VA Loan Support Services
VA loans, approved by the United States Department of Veteran Affairs, do not necessitate the need for any down payment or a private mortgage insurance. To benefit the veterans, reservists, service members, eligible military spouses, and national guard members, it has modest interest rates and the borrowers can qualify for this loan type with no trouble. Moreover, the private lenders face lesser risks and have to follow fewer qualification standards to process the VA loan. However, VA loans, because it is a federal program, demand eligibility checks, finding loan limits & funding fees, verification of property, etc.
As a private lender, comprising banks and mortgage companies, you need to have a solution at your facility to speed up the loan processing. Flatworld Solutions, one of the leading providers of back-office support for VA loan services can streamline your VA loan processing and improve turnaround time & information accuracy.
VA Loan Support Services We Offer
We have expert mortgage professionals with over 20 years of experience in rendering support for the mortgage industry and when you outsource VA loan support service to us, we will cover all the processes related to it. We have state-of-the-art CRM and document management system to cater to your exact requirements. A few VA loan support services that we offer include -
VA loans are guaranteed by the US Department of Veterans Affairs, still, as a lender, you must be careful. One reason for this is the housing market collapse which happened in the year 2007. Also, it is you who finance the loan, so to be exempted from any fines and delays in the repayment, you need to perform a stringent pre-qualification check, including eligibility, calculation of VA funds, etc.
When you decide outsourcing VA loan support services to FWS, we will assist you in gathering and collating the necessary qualifications' documents together with credit history, income details, service tenure, and employment history records. We can compile the information under an applicant's profile in our CRM which can be directed to underwriting for further process. Moreover, through the prequalification letter which we can draft, your customer can know the round figure of the loans he/she might be getting.
With the VA loan pre-approval, you have to confirm the borrowers' info and bring together the essential paperwork for loan pre-approval and underwriting. Our VA loan support services include gathering the pre-approval documents for the loan processing, including W-2 statements, photo ids, federal tax returns, FICO credit score records, income statements, and a signed copy of the completed VA loan application. A few things that we help you collate under our pre-approval support services are -
- Employment details (Past & Present)
- Expected Loan amount
- Gross (pre-tax) monthly income
- Assets (Bank accounts, retirement funds)
- Federal debts
- Derogatory credits
- Previous homeownership
- Initial debt-to-income (DTI) ratio
Certificate of Eligibility (COE)
Certificate of eligibility confirms that a borrower is qualified for a VA backed loan. And depending on the nature of the eligibility, we can make available our back-office support for VA loan services to collect the eligibility evidence. The pieces of evidence, (depending on person to person) include -
- Statement of service
- DD form 214
- NGB form 22 & 23
- Copy of up-to-date annual retirement points statement
- DD Form 1300
- Evidence of honorable service
- Marriage License, etc.
And if a borrower is applying for a loan through your facility (not online), we can assist you to verify his/her name, service tenure, headquarters details, SSC numbers, etc.
VA appraisal gives the valuation of the property and is mandatory for the approval of VA loans. It helps to establish an appraised value and ensure that home is structurally sound and free from any health threats.
Our VA loan support services include a robust back-office support for your property appraisal requirements. We can gather and maintain property information, including location, ownership history, title information, property's physical condition, etc. We can also help you prepare appraisal reports and purchase agreements.
VA Loan Closing Disclosure
Our VA loan support services encompass a thorough assistance for loan closing. We can draft the loan terms & conditions after the underwriting process is completed. We can compile the complete closing package by creating the loan invoices for the charges incurred during the loan closing. Later, we can deliver the closing statements with necessary information including the down payment amounts, settlement costs, etc.
