5 Mortgage Underwriting Services That Every Mortgage Company Needs

Posted on September 7, 2014

Mortgage underwriting is usually the final step in the mortgage process, wherein the creditworthiness of the customer who has applied for a mortgage loan is determined. Although there is automated software to check various factors, an underwriter still has to analyze various details to evaluate the repayment capability of an applicant.

However, even with the use of software, complete transparency cannot be achieved in the loan review process, thereby increasing the risk value to lending companies. Outsourcing mortgage underwriting to a professional service provider can help you quicken the process of mortgage processing, through accurate assessments of loan applications and analysis of loan prices. Other benefits include an increase in your accuracy level and a reduction in rising overhead costs.

Here are five mortgage underwriting service that your mortgage company can benefit from:

1. Meticulous loan approval checks

Generally, loan application will require many conditions, which have to be met before the final approval is issued. The conditions could include things like the income statements, credit scores, purchase agreements or supporting documents that are needed to support the loan applicant’s case. A mortgage service provider will make sure that nothing is left unchecked and that all the conditions to clear the loan are met.

2. Zero errors with automated software

Need help with your underwriting software? Now instead of pondering over how to use a software, you can simply outsource underwriting automation software. Your service provider will run mortgage loan applications and evaluate if they will be denied or accepted. You can also get to know which areas of a loan need your attention. With the use of automated software, you can always be sure that your data is 100% accurate.

3. Check and review falsified frauds

Being in the mortgage business, you will already be aware about the stringent measures that banks have taken in order to deter fraudulent loan applications. Such rules may sometimes reject genuine loan applications, which may have occurred due to an omission of certain information or incorrect data submission. Through the use of fraud review services, you can check for fraudulent factors in a loan application, such as, multiple cash transactions, large withdrawals/deposits or conflicting addresses to name a few.

4. Review major/minor details with title reviews

A title review refers to the checking of a property to ensure that it is free from lawsuits and legal claims. With title review services, you can review all the minor/major details of a title document and thereby ensure a seamless transaction of the loan application.

5. Asses the value of your property with appraisal review services

By getting mortgage experts to perform an assessment review, you can find out the true value of a particular property. This can help in supporting the mortgage loan application, as it will review everything from photographs, to adjustments and location maps.

Would your mortgage company consider outsourcing any of the above underwriting services? If yes, which one?

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