Outsource Mortgage Underwriting Services
The final step of the mortgage process as considered, mortgage underwriting defines the the payment capability and creditworthiness of the person who has applied for a mortgage loan. Financial institutions employ underwriters for this critical final step. To boost up this stage of the process, banks and financial institutions have already started using automated software that can apply or decline a loan application based on different pre-determined aspects. An underwriter requires entering the applicant's incomes, credit score, debts etc., to correctly analyze the repayment potential of the loan applicant.
However automation has helped cut short the time required for processing, and stringent measures have been put in place, but somehow fail to ensure transparency in the loan review process. There are many fraudulent applications still go through the process, creating the financial risk to the lending institution. In addition to, every company has its own underwriting process. Underwriters follow these procedures and decide on the risk involved with accepting or rejecting a loan application. Hiring a professional company handle your mortgage underwriting requirements not only helps boost up the process of residential mortgage processing, but also enhances accuracy and reduces overhead costs. Outsource2Rescue has worked with clients of different sizes with their mortgage loan requirements and has helped secure loans without inconvenience. Through accurate assessments of loan applications and loan pricing analysis, we have enabled faster and quicker loan processing and disbursement.
Outsource2Rescue's Mortgage Underwriting Services include:
Loan Approval Check
A loan application review needs several 'conditions' of a loan to be met before a final approval is issued. These conditions can include credit scores, supporting documents, income statements, purchase agreements etc., that are required to support the applicant's case. We ensure that all the conditions to clear the loan are met and nothing is left.
Underwriting Automation Software
We are experts in working with various automated underwriting systems and software. Today, these automated tools have become a norm with almost all lending companies today. We help you determine whether the mortgage loans applications will be accepted or denied by running these through the software, the software also points out areas of a loan application that require attention. Our mortgage underwriting team makes sure that all data is verified and checked with the automated underwriting software.
Fraud Review
Banks have strict policies in place to avoid fraudulent loan applications. These policies, however, may sometimes reject genuine applications. This can happen because of incorrect data submission or omission of certain information in the loan application. Outsource2Rescue's team incorporates fraud review methods to check for fraudulent factors in loan applications. These factors can be AVM comps mismatching with the property, large deposits or withdrawals, conflicting addresses, multiple cash transactions in several bank accounts, and other possibly falsified details.
Title Review
Title review verifys if the collateral property is 'clean' and free from lawsuits and other legal claims. Considering both the lender and the borrower, the title review looks at major and minor details with respect to the title document, and ensures smooth and easy movement of the loan application to the next stage.
Appraisal Review
The appraisal review is a report by the underwriter that contains the true value assessment of the property in question, as well as the accuracy of the collateral documents provided to support the mortgage loan application.