Do You Want Mortgage Processing that's Fast and Accurate with Reliable Service?
We can process all types of mortgage loans. We provide you with the best loan processing for your customers with fast, accurate, and reliable service.
By partnering with Clear to Close Mortgage Processing, you can count on us to review your loans for accuracy and help catch potential pitfalls early in the process. We can also take the work of clearing conditions and closing coordination off your plate, leaving you with more time to get new business.
We Process Your Loans Your Way!
Whether you need Standard or Advanced processing we are flexible enough to use your systems or ours in order to close your loan in the quickest and most efficient way. We deliver extraordinary customer service and use the latest technologies allowing us to have a streamlined process. Combining extraordinary customer service along with a streamlined process equals a winning combination to help your business grow.
Clear to Close offers you end-to-end mortgage processing solutions using the latest technologies.
Our loan processing services can assist Community Bankers in streamlining their business. We can provide you with a custom-fit business solution to help you close your loans following compliance and regulations. We process your loan file in its entirety or whichever way you see fit. We communicate with all parties, including borrowers, underwriters, third-party vendors, and closers throughout every step of the way.
What We Offer
End-to-End document production, preparation, delivery and automated compliance. Including tri-merge credit reports and flood certifications.
A Loan Originators personalized website offering an electronic interactive borrower(s) application. It's mobile friendly putting your borrowers in control of the loan experience, from application to closing while providing real-time status updates.
*eSignature & eDoc Request:
Resolve the inefficiencies and compliance risk of wet signatures and paper documents. Access, share and store compliant loan documents in a secure digital environment.
eDelivery for Appraisals
Easy electronic delivery of your borrower’s appraisal report right from your loan file. Stay in compliance by uploading appraisals, written valuations, or any documentation you choose.
Verification of Employment
Supporting DU Validation Service Powered by Desktop Underwriter (DU):
Officially integrates verified consumer income and employment information into Desktop Underwriter. Decreases the use of paystubs and W'2s to document income and employment.
Coming to MN soon!
A paperless, single-source platform, eClose creates an efficient, transparent and fully compliant eClosing process that guides the users through every step.
Review closing document packages prior to closing, control the eSignature process, add title documents, even postfill fields... all right from the portal.
Scalable Post-Closing and Pre-Funding Quality Control services to ensure documentation meets all current and future GSE and investor needs.
Loan Score Card & QM Indicator
QM Finding Report and Uniform Collateeral Dataset (UCD) export to Fannie and Freddie Mac, indicating total points and fees used in the QM calculation.
HMDA and MERS Reporting
What We Do
Review Document Compliance
Meeting document compliance is mandatory for meeting growing requirements of proof for regulatory compliance. To ensure this, lenders’ today need a more inclusive approach to document compliance. Good document compliance can help them pass the test of regulatory analysis, identify competing regulations, institute tight operational process controls, have better control over data quality and help them to develop better operational strategies.
Clear to Close receives documents and review document compliance—the first stage in loan processing. 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. After the review process is over, we generate the Loan Estimate (LE) and Initial Disclosures to the consumer within 1 business days after having receiving the full application.
Our document review process is very meticulous and intensive. We carry it out to ensure that you are always in a position to provide evidence of the activities and data required by the rule.
- Tax Returns
- Copies of recent Pay Stubs
- Copies of W-2 forms for past 2 years
- 1099 forms, Form 1003 etc
- Bank statement copy
- Renting history
- Gift letters; Stocks and Bonds
- Profit and Loss statement for self employed
- K-1's for all partnerships and S-Corporations for the last two years
It falls upon the lender to investigate all major indications of derogatory credit of an applicant. The objective is to determine whether the information provided by the applicant is accurate, and whether the explanation provided to justify an exception is acceptable. Lenders should exercise more caution when evaluating the reports of applicants with non-traditional credit histories. By outsource mortgage processing to us you get all the back-office support needed to assist lenders execute credit check for both traditional and non-traditional loans in a flawless manner.
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.
- Bank Statements
- FICO score statements
- Details of all current debts with copies of the last three monthly statements
Review 3rd Party Documents
As per new regulations, lenders need to do everything at their end to reduce risk with 3rd party entities. These 3rd party may include appraisers, mortgage brokers, correspondents, or other business or individual. As an experienced mortgage processing company, Clear to Close has great expertise in reviewing 3rd party application information with real-time license checks.
We review third party documents like Appraisal, Title, HOI, 4506T (Tax Transcripts) etc. as loan application references and details of the property to authorized appraisers. We also check payment receipts for appropriate appraisal fees and check property titles.
- Appraisal report
- Title reports
- Homeowners insurance
- Form 4506-T
- Letter explaining any gaps in employment in the past 2 years
- Divorce decree/child support document
- Copies of Insurance assets (Flood, Title, Homeowners etc)
Lenders need to verify key background data as part of regulatory compliance. Conducting verification on current employment status, likelihood of employment to continue, income and previous employment details need to be done with great care as any wrong or invalidated information can lead to serious compliance violation. Clear to Close has an established process to verify and cross-verify borrower detail till the correct picture emerges.
- VOE, VOI, VOD, VOM
- Verification of property sale history
- Verification of appraiser signature and registration
- Verification of property location
VA and FHA case numbers
The buyer applying for an FHA or VA loan are assigned an FHA or VA case number. Lenders need to fill a form to obtain the number. We help you order the number online by filling the form on your behalf. As incomplete requests may lead to a delay in generating the number, we execute this task meticulously to ensure there is no delay whatsoever.
- Online form filling for generating FHA or VA case number
Loan Estimate Preparation
The TRID rules replaces the Good Faith Estimate (GFE) and initial Truth-in-Lending Disclosure with a three-page Loan Estimate. We help bankers and lenders and brokers with preparation of Loan Estimate with due importance to accuracy of disclosures.
We prepare Loan Estimates with due care to ensure borrowers have a clear understanding of the important aspects such as costs, and risks of the mortgage loan. We also ensure the estimate is provided to loan applicants within three (3) business days after they submit a mortgage loan application. For correct loan estimate preparation outsource mortgage processing services to us.
Collect Supporting Documents
We assist lenders 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. After collecting all the documents, we file them in an orderly way for easy access and archival.
Loan Submission & Condition Clearing
This is the final stage of mortgage processing in which we submit your application back to your underwriting department or to the underwriting lender of your choice. If the underwriter feels there are conditions to clear such as explanation of late payments or employment gaps, we help you speed up the condition clearing process.
The process of condition clearing is fraught with delays, with the most common ones being errors on the loan applicants credit report or the need to get few additional credit supplements. These can take any time between days to weeks thus leading to a delay in a clear to close. In such scenarios, we take all the necessary steps to expedite condition clearing.