What Happens During Mortgage Post-Closing?

Mortgage post-closing is not an easy procedure. Several things have to be taken into consideration before a loan is closed. Read this post to find out what happens during mortgage post-closing.

The closing of a mortgage loan is not a simple process. As a lender, you would have to compile with borrower qualifications and compliance issues during the post-closing of a loan. Opting for outsourcing is a great way to streamline the process of mortgage post-closing. Not only will you benefit from a sharp reduction in your operating cost, you can also benefit from accurate audits and timely reports. Outsourcing would give you access to a skilled team of auditors and mortgage underwriters who will ensure that your loans are closed seamlessly.

When you outsource mortgage post-closing you can choose either one or all of the below services:

  1. Assembling of the loan package – After a successful loan closure, the entire loan package will be assembled after a compilation of the required documents (necessary addendums, final GUD1 with signatures, various notes and trust deeds with riders). The appropriate brokers and title companies will be contacted to review the loan packages. This service can not only help you save hours of precious time, but also enable you to close your loan within the shortest possible time.
  2. Post-closing data integrity audit – This critical audit is usually done to address any kind of loan deficiencies. The outsourced team would look into any issues raised by the owner or underwriter regarding occupancy verification.
  3. Mortgage electronic registration system – The outsourced team can register all the loans that are approved by the mortgage electronic registration system (MERS). Based on your specifications, loans can be registered as original mortgage (MOM), non-MOM loans or as MERS iRegistration. This will enable your company to enjoy loan tracking and fraud detection services at a nominal cost.
  4. Mortgage quality control audit – Your mortgage service provider will use high-end processes and systems when it comes to mortgage audit services. Everything from the post-closing to servicing, compliance and pre-funding will be closely checked to suit the requirement of your business. With the ease of outsourcing, you can get any type of loan file to be audited, be it sub-prime, reverse annuity, non-conforming or subordinate lien.
  5. Trailing documentation – After the closure of a loan, the next step is document tracking. The documents would include tax deeds, assignments, assumption agreements, tax records and UCC records to name a few. All these critical documents will be kept together, so that you can quickly access it as and when you need it.
  6. Auditing of insurance, tax and reserves – The final step in mortgage loan closing would be an auditing procedure, wherein reserve tax and insurance requirements will be reviewed. Problems will be sorted out and a close check would be made to see if all the required tax obligation are met. Policy documents will also be reviewed to find errors and discrepancies.

Outsource2inida has 17 years of experience in meeting the mortgage post-closing services of global customers. With state-of-the art infrastructure, high-end technology, trained mortgage experts, multiple delivery centers and cost-effective services, we are your best bet when it comes mortgage services. Find out more about how we can assist you with mortgage post-closing services.

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