We support lenders with back-office pre-closing and closing services that are deliberately designed toward yielding accurate and accelerated mortgage closings.
The mortgage closing phase of loan processing is one of the hardest and most complex to navigate. Lenders dealing with large volumes of loan applications must manage rigid regulations, strict deadlines, synthesizing documentation, calculating closing fees and costs. To avoid harsh penalties and sub-par service, lenders face a difficult balance between quality service and keeping up with growth and demand. To address these unique lender needs, it is strategic to outsource mortgage closing support to a reliable and resourceful mortgage services company.
Flatworld Solutions (FWS) employs over 20 years of mortgage closing assistance for lenders in the holistic and watertight mortgage loan application process. Our exhaustive mortgage closing services, team of industry experts, and tried-and-true procedures enable us to take care of any of your mortgage closing needs. Outsourcing to Flatworld Solutions will free up time, energy, and capital that you can channel toward core revenue possibilities.
Mortgage Pre-Closing Review Services for Lenders
During this vital pre-closing phase, we meticulously review all documentation and ensure the lender's purchase is accepted. Our additional pre-closing services include -
Obtain Insurance for Customer
Our expertise in compliance and technology strictly informs our management of the loan application process. Obtaining insurance for the customers safeguards them from unforeseen situations and prioritizes their interests and satisfaction. Our experience in gathering the necessary documents and information for your customers means up-to-date decisions and the best care of your customers.
Property Down Payment & Closing Costs
As part of our mortgage closing support, we request a cashier's check from the bank on behalf of covering the down payment as well as any additional closing costs. Working closely with your attorney, the bank, and the client allows for a smooth and efficient closing process.
Payoff Statement Management
We carefully look over the payoff statement to ensure accuracy and quality in the closing process. Our offsite mortgage closing support for lenders double-checks the payment schedule, interest rate, balance due, loan amount, among other details to deliver only the most accurate information possible.
Preparation of the Closing Disclosure Form
Understanding the new procedures associated with the Closing Disclosure form according to the Consumer Financial Protection Bureau (CFPB) is key to initiating a smooth and expedited closing process. Our close cooperation with all the service providers prevent hurdles to the closing procedure.
Mortgage Closing Support for Lenders
Our extensive background in outsourcing mortgage closing support for lenders allows us to formulate smooth and carefully curated steps to expedite and simplify the complex mortgage closing process.
Flatworld Solution's all-inclusive mortgage closing services encompass the following measures -
Accumulation of Necessary Documents
We work with a strong understanding of your specific loan features in order to formulate compliant closing-document packages and make sure that the documents meet your expectations. Included in our processes are quality checks to catch errors and missing information before it can create delays. We collect the fundamental documents, such as the promissory note, the Deed of Trust, Certificate of Occupancy, but also any other documents related to the transaction.
Property Title Appraisal
With title search being a pivotal aspect to a smooth mortgage deal, we take strategic steps to review the legal rights of the property. We review the written deed and mortgage documents, taxes, judgments, and ongoing lawsuits while presenting this information directly to you as the lender.
Construction of Closing Instructions
Our standard for quality and accurate loan products prompt us to exercise multiple quality checks. Communicating collectively with your enterprise and the client, we deliver the closing instruction statement to the financing department that include all concluding instructions.
Fees and Tax Estimation with Settlement Enterprises
Unique to our loan closing process is representing your company to the settlement enterprises. We determine the fees required for the specific loan application, which includes the loan origination fee, appraisal fee, title search and insurance, survey, taxes, deed recording fee, credit report charge and other costs. And at the time of closing, we instruct the settlement agents on how to regulate the distribution of mortgage funds.
Final Review and Documentation Delivery
Communicating constantly with your company permits us to deliver informed state and federal compliant mortgage closing documents. We make sure that the closing disclosure form is dispatched three days before the day signing to ensure minimal delays and that all the necessary information is present.
We work hard to consistently deliver the closing disclosure form three days before loan document signing that aligns with regulations.
FWS' High-quality Mortgage Closing Process
Flatworld Solutions leverages a respected, streamlined, and innovative mortgage closing process that emphasizes accuracy, timeliness, and quality in every detail. Our processes are designed to maintain data accuracy, manage origination policies, and mitigate inaccurate mortgages from entering the closing phase. With over 20 years of mortgaging experience, we have reliably provided excellent outsource mortgage closing support for lenders.
Our mortgage closing support services include the verification and validation of -
The client's Social Security Number
Record of resources that fulfill the minimum reserves requirement
Information data submitted in Loan Product Advisor
Property Appraisal Documentation
Complete Documentation of Income Calculation
Satisfactory Mortgage Coverage Insurance
In going the extra mile, we also perform quality assurance measures by our management team that are documented and investigated.
Why Lenders Should Outsource Mortgage Closing Support to Flatworld Solutions?
As the mortgage industry becomes more competitive and saturated, lenders are struggling to handle the stringent TRID regulations and administering quality loan products. The most strategic choice for lenders to maximize their resources and potential is by partnering with a third-party mortgage service provider. Flatworld Solutions has the expertise and caliber to bring your company to a whole new level. Our knowledge of new procedures and mandates allow us to effortlessly integrate such requirements into the loan application and closing process. By outsourcing your mortgage closing services to FWS, substantial benefits will result, such as -
Scalable processes up to 80% during peak terms
30% reduction in Turnaround Time
Access to 200+ exceptionally trained and full-time processors and underwriters
40% reduction in employee operational costs
99% accuracy in mortgage closing agreement evaluation
100% accuracy in closing disclosure form preparation
Contact FWS for Streamlined Mortgage Closing Support
Lenders are quickly realizing the need for exact precision in the mortgage closing phase. Flatworld Solutions has the technology, analytical aptitude, and proactive resources to further your unique business requirements and goals. We recognize how critical time-bound, cost-effective, and accurate services are for the development and expansion of your company.
If you are looking for a dependable mortgage closing service partner to help restructure and innovate how you execute your business, then choose Flatworld Solutions.
Contact us today to hear more information about our established mortgage closing services that will change the way you do business instantly!