The volatility of the mortgage industry has always been a point of concern for credit unions thanks to shifty regulations, rising competition, market unpredictability, and shrinking demand for loans. If you are a financial institution in distress, there is one way to cheat around sky-high origination costs and operational risks - outsource mortgage processing support.
Being an ISO certified mortgage processing company, we specialize in providing a range of mortgage processing support for credit unions. We, at Flatworld Solutions, have been a reliable partner to many credit unions who are keen to provide high-quality mortgage products and services to their clients. Our mortgage processing support services comply with industry regulations and can be customized to trim operational cost while aligning you with the financial growth you need.
Mortgage Processing Support Services We Offer
Flatworld Solutions' mortgage processing support is a three-stage service that includes document aggregation and data evaluation to establish document correctness. 51% of our business in banking is from lending and mortgage. That makes us the professionals with hundreds of hours' worth of experience in a range of mortgage processing services such as loan document indexing, registration of loans, underwriting, post-closing review, loan modification, as well as payoff processing. With a keen eye on specifics, we offer the following services -
Loan Document Indexing
To process loans faster we index loan documents in the format that matches the underwriter's specifications. It becomes easier for mortgage underwriters to take decisions by reviewing clear loan documents. We compile documents in a file library and verify the availability of all necessary documents. We notify loan processors and stakeholders if any documents are unavailable to make them aware of the estimated timeline for completion.
Loan Registration and Loan Boarding
Our loan officer gathers application forms from stakeholders and follows a checklist of steps to appropriately stack documents in the right order. Once all document needs are met, it is forwarded for registration of loans via loan origination system.
Mortgage Closing & Reporting
FWS' loan officer reviews the loan before readying a loan file package for closing. We perform a pre-funding review, HUD1 review, conditions verification, file auditing, and reconciliation of closing charges as part of mortgage processing support services. We also provide high-quality reports to stakeholders to give a clear picture of the process and status of loan origination.
Our licensed mortgage appraisers conduct desk and field review to thoroughly evaluate collateral as well as to perform other reviews such as title checks, credit checks, to get legal clearances for faster approval of finance.
We also provide overdue collection, payment processing and asset management that will allow credit unions to focus on other critical areas while we ensure your revenue flow is consistent with on-time payment capture.
Benefits of Choosing Mortgage Processing Support Services from FWS
When you outsource mortgage processing support services to Flatworld Solutions (FWS), we go by our assurances to deliver services that will bring you the satisfaction and peace of mind. The benefits you can avail without spending a fortune are as follows -
Strict quality assurance steps for better reliability
Up to 50% reduction in operations expense
85% upscaled process when business is at its most brisk
Conformity to regulatory compliances
35% reduction in turnaround time
Quality work carried out by 100+ professional underwriters
Mortgage Processing Support Process We Follow
By outsourcing mortgage processing support services, you can see what happens behind the scenes because we feel it is important to keep our process transparent to you. From the execution of service level agreement (SLA) to project delivery, we take careful steps to prune your spending. Here is how we handle your project -
01. Requirement Analysis
We carefully study your requirement and formulate a workflow that is cost-effective and meets the primary objectives
02. Mortgage Loan Review
We review loans to evaluate data for correctness and compliance. We monitor outstanding titles and follow-up with payments within the agreed upon time
03. Uploading Document
We upload the reviewed document into a dedicated repository for easy and fast retrieval
04. Co-ordination with Credit Union
We work side-by-side with the credit union's staff to ensure compliance with their service standards and to share recent changes
05. Reflect Latest Changes in QC Program
We update the quality control review program upon recognition and acceptance of new rules
06. Report Submission
We compile and capture the new findings into comprehensive reports exclusively meant for top-level management
Why Choose Mortgage Processing Support for Credit Unions from Flatworld Solutions?
We are a well-rounded provider of mortgage processing support services in India and abroad. We understand your exact concerns out of many years of experience. It is our intent to provide superior resource planning, skilled resources, and quality service for better cost savings. Here are more reasons why our mortgage processing support could be the best choice for you -
Why let your financial requirements be handled by unqualified people? Turn to us and get certified mortgage processors who can handle your project the way you want. We are an ISO certified company with the right people for the job
Security of Client Data
Safeguarding your confidential financial data is a natural need, and we employ an array of security measures, both digital and physical to ensure that project files do not fall into wrong hands
Accurate and Quality Service
Our mortgage processing support is a client-focused service that is widely accepted due to quality care with which we render the solution
Short Turnaround Time
We know that time is valuable at both ends of the project. So, we honor our commitment and save your valuable money by working under strict timelines
All mortgage processing services come with features that support scaling. Whether you want to upscale or integrate with another system, we can make it happen
Reasonably Priced Services
We only charge for services what you need because we care for your cost concerns. Our cost-effective service favors cost-conscious clients and will not leave a vacuum in your budget
Single Point of Contact
When you outsource mortgage process, we allocate a dedicated professional who will routinely stay in touch and interact with you. Whether you have project related concerns or want to provide specific inputs during the project, simply reach us without waiting
Mortgage Processing Support
We provide mortgage processing support for credit unions which include a multitude of services that are aimed to speed up the loan origination and financing
Certified Mortgage Processors
We have a team of 100+ NAMP certified mortgage processor (NAMP-CMP), and certified contract loan processor (CCLP) who can help you out with best strategies, so you can seamlessly provide mortgage services to your client
Having the right infrastructure is the key to achieving the desired results in the project. Having all the support within arms reach helps us deliver accurate results much faster. We have the infrastructure to handle multiple projects simultaneously without slack in performance
Secure Data Exchange
To facilitate data transfer from your premise into our secure infrastructure we have established VPN and secure FTP systems that allows you to send project files without concerns
Not all our clients work in the common time zone. So, we offer round-the-clock availability to let you reach us anytime, anywhere. Our representatives can be reached through phone, e-mail, and even the live chat
Client Success Stories
Mortgage Lender Benefits from Quick Loan Processing and Reduction in Cost
Read this case study to find out how Flatworld Solutions helped a residential mortgage lender close loans on time, reduce the closing period by 30-50%, and efficiently manage twice the increase in loan volume.