Outsource Mortgage Underwriting Support for Lenders
As a lender handing mortgage underwriting for your customers, you could be facing increasing compliance costs and expensive non-compliance penalties due to stringent Consumer Financial Protection Bureau's (CFPB) regulations. Underwriters now have to perform extensive due diligence of the applicant's file to ensure that the information is accurate and documentation consistent. This is crucial for a problem-free loan closing.
Have you considered mortgage underwriting support services provided by third-party vendors such as Outsource2india? We have a wealth of experience in providing mortgage underwriting support for lenders. We can help you speed up the process of mortgage processing with our loan underwriting services, by increasing accuracy and reducing overhead costs.
What is Underwriting Support?
So, what does it mean when a loan is in underwriting? This is a process which the lender uses to find the risk of providing a mortgage loan to a borrower is under acceptable limits or not. This process leads to a decision if the loan will be approved or not. There are many factors which lead to the final decision of the underwriter. These factors include application, credit review, income to debt ratio, income verification, approval decision, etc.
What do Underwriters Do?
Although automation is now part of the mortgage underwriting process, underwriters are still required to investigate the applicant meticulously and determine their repayment capacity. The borrower's creditworthiness is scrutinized closely by the underwriter who follows "the three C's of underwriting," - credit history, capacity, and collateral -
- Credit history is to do with how well the loan applicant has been paying debts off, by checking for foreclosures or bankruptcy
- Capacity is the ability of the loan applicant to repay loans, using factors such as debt-to-income ratio, salary, or cash reserves
- Collateral deals with the borrower's down payment, loan-to-value ratio, property type, and property use. This is an important step because you, the lender, will be stuck with the home if the borrower fails to make timely mortgage payments
With so many processes and compliance factors to keep in mind you could be facing high operational costs, with your in-house underwriters stretched beyond their capacity.
Mortgage Underwriting Assistance for Lenders We Offer
Our team of mortgage underwriters can be your back-office assistance for mortgage underwriting by helping you carry out the three C's of underwriting. They will -
- Assess Credit History by performing a very thorough analysis of the borrower's credit history. They study the borrower's credit score and identify payment patterns. They will also check if the borrower had taken out loans in the past and successfully repaid them.
- Evaluate Capacity by verifying if the borrower has the capacity to repay the loan they are applying for. They evaluate the borrower's debt-to-income ratio, employment history, income, 401(k), checking/saving accounts, IRA, and debts/assets.
- Calculate Collateral by appraising the property that a buyer is planning to buy. They assess the property's loan-to-value ratio, property type, and property use.
Mortgage Underwriting Support Provided by Outsource2India
When you outsource mortgage underwriting support services to us, we are committed to providing high-quality mortgage underwriting process. Our team members provide mortgage underwriting support services for each of the steps of mortgage underwriting. We -
- Confirm that loan files, processed by the pre-underwriter, fulfill the underwriting requirements
- Ensure that all applications are 100% compliant with Fannie Mae and Freddie Mac guidelines
- Prepare RESPA/TILA pre-disclosures and disclosures
- Prepare HMDA reports to provide mortgage data
- Validate the 4Cs - Credit, Capacity, Collateral, and Capital
- Red-flag suspicious behaviors that can be indicators for fraudulent activity
Why Outsource Mortgage Underwriting Support for Lenders to Us?
We have been providing mortgage underwriting support to lenders in India and all over the world. We have over 25 years of experience in this domain. Here's what sets us apart -
Quality and Compliance
Our team of underwriters and processors work fulltime to maintain a high degree of accuracy at every step of the mortgage underwriting process. They perform multiple quality checks, observe compliance requirements, and closely follow underwriting guidelines.
Communication and Transparency
We maintain a high degree of communication with your team throughout the process. In addition, you will liaison with a one-point contact who will help you at every step.
Reduced Costs and Overheads
By using our team of expert underwriters, you don't have to hire new employees when the workload increases. The team size can be scaled up during peak times or scaled down when the workload is low. You can benefit from better resource usage and reduce your spending on infrastructure.
Data Security and Confidentiality
Much of the information processed by mortgage underwriters is sensitive and confidential. Our team members undergo regular training sessions on cyber and data security best practices and are aware of new and evolving threats.
24/7 Access to Services
You will have 24/7 access to our services so that you are aware of every stage of the process. Be rest assured that you will have complete control over the mortgage process.
Shorter Turnaround Time
You can expect a significant reduction in TAT with our standard and automated processes for mortgage underwriting support.
Our team of underwriters provides the required services at highly affordable prices which will save costs in terms of hiring in-house staff, overhead costs, etc.
ISO Certified Organization
Outsource2india is an ISO certified organization and you can rest assured that the services delivered by our mortgage team are of high-quality.
We have access to the best infrastructure in terms of uninterrupted networks, world-class office spaces, and latest mortgage tools and technologies
Single Point of Contact
We assign a dedicated project manager to every client who will be the single point of contact and keep you updated with the project status at all times.
Multiple Delivery Centers
We have multiple delivery centers spread across the globe in different time zones hence we are able to deliver the underwriting support services within a quick turnaround time.
Client Success Story
Mortgage Underwriting Support a Mortgage 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
Outsource Mortgage Underwriting Support for Lenders to Outsource2india
We just wrapped up our monthly scorecard call with our biggest client. We continue to be their top performing AMC by volume, and their top-rated AMC. So, THANK YOU all for all the hard work on this, and all of our lenders. You at O2I all are doing a great job for us and the hard work is truly appreciated.Spokesperson,
Appraisal Management Company, CA More Testimonials »
Outsource2india has been a pioneer in providing mortgage underwriting support in India for lenders and a host of other mortgage support services. Having been in the industry for over a decade now, we understand the exact requirements of the client and provide customized services. If you are considering outsourcing mortgage underwriting support, to O2I. Read what some of our clients have to say about us.
Let our team provide mortgage underwriting assistance and streamline your processes. Get in touch with us now to outsource mortgage underwriting support and discuss your project requirements with our professionals.