Penetrating new markets and signing up more borrowers is what every Mortgage Lender is looking for. While Loan Officers are always busy closing deals with borrowers, the operations team needs to finds ways and means of Processing, Underwriting, Closing and Funding loans faster to ensure borrowers are satisfied with the turnaround. In the midst of all these, Post-Closing tasks often are not top of the priority list and hence sometimes these tasks get piled up in a long queue.
Preparing loan packages and delivering them to investors is a tedious but essential task and can consume a lot of resources. These resources can otherwise be utilized in expanding operational capacity to process and close more loans. Each investor has their specific requirements for accepting loan packages, making Loan Delivery a cumbersome process. Mortgage Bankers need these closed loans delivered to investors at the earliest so that they can free up their funds and use the same for new lending. There are outsourced solutions available for tasks like post-closing so that your in-house team can focus on Processing and Closing more loans.
The mortgage back office service providers have extensive experience in working with all the major investors in the States. They are familiar with the investor guidelines for closing that helps them prepare a loan package which can be accepted without any issues. More often investors return packages because of incompleteness and inaccuracies. These loans hold big funds affecting cash flow for the Mortgage Banker. The mortgage back office service providers prepare loan packages keeping investor guidelines in mind ensuring early acceptance of these packages from investors.
The packaging team retrieves and consolidates all the documents related to the loan and bundles them together as one package. The QC team then checks the entire package for completeness and correctness as per a predefined checklist for each investor. Once the QC team gives a go-ahead on the package, the delivery team uploads the file to the investors’ web application. They enter package references like Lender Loan No, Investor Loan No or any other specific reference points as required by the investor. The entire process is completed within couple of hours ensuring the least hold time for funds with closed loans. They also follow up with investors to get acknowledgement on loans if the acknowledgement wasn’t sent already.
They work seamlessly with the closing team to ensure there are no gaps in communication between the in-house and off-shore teams. This solution saves about 50% of the operational cost for this process while keeping the investors happy as they don’t get to deal with loans with incomplete or missing documentation.
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