Flatworld Solutions brings you efficient and professional audit and review services geared towards streamlining the entire post-closing process. Our accurate audits and timely reporting can slash your operating costs by reducing the need to hire and train internal resources.
The post-closing process we follow as a part of our back-office support, performed after the mortgage documents have been duly signed and sent back to fund the loan, involves rigorous auditing and reporting to ensure that all the documentation is complete and in compliance with the underwriting and loan processing rules.
Mortgage Outsourcing Benefits
We have a specialized post-closing team of mortgage experts assisting you on your loan files before delivering them to the respective custodial service providers. Right from taking receipt of signed and funded loan documents from various origination points to reviewing legal, origination and HMDA documents for regulatory compliance, our team handles the entire post-closing support process in the most efficient manner possible. We also conduct loan data integrity checks, retrieve missing documents and provide quality control reports stating any exceptions, if applicable.
Post-closing Assistance We Offer
We handle the following mortgage post-closing processes -
As a trusted mortgage quality control company, FWS provides low-cost back-end mortgage support allowing you to easily direct clear loan documents to your escrow service. We focus on auditing mortgages, HMDA and all other applicable legal documents while ensuring that the highest standards are maintained to ensure the maximum level of compliance. If you choose us to outsource post-close quality control services, we can redirect fully signed checkout documents between origination in a short period of time. Simultaneously, we can perform quality checks to find out the gaps in the document.
Trailing Document Retrieval/ Document Tracking
This critical aspect of mortgage post-closing starts immediately after loan closure and includes trailing important documents such as mortgage or trust deeds, tax records, assignments, modifications, mechanic's liens, assumption agreements, Uniform Commercial Code (UCC) records, judgments, etc. It is only after the completion of this procedure that assignment, lien release and issuance of the final title policy are termed complete. We take on this tedious and time-consuming task and complete it well within the stipulated time-frame.
Assembling the Post-closing Loan Package
The post-closing loan package inclusive of the Note, the Trust Deed with Riders and Final HUD1 with signatures and necessary addendums, etc., is completed after successful loan closure. We help in assembling the post-closing loan package by first compiling all documents submitted during the loan process and then working in tandem with the brokers and title companies to review and put together the final post-closing package.
Post-Closing Data Integrity Audit
A post-closing data integrity audit is conducted to consider any loan deficiencies that may have occurred during the loan process. We guarantee total data integrity by the meticulous verification of various tasks such as owner occupancy authentication, addressing underwriter red flags, etc. We work with brokers and title companies to ensure the efficient completion of this vital step.
MERS (Mortgage Electronic Registration System) operates an electronic registry designed to track servicing rights and ownership of mortgage loans. We register all approved loans with MERS as part of our post-closing support process.
MERS as Original Mortgagee (MOM) - Registering as MOM inoculates loans against future assignments and allows MERS to remain as the mortgagee irrespective of servicing being traded multiple times. MOM is approved by most rating agencies on Wall Street including Fannie Mae, Freddie Mac, Ginnie Mae, etc., and gives lenders a wide range of benefits including faster execution, reduced shipping time, zero documentation errors and simplified closing processes. It also helps in bringing down costs by reducing correction and tracking costs, document penalties, etc.
MERS by Assignment (Non-MOM Loans) - Non-MOM loans can be registered by assigning loans that have already been closed in the lender's name. This allows all future transfers to be done electronically. Registering with non-MERS also enables lenders to become compliant with the requirements of trading partners and further eliminates the need for additional assignments unless servicing rights are transferred to non-MERS members
MERS iRegistration - We also provide MERS iRegistration assistance to companies interested in getting fraud and loan tracking services at a discounted price without recording MOM in county land records. MERS iRegistration prevents fraudulent activities through the verification of the borrower's declaration of property and by accurate completion of property preservation information
Mortgage Quality Control Audit
We provide Mortgage Quality Control Audit support. We use third-party tools and software to perform quality audits for all loan types including Fannie Mae, Freddie Mac, FHLB, VA and Lender-specific loans.
We provide quality control audits for Prefunding, Post-Closing, Compliance, Servicing, Cancel/ Reject, Foreclosure/ EPD Loans, QC Plan Preparation, Commercial Loan audit and Fraud Investigation and Repurchase Loans. We also specialize in leveraging standard audit processes such as Underwriting Evaluation, File Document Review, Third-party re-verification, Credit Risk Analysis etc.
We also make use of customized audit processes and post-closing audit sampling tailored to meet any specific information that is provided by our client. This is inclusive of all types of mortgage loan files such as conforming and non-conforming loans, sub-prime, subordinate lien and reverse annuity loans, among others.
Our mortgage quality control audit support services provide you with the following benefits -
Easy-to-read customized reports
Interactive dashboards presenting vital information
Cost-effective third-party reviews
Fair and unbiased results
Accurate graphical and statistical analysis
Guaranteed security and confidentiality of loan files and information
Tax, Insurance and Reserve Audits
Tax, Insurance and Reserve Audits are completed upon closure of your mortgage loan. This process is accomplished by checking whether all tax obligations have been fulfilled and identifying problem areas, if any. All policy documents (including the title insurance policy) are reviewed for discrepancies or errors that may have crept in. We also check for inadequacies by reviewing the reserves.
Outsource mortgage post-closing support services to Flatworld Solutions and maintain loan profitability throughout its lifecycle. Our experienced professionals are trained to handle all essential back-office tasks related to post-closing process, thereby ensuring speedy processing and smooth, error-free closing.
Contact us for expert assistance for all your mortgage post-closing needs.