5 Tips to Make the Underwriting Process Efficient

5 Tips to Make the Underwriting Process Efficient

Posted on October 19, 2017

Loan underwriting is a complicated process and involves a lot of documentation. Moreover, there’s no room for any mistakes or errors, as it may affect the process of the loan application or insurance for which underwriting is being done. This is why most of the people look for professional underwriting agents who can help them with the documentation and other pre-requisites.

To improve the underwriting process and make it more efficient, one can follow various tips mentioned below:

  1. Avoid Manual Processes Wherever Possible

    Manual processes are not just time-consuming, but highly error-prone as well. The use of automated and technology-based solutions can help eliminate the errors as well as the extra time taken by the manual processes. An array of technical options are available to minimize the manual input in the areas associated with management of sales pipeline, calculating spreads, monitoring the loan workflow, along with tools facilitating auto-decision on the loan applications.

  2. Thoroughly Complete The Application

    Don’t leave any field or question blank in the application form. Any missing information or missing signatures at the required places can cause an unnecessary delay in the application. This is because an underwriter is not authorized to give a formal offer unless all the requirements have been satisfied. So, ensure that you supply all the necessary information like complete names, phone numbers, addresses, etc.

    Include the details wherever required with the right dates and other information to support the applications.

  3. Don’t Miss The Cover Letter

    Including a cover letter with the application will only increase its chances of acceptance and faster processing. A cover letter helps you to present lucid and concise information to the underwriter which may not be apparent in the application. A cover letter can alert the underwriter about the underlying issues affecting the insurance purchases while highlighting some positive lifestyle variables pertaining to your client.

  4. Prepare The Client For Paramedical Exam

    Ensure that your client is prepared for the paramedical exam. Advise the client to maintain a healthy lifestyle few days prior to the medical exam for best results. It is recommended to get proper sleep before the exam and scheduling the exam early in the day would be beneficial. Also, remind your client about the information and documentation that he or she should have ready with them at the time of the exam like photo IDs, his/her exercising habits, and list of medications as well as their dosages.

  5. Select An Apt Insurance Carrier

    First of all, clearly identify your client’s need for the insurance and before you submit the application, find out that which insurance carrier would ideally suit your client’s unique needs.

    The price that one needs to pay for the insurance depends on the rate class offered by that specific carrier, and this rate class offered to the client is highly dependent on the perception of the carrier about the chances of paying the death benefit to the client. Thus, selecting the right carrier is very important for successful submission and acceptance of the application in the first time itself.

Choose Flatworld Solutions for Accurate Mortgage Support Services

Flatworld Solutions is a leading firm providing an array of world-class mortgage support services including underwriting services. We offer the best mortgage services including loan processing support, underwriting services, mortgage closing services, title-support, post-closing support, appraisal support, reverse mortgage support, and much more. We have over a decade of experience in various mortgage and residential mortgage underwriting services. Connect with us, and send us your questions/queries through the below given comment box. Our executives will instantly contact you with the apt solutions.

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