javisystems has expertise in providing Mortgage processing services for companies in the United States and Canada. Our experienced staff of reviewers and data entry personnel can help you streamline your mortgage processing task by providing round-the-clock service. We can help you right from the loan origination to mortgage closing and post-closing audit services. Our mortgage processing experts ensure that the collection, organization, and evaluation of required documents is done before the loan is submitted for underwriting.
- Pre- Qualifying
- Gathering of Initial Documents
- Sending of Initial Disclosures
Once the borrower has completely agreed with the initial loan estimate, we perform stacking and indexing of all electronic loan documents. We order a thorough third-party verification of crucial documents such as the Appraisal reports, Title Report, 4506T, HOI, HOA, VOE, etc. We validate and update loan-level data in the loan origination system (LOS). All loan files are reviewed to determine the missing documents and data. This review process is important and carried out prior to the underwriting stage. In the loan processing stage, we obtain, update and review automated underwriting findings and feedback reports.
1.Indexing & Stacking
2.Third Party Document Verification
3. Data Entry in LOS
Pre- Underwriting Support
Our experienced team of Underwriters evaluates the risk involved, submit the loan files to underwriting and gather required documents to clear the loan conditions. We make proper arrangement for a loan closing. We validate the data used by the automated underwriting system to make a credit decision. For validation of documents, we check the 5 C ’s namely the Capacity( Income capacity of the borrower), Credit Score, Collateral( Value of the property) , Capital (no. of assets), and Compliance. A comprehensive review of the appraisal report and all supporting property documents is performed at this stage. After evaluating the applications, supporting credit, income and asset documentation, we run AUS (Automated Underwriting System) to check to eligibility.
Steps in loan processing
3.Run AUS LP/DU
Mortgage Closing Services
At this stage of mortgage processing services, we perform the evaluation of the loan to determine if a transaction is “ready to close“ and also examine the title. We carry execute tax, insurance, and reserve audits. After the audit, the fee sheet is finalized and sent for client’s approval.
- Obtaining a closing protection letter, wiring instructions
- Preparing the closing instructions and legal documents
- Requesting and reviewing the preliminary HUD-1 to verify figures to close
- Clearing compliance issues prior to closing
- Requesting funding and following the file through funding
- Evaluating the loan to determine if a transaction is “ready to close”
- Localization Testing
If needed, we also have the expertise to perform the Post Close Correspondance Audit.
Advantages Of Our Mortgage Processing Services
- Domain Knowledge
javisystems has a team trained in end-to-end mortgage processing, closing, and risk management with mortgage and loan processing industry-specific knowledge and practical experience of more than 19 years.The team undertakes processing tasks and streamlines your business.
- Reduced TAT
Mortgage Loan Origination Processing for USA & India allows mortgage lenders improve functional productivity and reduce the TAT for mortgage approval and processing.
- Improved Accuracy
Reduce post-production incidents by 90% with attention to detail and regulatory compliance requirements. We use compliance as a tool to ensure all loans are as per the Fannie Mae & Freddie Mac guidelines.
- 24×7 Support
javisystems can provide BPO support to global clients with round-the-clock support. Our services allow you to focus on your core competencies and foster customer relationships.
- Improved Efficiency & Customer Satisfaction
Access to an outsourcing-vendor’s efficient BPO back-office processes can help mortgage companies accelerate the life cycle of loans with a reduction in errors and need for troubleshooting them. mortgage companies can focus on improving customer relationship which can result in improved customer satisfaction.