Changing regulations and rising mortgage rates means credit unions face an uphill battle as we move towards 2019. As homes get more expensive to buy, and financial regulations force many first-time homebuyers to look at other alternatives, mortgage credit unions such as yours have to face the music leading to backlogs and constant processing delays. Outsourcing mortgage underwriting support provides you with an alternate solution which can help keep operational costs low while ensuring maximum efficiency levels.
Outsource2india's bespoke mortgage underwriting support for credit unions is an extremely viable alternative for mortgage credit unions who are facing processing issues and declining profits as borrowers wait for rates to fall before taking new loans. We understand that keeping experienced underwriters, mortgage appraisers, and processors on the payroll can constitute the bulk of your expenses. With our help, you can cut down on costs while still receiving the highest quality mortgage underwriting support that your business needs.
Outsourcing mortgage underwriting support is not an easy task as you need to partner with a service provider with a well-rounded portfolio to cover all your requirements. At O2I, we pride ourselves on our ability to underwrite loans with 100% accuracy in as less as 10 minutes. We also provide a bevy of support services including loan processing, loan closing, post-closing, title examination, appraisal services, etc. Our services include -
Our underwriters go through all the submitted documents of the borrower to quickly evaluate their employment history, net worth, income, balance maintained in their accounts, their 401(K), closed and open debts, etc. This ensures we can quickly create a borrower persona and determine their ability to repay the loan.
Credit history, especially in the US, is extremely significant and a key defining factor of the loan approval process. Often, because of their time-consuming nature, underwriters can choose to skip or speed through this step. Our underwriters ensure your borrower's credit score is checked thoroughly so as to identify their payment patterns, which is then updated in the file next to their names.
You can task our team of underwriters to assess the property or items the buyer is sometimes willing to put up as collateral for the loan. Assessing collaterals can be tough, but we use the latest assessment tools in order to price the collateral fairly.
A loan application must go through several levels of review before it is finally approved. Our underwriters ensure all the supporting documents, statements, purchase agreements, etc. submitted by the applicant are thoroughly checked. Only if all the checks are cleared, we process the loan application further.
Credit unions usually have stringent anti-fraud measures in place to avoid fraudulent applications. However, unless checked properly, some genuine applications might also be rejected leading to the loss of a customer. Our fraud assessment methods have been fine-tuned over time and help us check various factors which can lead to fraud. We check for fake documentation, conflicting addresses, multiple cash transactions with different banks, mismatch in AVM comps, sudden deposits or withdrawal of large deposits, etc.
Our title assessment services are extremely important when it comes to checking if collateral properties being put up by borrowers are legally theirs or not and whether they are free from lawsuits or other legal claims. We look at the smallest of details and complete it within a short time, so the loan application process can move forward.
As a leading mortgage processing support company based out of India, we believe in helping our clients achieve better stability and work towards better profit margins by offering them customized loan processing solutions. Our underwriters are proficient in the rules and regulations pertaining to the US, Canadian, European, and Australian housing market, among others.
Our mortgage underwriting process has been fine-tuned based on years of client feedback and ensures well-timed reviews, strict compliance adherence, credit union guidelines for closing, and everything else that you may want from your service partner. Some of our key differentiators which allow us to provide timely mortgage underwriting support services include -
At Outsource2india, we combine manual and automated techniques when it comes to providing expert back-office underwriting support for faster delivery and better accuracy. Our understanding of the intricacies of the mortgage process and our network of banking institutions and credit unions ensure all your requirements are met with top-notch service. Some of the reasons why you should outsource mortgage underwriting support for credit unions to us include -
Mortgage Underwriting Support for a Leading Retail Lender
US-based customer approached Outsource2india, as his in-house team of underwriters was not able to manage the increase in volume. Outsource2india provided him with a dedicated team of underwriters and helped him get business back on track.
Read the case study
I have worked with Rajeev and his team at Outsource2india for the last 3 ½ years. I have been continually impressed by the level of professionalism and integrity of the O2I team has provided. We are looking forward to many more years of partnership with this great company.Senior Vice President,
As a credit union, you need to work with insurance providers on a routine basis just to ensure all the underwriting requirements you get are legitimate while painfully checking each one for compliance. Maintaining an experienced staff can also lead to higher costs and can be tricky to navigate in an uncertain home market today. By partnering up with O2I, not only do you save money and time, but also raise your game to meet the challenges posed by large corporations and chain bankers. Productivity and efficiency are not just keywords for us, as we help you see better results within a short time period.
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It prescribes methods for agents and underwriters to accept, reject, and modify mortgages. The checklist has mandatory compliances which must be satisfied by the prospective insured.
In normal circumstances, it's from 2 to 8 business days. However, there may be exceptions where it can be delayed by slightly over a week.