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Wholesale Registration |
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Loans are registered on the loan origination system using the application form received
from the brokers. Broker applications may come in via email or fax. The process requires
input of information from the application into the Loan Origination System to generate the
new loan number and lock rate. Corrections are also made to the loan information based
on requests received through an email or fax from the broker.
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Wholesale Indexing |
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This process provides review and indexing of the initial mortgage documents. The documents
are indexed based on a classification and naming convention as defined by the bank/mortgage
company/investor. These documents are received either from the business-to-business (broker)
channel, or subsequently as the mortgage is underwritten and processed.
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Retail Indexing |
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This process provides review and indexing of the initial mortgage documents. The documents
are indexed based on a classification and naming convention as defined by the bank/mortgage
company/investor. These documents are received either from the consumer (retail) channel,
or subsequently as the mortgage is underwritten and processed.
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Post Closing Indexing |
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This process provides grouping and indexing of the loan documents received after the loan closes.
The information is then verified and entered into the system records. The documents are indexed
based on a classification and naming convention as defined by the bank/mortgage company/investor.
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Final Documents Review
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Post closing documents, mainly recorded mortgage and title policy are reviewed for accuracy
and matched with the origination system information. Additional documents reviewed include -
Loan assignment, affidavit of changes, re-recorded mortgage documents, etc. Verification of
items like county of recording, presence of recording seal, borrower names, legal description,
signature, notary, lender's name and title policy information is also completed. The goal of this
critical function is to review all documents and to identify and fix the defects so that the loan
documentation is complete.
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Post Closing - Conventional Loans
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This process involves review and audit of closed conventional loans. This is done to check for
the outstanding conditions and to verify that the information is consistent, complete and matches
the origination system. Over 30 loan documents are reviewed. Errors are documented for the
appropriate department for follow-up. The goal of this critical function is to review all documents
and to identify and fix the defects based on agency/investor guidelines.
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Post Closing - Government Loans
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This process involves review and audit of FHA/VA government loans. This is done to check for
the outstanding conditions and to verify that the information is consistent, complete and matches
the origination system. Insurance verification is also carried out. Over 45 loan documents are reviewed.
Errors are documented for the appropriate department for follow-up. The goal of this critical function is
to review all documents and to identify and fix the defects based on investor guidelines (especially insurance).
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Consumer Loan Services
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Evaluation, verification and entry of a variety of servicing functions are carried out for unsecured consumer loans.
Transactions include - Rate change, loan payoff, canceling the lock, skipping payments, waiver of fees, misapplied
payments, application of principal payments, extension of loan period for delinquencies, insurance information update,
closing the equity line, request for 1098 forms and over 20 other such transactions. These are the traditional and
complete set of loan servicing functions geared towards consumer loans.
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Mortgage Loan Services
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Loan Closing and Activation, FHA Loan Set-up: Once the loan is funded or closed, the
information in the servicing system is checked for correctness against the loan documents and additional
set-up is completed so that it can be correctly serviced i.e. payment dates, principal and interest amounts,
etc are correct. The documents on a government loan are used to make sure that the system information is
correct and modifications as needed are made.
Escrow Services: Escrow accounts are reviewed to make sure that they are correctly set up.
In case of changes, escrow amounts are recomputed. Escrow accounts may be removed based on a request.
Escrow payments are also made as needed from the account. Escrow statements are retrieved based on requests.
Requests & Modifications:Request for coupon book, 1098 statements. The system is modified
for change in amortization schedule, misapplied payments, check returns, unapplied amounts, waiver of fees,
returns of statement, rejected payments, name or address changes, wrong mortgage account number, etc.
Payoffs:Requests for payoffs are processed after verifying outstanding balances, tax payments
and liens. If everything is in order, payoffs are authorized through a check.
Construction to Perm: Home construction loans maturing with the bank can easily be rolled into
a permanent home loan through a streamlined process. The process requires review of construction documents
as well as new loan documents. If the review is successful, a new permanent loan is created in the system for
servicing.
For more details ask our experts.
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