Read this blog post to find out how you can make your mortgage process effective with these five tips.
Are you seeing your mortgage loan processing going wrong at several levels? Delayed processes, waste of time, denied mortgage and loss of revenue? Does this sound familiar. If yes, then this article is for you. Mortgage loan processing is a long and difficult process, but with meticulous planning, mortgage loans can be processed efficiently and within a fast turnaround time. Not only will you be able to provide customers with quality services, but you can also ensure their satisfaction with fast services.
Here are five of the most effective mortgage tips that can simplify your process:
Make an extensive analysis of the loan file
Start by getting to know all the aspects of the mortgage loan, so you can decide if your customer is eligible. Get your loan processor to evaluate each file carefully and pay attention to the details. Check if the customer has in place the necessary documents for successful filing. Ask the lending agent to find out if the customer has received a pre-approval for the loan before the file arrives at your desk.
Evaluate the credit report meticulously
Next, check the customer’s credit report and identify the documents that will be needed to tackle the credit profile of the client. Carefully consider the customer’s assets like their savings and checking accounts and any outstanding debts (student loan repayments, car loans etc.). Inform the customer that in case of late payments, they would need to provide a written notification. Make the loan processor understand that these details are critical for the successful filing of the loan.
Calculate the exact income
Your loan processor should never take into account the borrower’s rough estimate as the actual income that goes into the file. Make sure that the income noted on 1003 is based on the borrower’s actual reports and documentations. This is why it is so important to include all the sources of income in one place. Income tax returns, pay stubs and bank statements all have to be required for calculation. Keep in mind that the borrower’s income should not be fully exhausted by the mortgage payments. Calculating the exact income plays an important role in the loan approval process.
Include employment verification
During mortgage loan processing, time is of uttermost importance. Make sure to ask the borrower questions upfront. This will save you precious hours. During employment verification, instead of placing several calls to the borrower’s office, ask the borrower if they can offer you with a direct contact that can supply answers or an automated system, which can supply the required documents. This will not only shorten the process, but will also give you time to address other critical issues in the mortgage processing.
Take notice of the details
Overlooking small issues in the mortgage process can, in fact cause delays to the entire process. Pay close attention to every tiny detail that is required by the lender. Make sure that you meet the conditions for closing the documents long before the deadline. Paying attention to the little things will go a long way in making the mortgage loan process seamless and ready for approval.
Did you know that the success of your mortgage application depends of the efficiency of your mortgage processors? If you lack a team of skilled mortgage processors or have other pressing business concerns to attend to, you can always consider outsourcing. One such service provider with expertise in mortgage loan processing is Outsource2india. We have earned a reputed name in the field of mortgage processing and are well known across the world.
Partnering with us can help you reduce your closing time by 30% and your operational cost by 50%. We are a one-stop shop for any mortgage assistance that you may need as we offer a host of mortgage services like pre-processing, processing support, mortgage closing support, mortgage post-closing support, appraisal support, mortgage title support, underwriting support and mortgage software to name a few. Find out more about our mortgage services and get started with outsourcing.
Did you like reading this post? Did you find these tips useful? What are some of the challenges that your business has faced during mortgage loan processing? Let us know your views by leaving a comment in the box below. We, at Outsource2india love to hear from you!
Interested to know more?
- 6 Reasons Why Mortgage Lenders Should Outsource Mortgage Closing Services
- 5 Things That a Mortgage Underwriter Can Help You With
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