We at Universal Technosoft help you to evade the cumbersome and time consuming process of Loan Processing. We have the expert team, which understands the intricacies of this process and helps bring down your operational costs. Some key processes covered by our expert team are:
- Check Compliance of the Document:
At the first stage in the loan processing steps, our experts scrupulously review the concerned documents. We review all the required forms and check its compliance to ensure that all the required information is provided.
- Credit Check
Our experts conduct a meticulous credit check of the prospective borrowers to ensure their credibility and reconfirm whether a loan should be extended to them. This process comprises pre-screening of credentials, obtaining and checking credit reports, credit history, FHA authorizations, Social Security status and more. Additionally we also check for existing loans with MERS, payment defaults, tax returns and transcripts, etc.
- Order Appraisal
Our team of experts order appraisals by facilitating the loan application references and details of the property to authorized appraisers. We also check payment receipts for appropriate appraisal fees and authenticate property titles.
Verification checks is a key process and our team takes this up meticulously. We conduct verification checks against all the information provided by the prospective borrowers. This entails verification of disclosures for accuracy, VoE (Verification of Employment), VoD (Verification of Deposit), VoM (Verification of Mortgage), verification of property sale history, location maps, the appraiser’s signature and license, registration, etc.
- VA and FHA case numbers
We order the VA and FHA case numbers online.
- GFE and TIL Disclosures
Good Faith Estimates (GFE) are the disclosure of the fees and charges for the loan closing. Truth-in-Lending (TIL)—a federal law—requires mortgage lenders to disclose, in writing, all the costs and terms associated with a loan. We facilitate brokers, bankers and lenders with preparation of GFE and TIL disclosures.
- Supporting Documents
Additionally, we help in collecting supporting documents namely, bank statements, mortgage statements, pension statements, escrow documents, divorce decrees and child support documents, etc. We also order homeowner’s insurance and the flood certificate for the property. When you partner with us, we enable you with an expert team and help you:
- Speed up and increase loan closures
- Reduce closure cycles and generate revenues faster
- Bring down your training and operational costs
- Offer domain knowledge and expertise
- Enhance customer / borrower satisfaction
- Help you focus on your core business