Our mortgage processing support services team reviews and prepares documentation to eliminate delays and rework throughout the mortgage life cycle. We check the comprehensiveness of the submitted documentation and may request supplemental records if they’re required to proceed. Our mortgage processing team follows up as needed to ensure the necessary parties are submitting the proper documentation to advance the loan in a timely manner.
Preparing the Mortgage File
As we gather the updated loan criteria and documents necessary for mortgage pre-processing, we stack and index every file on a page-by-page basis. Instead of manually making copies and sorting every document, our loan processors save you money (and deliver faster) by using electronic indexing tools to efficiently create indexed file packages.
While our mortgage processors are indexing documents, loan officers produce the loan package to enter the data. We engage the appropriate parties to obtain appraisal report, credit supplements, Verification of Employment, and other necessary documentation, ensuring regulations are met. By validating the file data and updating it in the loan origination system or Lender Portal, we ensure smooth processing support and eliminate difficulties in later stages.
Our Loan processors engage with the Escrow/Title companies to open the Escrow account and getting the Fee sheet to update the fees in the Lender Portal. The documents obtained are reviewed and verified by our processors before pushing the file for underwriter review. We get the approvals/conditions from the underwriter and receive documents from the respective parties and upload back to the underwriter for clearing conditions.
Processing Your Mortgage
Parties that work to put your loan into action during mortgage processing include the:
- Loan processor, who collects required documentation from the loan officer and shares them with the underwriter for approval
- Loan officer, who co-ordinates with loan processor in obtaining the necessary documents
- Third-party vendors, who provide documentation and certificates that are typically requested by the loan officer
- Account Executive/Manager – coordinates with loan processor and underwriter to move the loan to closing without any issues
- Underwriter, who must review all documentation and give final approval to move the mortgage to the closing stages
Preparing to Close
To complete these tasks, our loan processors perform tax, insurance, and reserve audits through evaluations that indicate output standards and quality. Upon verification, we finalize the fee sheet and request the closing disclosure.
Our loan processor obtains the closing protection letter and wiring instructions, which clarify terms of protection and clearly indicate the process for wiring the appropriate funds. All necessary legal documents and closing instructions are delivered to all parties, providing the next steps and what’s required to close the transaction.
Finalizing Loan Closure
Our resources allow us to establish HUD-1 figures and verify figures to close. We identify potential issues and make the necessary adjustments to meet regulations, addressing concerns swiftly and altering documentation accordingly and finally push the file to clear to close. These mortgage closing support services are performed in adherence with requirements of the local, state, and federal government.