Understanding vendor's mortgage process is important before outsourcing. Take a look at our loan process.
Flatworld Solutions has over a decade of experience in providing expert residential mortgage underwriting 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 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.
We specialize in the following Mortgage Underwriting Services.
We are experienced in the running of automated underwriting systems, which are becoming increasingly prevalent today. This system is formula-based and involves the use of software to process data and determine an approval or denial by the assessment of associated risks. Since the final approval or denial depends on the criteria used by the application, the underwriter is wholly responsible for the accuracy of the information fed into the automated underwriting system.
To provide optimal results, we ensure that all data is verified, reviewed and appraised in the operation of our automated underwriting systems.
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 review is an important aspect of mortgage 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.
This essential feature of a mortgage loan file involves the provision of an 'Appraisal Review 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 or not the property valuation is at par with the current market value.
Our appraisal review services include review of the property's sales history, photographs, location maps, appropriateness of the comparables, adjustments, etc. We also verify the authenticity of the report date, appraiser's signature and license number.
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.
Choosing Flatworld Solutions as your outsourcing partner will ensure watertight underwriting scrutiny, superior process quality and professional underwriters, giving you the advantage of quicker loan approvals and improved credit decisions.
Contact us today for expert mortgage underwriting and loan origination underwriting and mortgage modification underwriting services that guarantee high levels of accuracy and increased loan salability.