OUTSOURCE MORTGAGE UNDERWRITING SUPPORT
Considered the final step of the mortgage process, mortgage underwriting determines the creditworthiness and the payment capability of the person who has applied for a mortgage loan. Financial institutions employ underwriters for this crucial final step. To speed up this stage of the process, banks and financial institutions have started using automated software that can apply or decline a loan application based on various pre-determined factors. An underwriter needs to enter the applicant’s incomes, debts, credit score, etc., to accurately analyze the repayment capability of the loan applicant.
Though automation has helped cut short the time required for processing, and stringent measures have been put in place, it does not fully ensure transparency in the loan review process. Many fraudulent applications still go through the process, increasing the financial risk to the lending institution. Further, every company has its own underwriting process. Underwriters follow these procedures and decide on the risk associated with accepting or rejecting a loan application.
Having a professional company handle your mortgage underwriting needs not only helps speed up the process of residential mortgage processing, but also increases accuracy and reduces overhead costs. ScaleUpYourTeam has worked with clients of various sizes with their mortgage loan needs and has helped secure loans without hassle. Through accurate assessments of loan applications and loan pricing analysis, we have enabled quicker loan processing and disbursement.
Mortgage Underwriting Assistance We Provide
ScaleUpYourTeam Mortgage Underwriting Support Services include –
Loan Approval Check
A loan application review requires several ‘conditions’ of a loan to be met before a final approval is issued. These conditions can include supporting documents, income statements, purchase agreements, credit scores, etc., that are needed to support the applicant’s case. We ensure that all the conditions to clear the loan are met and nothing is left to guesswork.
Underwriting Automation Software
We are experienced in working with various automated underwriting systems and software. These automated tools have become a norm with almost all lending companies today. By running mortgage loans applications through the software, we help you determine whether they will be accepted or denied. The software also points out areas of a loan application that need attention. Our team of mortgage experts makes sure that all data is verified with the automated underwriting software.
Banks have strict measures in place to avoid fraudulent loan applications. These measures, however, may sometimes reject genuine applications. This can occur because of incorrect data submission or omission of certain information in the loan application. ScaleUpYourTeam team incorporates fraud review methods to check for fraudulent factors in loan applications. These factors can include conflicting addresses, AVM comps mismatching with the property, multiple cash transactions in several bank accounts, large deposits or withdrawals, and other possibly falsified details.
Title monitoring checks if the collateral property is ‘clean’ and free from lawsuits and other legal claims. Aimed at both the lender and the borrower, the title checking looks at major and minor details with respect to the title document, and ensures smooth movement of the loan application to the next stage.
Appraisal Quality Control
The appraisal quality control is a report by the underwriter that includes the true value assessment of the property in question, as well as the veracity of the collateral documents provided to support the mortgage loan application.
Our appraisal quality control services include evaluation of the property’s sales history, photographs, location maps, appropriateness of the comparables, adjustments, etc. We also verify the authenticity of the report date, the appraiser’s signature and license number. Additionally, we offer back-office assistance for Mortgage Modification Underwriting Services, Mortgage Origination Underwriting and Pre-Underwriting for Wholesale Lenders.