the way. Our team of experienced loan officers and customer service representatives are available to answer your questions and provide you with the support you need via phone or email. If you have questions relating to your current mortgage, please contact our Servicing department. We strive to provide excellent customer care on every loan. We are dedicated to meeting your unique home financing needs with a wide variety of loan products.