Mortgage processing services involve a range of steps with extreme detailing. All of the steps require a meticulous execution to not only help lenders avoid servicing a bad loan but also maintain strict adherence to regulatory guidelines. However, it is an uphill task for the existing in-house resource to execute all these steps wit utmost efficiency considering the time and effort just a single step typically requires. To top it, factors like increase in global labor wages, employee turnover rate, operating with shoestring budgets are constantly disrupting the execution of the mortgage lending processes. This has made lenders realize the importance of hiring third-party experts on a contractual basis who can be scaled in accordance with business requirements. On this note, here’s looking at the functionality of contract mortgage processing service providers in some of critical lending processes:
Credit score evaluation- Lenders get access to professionals who have expertise relevant to conducting an in-depth scrutiny of borrowers’ credit history. This step is extremely critical to determine whether a borrower’s credit behavior is reflective of hisher ability to pay off a loan. Contract mortgage processing service providers ensure the proper execution of processes such as tax returns evaluation, pre-screening credentials, checking social security statuses and credit reports to detect any payment default or existing loans of borrowers.
Verifying document compliance- Contract mortgage processing services providers aid lenders in carrying out an in-depth assessment of all the documents produced by borrowers. These documents include Forms 1008 and 1003, pay stubs, loan estimate, and others. Such as in-depth scrutiny is absolutely essential to ensure that all the documents are compliant with all the prevalent federal and state regulations. Lenders are provided with the required support to do an online filing for VA case numbers.
Appraisal ordering support- Licensed appraisers are supported by contract mortgage processing professionals to undertake property appraisals. During the appraisal, the third-party experts ensure consideration of primary factors which are loan-to-value balance, the requested loan amount, features of the property and its current condition and secondary factors which are location of the property and sales information of properties alike. Considering these factors helps in determining the possibility of sanctioning the amount of loan requested by the borrower.
Document accuracy evaluation- Conducting a deep-dive examination of document accuracy is extremely important to flag any potential instances of fraud. Contract mortgage processing services providers support this task by thoroughly checking borrower certificates such as verification of employment (VoE), verification of deposits (VoD), verification of mortgages (VoM), and sales information of the property. This aids lenders in taking their final call on whether to service the amount of loan requested and helps avoid instances of foreclosures or loan defaulters.
Review supporting documentation –Contract mortgage processing services experts aid in conducting a proper evaluation of all the supporting documents produced by borrowers such as homeowner’s insurance, flood certificates, loan estimate disclosures, and others. Reviewing these documents helps in understanding a borrower’s ability to stay updated on the loan and pay it off within the agreed time.
Reliance on contract mortgage processing services providers have rewarded lenders with tangible benefits such as efficiency and acceleration in all the stages of the mortgage lending processes. Lenders have got the required support to streamline their processes, reduce operational overheads, minimize service TAT, focus on their core business objectives, and achieve customer satisfaction.
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