Flatworld Solutions has over a decade of experience in providing expert residential mortgage underwriting support services. Our expertise includes the provision of both end-to-end fulfillment and component-based solutions for ratio analysis, fraud detection, regulatory compliance and analysis of credit, assets, income and collateral.
Our key underwriting assistance responsibilities include the extended evaluation and analysis of mortgage loans and applicant creditworthiness. We also offer a host of other associated services including the accurate assessment of applicant risk class and exact pricing for loans at par with market rates.
Mortgage Outsourcing Benefits
Underwriting Support We Offer
We specialize in offering assistance for the following Mortgage Underwriting Services.
Setting Up Loan for Underwriting
Underwriters in general spend about 2 to 3 hours on underwriting a loan, however about 50% of their time goes into to setting up all the documents in the loan, some data entry and validation before they start calculating income, reviewing assets, credit history and finally taking the credit decision. Flatworld can help you increase the productivity of your underwriters up-to 35% by setting up the file as needed, performing data validations and running the file through a compliance checklist.
All the findings from our underwriting set-up team, is sent to your in-house underwriters so they can expedite their loan review and take credit decision in much lesser time. Our findings could also be shared with the loan processing support team as a feedback for them to improve the quality of files being submitted for underwriting.
Clearing Loan Conditions
Once a loan review is completed, we prepare and send 'conditions to close' to the loan officer. Clearing loan conditions is a crucial aspect of underwriting and involves the preparation of a list of documents (specified by the underwriter) that are needed to support the borrower's case. This includes updated pay stubs, purchase agreements, letters of explanation, and so on.
Our mortgage team checks to make certain that all requirements are fulfilled before issuing the 'clear to close' and final approval for the mortgage.
Title Support is an important aspect of underwriting that protects the interests of both the borrower and the lender. We review the title documentation and ensure that the collateral property is free of any legal claims, liens and lawsuits against it.
Appraisal Quality Control
This essential feature of a mortgage loan file involves the provision of an 'Appraisal Quality Control Report' that states the underwriter's views regarding the sufficiency and appropriateness of the collateral provided to support the mortgage transaction. The report also validates whether the property valuation is at par with the current market value.
Our Appraisal Quality Control support services include review of the property's sales history, photographs, location maps, appropriateness of the comparable, adjustments, etc. We also verify the authenticity of the report date, appraiser's signature and license number.
Fraud Guard Review
Our fraud guard review service ensures applicant creditworthiness through the identification of anomalies and potential falsifications in a loan file. Underwriters are trained to spot and verify potentially fraudulent items such as conflicting addresses (where the drivers' license address is different from the residential address), AVM comps mismatching with the appraisal, multiple cash transactions in several bank accounts, large deposits or withdrawals and other possibly falsified details.
Contact Us for Reliable Assistance with Mortgage Underwriting
Choosing Flatworld Solutions as your outsourcing partner for underwriting support will ensure watertight underwriting scrutiny, superior process quality and professional underwriters, giving you the advantage of quicker loan approvals and improved credit decisions.