The mortgage underwriting process is tedious and time consuming. Find out about the five steps involved in mortgage underwriting and how you can outsource it.
Mortgage underwriting refers to the process of determining the creditworthiness and the payment capability of the person who has applied for a mortgage loan. An underwriter would have to enter the person’s credit score, debts, incomes etc to evaluate the repayment capability of the applicant. Though there are software to help with applying or declining a loan, mortgage underwriting is a tedious and time consuming process that can shift your focus from your core functions.
Even with automation and strict rules in place, one cannot expect 100% transparency in the loan review process. Fraudulent applications can get through, thereby posing higher risks. Outsourcing mortgage underwriting services can not only speedup the mortgage processing process, but also ensure accuracy and a sharp reduction in overhead costs.