Outsource Renovation Mortgage Loan Processing Services

Expert Mortgage Assistance has over 10 years of experience in providing robust back office support for Renovation Mortgage Loan services. Our services encompass all major renovation mortgage loan plans including the most common, Fannie Mae Homestyle loan and FHA 203k Loans. As an experienced renovation mortgage loan processing company, we provide you with a well-established process to facilitate reduction in loan approval turnaround times.

We use best industry practices, contemporary technology and multi-tier document verification steps to maintain quality of your renovation mortgage loan process. From back office support for eligibility checks, examination of SOWs and pre-processing to underwriting, property appraisal and loan closing, we provide you with an all-inclusive solution based on FHA and Fannie Mae guidelines.

Our All Inclusive Renovation Mortgage Loan Processing Services

Loan Processing

We collect vital customer documents such as credit check reports, employment verification, employment history, pay stubs and loan application forms and review them. Asides, we receive and review documents specific to Renovation Mortgage loan such as copies of contractor license, insurance, the copy of the contract between borrower and contractor, work permit on the property etc. and complete the profile of the customer for Homestay and FHA 203k loan approval process. We also verify the eligibility requirements of the customer and the property for a renovation mortgage loan and document the same on the CRM system.

Property Inspection and Scope of Work (SOW)

We assist lenders in carrying out inspection of the property followed by understanding the ‘scope of work’. Based on the SOW, we ready a document outlining the details of the work to be carried out in the house. As a premium renovation mortgage loan services company, we verify all the information supplied by the borrower and the contractor in the SOW in order to identify potential risks associated with the property. With our services, we ensure the approved loan amount does not turn out to be higher than the value of the property after the renovations.

Property Appraisal

Unlike conventional mortgage loans, renovation mortgage loans is independent of traditional property appraisal process. The appraisal process carried out for residential mortgage loans, determine the ARV (After Repaired Value) of the property. After the completion of the appraisal process, we compile detailed information about the renovation work to be carried out on the property and the estimate of the property post repairing. The completed information is dispatched to the lender.

Loan Underwriting

We eliminate all communication gaps between the underwriter and the loan processor by closely liaising with both parties. Such a proactive support structure for your underwriting process ensures that only verified information reaches the underwriter’s desk, helping them make well-informed decisions. We use a checklist-based approach to collect all the necessary documents like personal information of borrower, property information, ARV reports SOW declarations etc. This helps to improve the speed of your underwriting process.

Loan Closing

We compile and dispatch loan packages that comprise disclaimers, loan terms and payment requirements to the borrower. We provide back-office assistance in the creation of the escrow account into which the renovation proceeds are debited. We also work with the loan processor to create and document instructions to guide the borrower during the course of the property renovation process. Our back office support for renovation mortgage loan closing services also help you handle customer queries related to the escrow account and loan amount withdrawal.

Outsource renovation mortgage loan services to us to avail all of these support services with top-notch efficiency.

Why Outsource Renovation Mortgage Loan Services to Expert Mortgage Assistance?

We have grown steadily to be a trusted service partner of numerous multiple global lenders. With the use of efficient business processes, we thoroughly examine loan requirement, contractor reports, appraisal documents and property renovation history to enable you determine the appropriate mortgage loan amount for a renovation. As an experienced renovation mortgage loan processing company, we tailor a customized approach to handle the needs of Fannie Mae and FHA approved lenders, which positions us to deliver many benefits such as:

• Over 10 years of experience in renovation mortgage loan services
• Access to 1000+ Mortgage experts with experience in handling both FHA 203k and Homestyle Loans
• Back office support with property inspection and contractor assessment
• Meticulous review of property documents to maintain high quality standards in the loan approval process
• Back office support with property appraisal process that is specific to Renovation Mortgage Loans
• Detailed review of Scope of Work(SOW) and appraisal report to reduce risks associated with loan underwriting
• Highly scalable operations with support to improve productivity by up to 50% under increase in workload
• Up to 30% reduction in operational costs and TAT