Appraisal underwriting helps lenders and credit unions get a correct estimate of the home on sale. As lenders cannot rule out the over-inflated property value, they rely heavily on appraisal underwriting to commit the mistake of over-lending. This helps them stay in compliance with regulatory requirements as mandated by US housing bodies.
We at O2I have over 21 years of experience in providing appraisal underwriting services to lenders and credit unions in the US. We have earned a name for ourselves through accurate appraisal underwriting services at a budget. We are driven by people who understand government and conventional loan appraisal underwriting guidelines. As a premium mortgage appraisal underwriting support services company, we ensure 100% compliance with government regulations. Asides, we go out of the way to make policies followed by the lender compliant with business objectives.
Mortgage Appraisal Underwriting Support Services We Offer
We have experience in diverse appraisal underwriting requirements which includes identifying additional conditions that would help to rewrite loans to affordable terms. Our clients trust us for mortgage appraisal support and services because we take care of everything like initiating the appraisal process to readying the report for the underwriter, and even reviewing third-party appraisal for any errors. We specialize in aspects such as reviewing property details, understanding and analyzing trends, prevailing prices of the same kind of properties and the condition of the property which is why we are a one-stop mortgage appraisal underwriting support service provider. So when you Outsource mortgage appraisal underwriting support services what you get are as follows -
Complete Appraiser Management
Every city and region has its own accredited appraisers. As a lender, you need to get in touch with the best appraiser for appraising the property. We provide you with a database of appraisers from all US cities and so can assist you in zeroing on the right appraiser. We enlist and rank appraisers on the basis of their experience and license and ratings. We also provide you with a summary of their past performance and reviews. We make sure lenders can cherry-pick any appraiser based on the list we provide. Besides, we also help you choose an appraiser. After an appraiser is selected, we will offer the appraisal assignment back-to-back until we receive the report. After an appraiser of your choice is selected, we assign the appraisal work to them and remain in touch with the appraisers as long as the appraisal report is received. This way we ensure you are in end-to-end control over mortgage appraisal underwriting requirements.
Comprehensive Appraisal Underwriting Review
Once the report is submitted to us, we go through it meticulously to understand the nitty-gritty. Besides evaluating the technical aspect of the report, we also evaluate the format, presentation, and completeness. If we stumble upon discrepancies, we bring it to the attention of the appraiser for corrections. After receiving the completed report after evaluation, it is sent to the underwriter on behalf of the lender. Our expert review of appraisal underwriting reports has helped several a number of credit unions and lenders uncover several all the small and big problems with properties which includes property conditions (both external and internal) that can impact the overall property loan terms.
Mortgage Appraisal Underwriting Report Preparation
After the review is over, we create an appraisal report. We specialize in preparing both preliminary and final appraisal reports. while preliminary reports give a summary of the appraisal report the final report contains all the technicalities of the report incomplete details. A preliminary report is readied to serve as a document that helps to accelerate the process of appraisal underwriting. Be it a prelim report or final report, we round off the process by digitizing the report and moving the report into the CRM system of the client. On receiving the lender's request, the report is dispatched to their underwriters to kick start the process of underwriting before the final report reaches them.
CMA (Comparative Market Analysis) Support
Comparative market analysis is a very critical requirement for underwriters to understand the objectivity and fairness of an appraisal report. We help appraisers to do a complete and thorough market analysis report. Our extended services include providing appraisers with information on the value of the same type of properties in and around the property-on-sale location. We also assist them with other details pertaining to other requirements as required by the lending specifications of the lender. Our clients have banked on comparative market analysis to evaluate property values accurately and submit error-free appraisal underwriting reports in the secondary market. Our professionals stay updated about fluctuating market prices daily and hence they help you get the most accurate reports.
BPO (Broker Price Opinion) Support
In the absence of an appraisal, underwriters require the most accurate broker price opinions (BPO). One important aspect of our mortgage appraisal support and services is that we provide appraisers accurate BPO. Our BPO is comprehensive information on the property that talks in great detail about the liquidation value of the property. Over the years, all appraisers have relied on this information to ascertain facts and then proceed with appraisal underwriting. This has helped lenders and credit unions ensure that the appraisal report and the underwriting terms are in sync. Our clients have leveraged our support time and again to ensure the submission times of the appraisal report are fast and the report contains no inconsistencies whatsoever.
