Outsourcing mortgage pre-processing services can put you in touch with experts who will accurately order and review all the required forms.
Are you a broker or lender in need of pre-processing services for your home loan process? Outsourcing mortgage pre-processing services can put you in touch with experts who will accurately order and review all the required forms, appraisal orders and CAIVRS authorization, apart from also checking the rate lock. Through outsourcing, you can quickly complete all the required steps in the home loan process on time and go a step ahead of your competitors.
Still not convinced if outsourcing can handle everything in the mortgage pre-processing process? Unsure if you should outsource or do it all yourself? Read on to find out more about the steps involved in mortgage pre-processing and if you should consider outsourcing.
1. 1003 reviews
Usually, lenders use the 1003 forms to record important financial information about an applicant who requires a conventional mortgage. When you outsource mortgage pre-processing, an expert in India would review your 1003 forms to check for the completeness of the application and if all the details (date, signature, initials, borrower names, employment history and occupancy history) are included. This way, all your 1003 review forms can be processed quickly without delays.
2. Rate lock
Your mortgage service provider in India can also handle the process of locking the present interest rate for an applicant, over a specified period. You can also request for a complete rate lock process on a case to case basis.
3. Initial QC
Mortgage pre-processing professionals will conduct an initial QC, by checking for all the Pay Stubs, W2s and other such important documents. By opting for an initial QC, you can be absolutely sure that your loan application includes all the required details for the further processing of the loan.
4. Authorization of CAIVRS
An offshore mortgage service provider can aid you in pre-screening borrowers and verifying that the borrower does not have a history of default payments. The service provider will complete the entire process by obtaining authorization from the official FHA website and then entering each borrower’s social security number.
5. MERS check
You can now easily find out if a borrower has an existing loan with the service provider conducting a check on the MERS website. A mortgage professional in India would then update the application with the required information and send it for processing.
6. IRS transcript request
IRS transcript requests are placed with the IRS for the transcript of tax returns. Your mortgage service provider will handle this for you by filling up all the required fields in the 4506T form.
7. Appraisal orders
You need not have any worries about making appraisal orders as your mortgage vendor will order appraisals from the authorized appraisers through email, along with the property and loan application details. Before an appraisal order is placed, even the payment receipt or the appraisal fee will be verified.
Now that you are aware of all that can be handled by your mortgage service provider in the mortgage pre-processing stage, would you consider outsourcing mortgage pre-processing services to India? If not, why? Let us know, by leaving a comment in the box below. We, at Outsource2india love to hear from you!
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