Our VA Loan Support Services Process
As a mortgage lender, you must adopt the most feasible method to cater to the needs of your borrower in compliance with the federal laws, e.g., real state settlement procedure act (RESPA). Moreover, the VA home loan program mandates monthly reporting of the electronic data to the VA loan electronic reporting interface (VALERI) application. This is the reason why we have adopted a time-tested process to render compliant, cost-effective, and scalable VA loan support services. Our process includes -
Borrower's eligibility verification
Gather supporting proof for applicant's loan eligibility
Document the property eligibility (in CRM)
Assist in preparing a purchase agreement, make appraisal reports, & title documents
Send the same to the underwriters
Collaborate and communicate with the underwriter(s) for any inconsistencies
Review and compile the closing documents
Dispatch the essential closing documents to the borrower
Other Services You Can Benefit From
Benefits of Choosing FWS for VA Loan Support Services
When you collaborate with FWS for VA loan support services, you will get a substantial edge over your competitors. We ensure compliance friendly support solutions through our 13+ years of extensive experience in the mortgage industry. Here are just a few of the many benefits of choosing FWS for VA loan support services -
Flatworld Solutions is an ISO-certified organization which assures you of high-quality VA loan support services. Our support agents, project team, and call center executives are highly motivated to help you with your challenges and queries. With their deep understanding of the mortgage industry, they can connect with your customers emotionally and factually.
At FWS, our team of mortgage support executives has access to state-of-the-art infrastructure in the form of world-class office spaces, continuous network facilities, and the best-in-class mortgage tools and technologies.
We have over 10 delivery centers and four offices spread across the globe. It allows us to render exceptional loan support solutions. Moreover, our customer support teams work across all the time zones and can deliver their support at your suitable time.
We are an ISO/IEC 27001:2022 Information Security Management System (ISMS) certified organization which ensures that all the information related to clients, projects, employees, legal matters, etc. is completely safe.
Flexible Pricing Options
You can work in partnership with us on the need basis. With our flexible-pricing options, you get the advantage of choosing the scope and duration of the VA loan support services. Moreover, our dynamic industry-specific knowledge enables us to tailor our services according to your niche requirements.
Our 20 years of proven service experience allow us to successfully get ahead of the changing demands of the mortgage industry and provide industry-wide best mortgage software services.
Our team of call center executives is accessible 24/7. When you collaborate with us, you can contact our call center executive anytime you want. They will be accessible every time, irrespective of the time zone difference.
Ease of Scalability
With us, you can demand ramp-ups or scale down of the VA loan support services to manage project demands and budgets; without having to worry about expenses or layoffs.
Single Point of Contact
We will assign a dedicated project manager for every project you outsource to us who will keep you updated with all the updates at every stage and be a single point of contact for all your queries.
Outsource VA Loan Support Services to FWS
Flatworld Solutions has been a pioneer in providing high-value VA Loan support services and a series of other mortgage support solutions to its global clientele. At FWS, we have an extended suite of VA loan professionals who can provide you with a high-level of scalability & flexibility, which can be customized based on your niche needs. We have in-depth knowledge and understanding of the US mortgage & federal laws and have rendered our services to the exact requirements of retail lenders, investors, wholesale lenders, service providers, and even private mortgage insurance companies. We also provide other services such as Mortgage Lien Release Support Services, RPA for Mortgage Processing, Mortgage Loan Boarding Services, Conventional Mortgage Loan Processing Support Services, Whole Loan Purchase Review Support Services, USDA Mortgage Loan Support Services, and Mortgage Processing Support for Credit Unions.
We also continuously evolve and modernize our VA loan support process to deliver immeasurable value to our clients. Get in touch with us today for reliable, efficient, and cost-effective VA loan support services.
VA Loan Support Services FAQs
What exactly is a VA loan?
The guarantor of VA mortgage loan United States Department of Veterans Affairs (VA). It is a home financing program without down payment meant for American veterans.
Why do sellers not like VA loans?
Some sellers reject VA loans simply because of lower appraisal value. Sometimes the reason can be slower paperwork and high closing cost.
Is it hard to get a VA loan?
Getting a VA loan is easy if you are qualified for it. Other reasons making it easier is that there's no down payment, the maximum limit, or minimum credit score to become eligible.