- eSIGNATURE, eDOC REQUEST and eAPPLICATION (all mobile friendly).
- Conventional, FHA, VA, USDA, and Portfolio loans
- Issue Initial and Closing Disclosures, Collect and Validate.
- Request, collect, and review borrower docs (paystubs, W2’s, 1040’s, bank statements, pension statements, divorce decree, child support, mortgage statements, escrow documents etc.).
- Order all third-party docs (title, appraisal, payoff, VOE, VOM, VOI, flood cert, homeowners insurance, credit supplement etc.).
- Order VA and FHA case numbers for government loans.
- Order and review incoming IRS transcripts.
- Order and review all credit documents including the income, assets, credit report and all supporting credit related documentation.
- Run the AUS (DU or Direct Connect to Freddie Mac).
- Submit the file to the designated lender for underwriting.
- Review the lender decision for accuracy.
- Obtain and clear conditions.
- Review locks.
- Receive CLEAR to CLOSE.
- Elimination of the Cost of Hiring Full-Time Processors
- Having Trained Processors
- A Plan B for Emergencies
- Loans are Closed Faster and with Increased Efficiency
- More time to Focus on Your Core Business
- An Uncompromising Level of Customer Satisfaction
- Loans are Compliant with Industry Regulations
- Reduction in your Overheads and Tax Liability
BENEFITS OF OUTSOURCING YOUR LOAN PROCESSING
Elimination of the Cost of Hiring Full-Time Processors – Managing your processing team can be expensive and time-consuming, but outsourcing your loans can be hassle-free and can significantly reduce your cost, especially during market fluctuation. Contract processors are and self-motivated and will spend more time closing your loans.
Having Trained Processors with Accumulative Knowledge – When you use a company that has trained and seasoned Processors, the advantage is access to their accumulative knowledge. You gain the support of highly qualified individuals helping you to originate and fund more loans while creating stability and security for your business.
A Plan B for Emergencies – Having plan B during a time of urgency can eliminate stress from deadlines or obstacles, an employee leaving the company unexpectedly, sick or on vacation. A contract loan processing company in mind is just a smart and effective way to circumvent circumstances like these.
Loans Closed Faster and with Increased Efficiency – Our streamline operation is implemented to process our loans efficiently and accurately. Allowing loans to close faster, gives your company a good reputation and a more competitive advantage. Our prime focus is always to follow this process so that we can close on time.
More time to Focus on Your Core Business – Every manager and loan originator has limited time and attention. Outsourcing can help your business to shift its focus from peripheral activities toward work that serves the customer, and it can also help our clients to set their priorities more clearly. By outsourcing your loan processing to us, more time is spent doing what you do best – originating and closing more loans!
An Uncompromised Level of Customer Satisfaction – We focus on making your clients happy to retain a long-lasting relationship with you and ultimately helping you increase your referrals.
Reduction your Overheads and Tax Liability – An employed loan processor can be costly when you have to pay both salary and commission. Besides, covering all other expenses like insurance benefits, workers compensation insurance, payroll processing, accounting, office equipment, and office supplies are more additional expenses that come with an employed loan processor. However, by choosing an outsourcing loan processing company, this can cut your cost and tax liabilities tremendously.