Tag Archives: mortgage process

How Technology is Transforming the Mortgage Industry

Posted on October 11, 2014

The one thing that most prospective home buyers are worried about is the process of procuring loans. The maze of complicated and never ending processes goes beyond the understanding and knowledge of buyers, leaving them feeling frustrated. However, with the coming of technology, the loan procurement process has undergone a sea change.

The amazing technology advancement of the present has vastly contributed in simplifying the loan processing process. For example, e-signatures have brought about a humongous change. With e-signatures attaining legal sanctions, documents can now be instantly signed, even from a distant location, thus drastically reducing the time lost during the transit of documents.

E-signatures are indeed a boon to the mortgage industry, as they have helped speed up almost every aspect of the lengthy loan processing process. Technology has also paved a way to create an electronic archive, which can hold all the signed documents. This way, documents can be easily accessed at the click of a button.

The emergence of smartphones has also significantly transformed the mortgage process. Right from phone calls, to document sharing and e-signatures to appraisal photos, everything in the mortgage process can be performed from the smartphone. Earlier on, pictures had to be taken, developed and then fixed to the appraisal docs, before it could be mailed to the mortgage office. This would take anywhere between a few days to a couple of weeks. But this has completely changed with the digital camera, wherein a photo can be clicked and affixed within a few seconds. Now a buyer can conveniently use a samrtphone or digital camera to take a photo of their application documentation and submit it without any time delays. Continue reading

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. Continue reading