Mortgage Appraisal Underwriting Support Process We Follow
Our complete know-how of mortgage appraisal underwriting services has assisted the lender to sell a loan and the borrower to buy a property with ease and cut the time taken to close a loan or buy a property. Our experts walk through the appraisal report thoroughly to ensure there is no inconsistency whatsoever. This ensures all requirements for perfect underwriting are met as well as all compliance requirements for regulatory bodies and lender internal policies adhere too. As a top mortgage appraisal support and services company, we evaluate our reports to meet state, federal and investor compliance requirements. Our process comprises these sequential steps -
We provide a list of appraisers to the lender or choose appraisers listed in an area as per their ratings and past performance. Once we choose the appraiser, we inform the lender and apprise them about the past records, license number, and experience
The lender sends us all the information about the property. We verify the information for accuracy and completeness
We relay all the details of the property to the appraiser. This is followed by scheduling an appointment for the inspection of the property. Our appraisal underwriting team stays in touch with the appraiser till the completion of the process and the report is received by us for review
We assign the reviewing function to a team of experienced mortgage professionals with exposure to appraisal mortgage underwriting. If there are any discrepancies with the report, we flag them to the appraiser to get them sorted
After we receive the corrected report, we ensure that the report is in sync with regulatory requirements and all other formatting requirements. Thereafter, the report is submitted to the lender or credit union for forwarding to the underwriter
Other Services You Can Benefit From
Why Outsource Mortgage Appraisal Underwriting to Outsource2India?
When you choose a mortgage underwriting partner, you need to ensure they have what it takes to meet your requirements. We proclaim ourselves to be the best because we have vast experience in assisting appraisal companies and mortgage lenders based in the US with comprehensive mortgage appraisal underwriting support services. By outsourcing Mortgage Appraisal Underwriting Support Services, to us we deliver benefits such as -
ISO Certified Services
As a premier mortgage appraisal underwriting support service providing company, we have more than two decades of exposure to the complex process of appraisal underwriting process which is why we will help you with the nitty-gritty of the needs of the regulatory body. Our commitment to quality services has helped us earn the ISO 9001:2015 certification.
Experienced Appraisal Underwriting Experts
We are driven by a team of appraisal underwriting experts who have vast experience in the appraisal underwriting. They understand the process in and out and ensure completeness.
Compliance with Regulations
Our experts have an end-to-end understanding of appraisal guidelines as required by Freddie Mac, Fannie Mae, VA, FHA, etc. As a result, when we prepare appraisal underwriting reports we ensure it is error-free and fully compliant. Also, we follow strict data control policies which are in sync with ISO/IEC 27001:2022 specifications.
Guaranteed Quality Report
Our mortgage appraisal underwriting service comes with guaranteed assurance. This is because, at each stage of the process, we check the document for compliance and fulfillment of all critical criteria. We take the utmost care to ensure there are no chances of issuing loans to borrowers with a high risk profile.
Our mortgage appraisal underwriting service model is scalable. No matter how high your requirements are we can scale to provide you quality reports in time. Likewise, we can scale down at the very instant you want.
We commit ourselves to a quick turn-around time, which is why our clients keep coming to us. We bank on a well-defined and proven process and expert appraisers and underwriters to ensure all your requirements are met on time.
We have modeled our service to ensure it is not heavy on your budget. At the same time, we ensure the quality of our service remains consistent irrespective of the price charged.
Single Point of Contact
When you embark on a project with us we assign you a dedicated point of contact to ensure all your needs are met without any confusion or delay whatsoever.
Reliance on Latest Technology
We bank on the latest technology and infrastructure to deliver our services. This includes an automated tool called MSuite that helps us to speed up the process and make it error-free.
Round the Clock Services
We have our presence in 8 global delivery centers which are the reason behind being operational 24/7 and guarantee fast delivery.
Client Success Stories
Streamlined Mortgage Services for a Residential Mortgage Lender
The client was unable to quickly close loans and approached us for help. Our team of mortgage experts helped them shrink the closing time and increase revenue.Read more
O2I Shortened the Closing Cycle for a Reputed Lender
We optimized the client's mortgage workflow and helped them in streamlining their closing cycle. This led to better performance in the short and long term.Read more
Thank you for the meeting today. I wanted to pass along my gratitude to your team for helping with these files. My team and I appreciate your continuous assistance and hard work. You make a great impact on our daily process, and it does not go unnoticed. Please let us know if you need anything! Thanks.Lead Shipping Specialist,
Residential Mortgage Company, Utah More Testimonials »
Outsource Mortgage Appraisal Underwriting Management Services to Outsource2India
Outsource2India has over two decades of exposure to the mortgage underwriting industry and specializes in providing robust mortgage appraisal underwriting services to its clients based in the US. This wide experience has shaped our proficiency in understanding appraisal underwriting needs from the regulator's perspective. This is why we provide highly compliant services. Our services have been leveraged by lenders and credit unions to get wind of artificial values and ensure they are not misled into loans that are not proportionate to the value of the homes. This coupled with our qualified list of appraisers ensures you always have the best at your disposal. By adopting the most advanced technology and continuously refining our process, we ensure your appraisal requirements are not held up because of the turnaround time or accuracy issues or even costs.
If you are looking for an established mortgage appraisal underwriting support services company or mortgage appraisal underwriting support service in India, please get in touch with us now.