Should You Outsource Mortgage Pre-processing?

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. Continue reading

What Are Mortgage Title Services?

If own a mortgage company, then you will know the huge challenge that comes with transferring the title from the seller to the buyer. When handling titles, you will have to consider several things like title transfer, acquiring the mortgage policy, caring out the financial analysis or obtaining property insurance. Apart from this complicated process, which requires the effort of several employees, it also needs huge investments in terms of money and time.

This is where outsourcing comes into the picture. A mortgage service provider in India can order and examine titles, develop title insurance and make everything easier for your underwriters. Here are four mortgage title services that your mortgage company can benefit from:

1. Title insurance

Title insurance refers to covering the property, by protecting the seller and the buyer. The borrower and the lending institution require separate title insurance coverage for the property, as the lender’s insurance policy will not protect the interests of the buyer. This is why the buyer will require a separate title insurance to cover up the risks. When the lender holds title insurance, it ensures that the property has a valid lien. Your mortgage service provider in India can order the title on behalf of the lender, thereby saving you time and effort.

2. Title search and ordering

Based on the unique requirements of the lending company or the buyer, your mortgage service provider in India can search and order titles based on the city, area or county. If the title search is already executed by the company, then the service provider can order the title. Outsourcing can free you from the tiresome task of working with loan officers, coordinating with title companies, following-up and finally acquiring a detailed title report. Continue reading