Underwriting
Mortgage Elephant is a leading provider of mortgage underwriting services. We rely on experience and highly skilled professionals to deliver accurate, cost-effective, and time-bound residential loan underwriting services to lenders and credit unions. Our mortgage underwriting support services assist Lenders and Credit Unions expedite the process of closing loans after.
Our mortgage underwriters assist lenders and credit unions in understanding the financial credibility of the applicant. We also provide mortgage contract underwriting services and ensure each loan meets the secondary marketing guidelines. Additionally, we assist in assessing the payment history, debt-to-income ratio, loan-to-value ratio, and other variables to precisely assess if lending the loan to the applicant is a good investment. Our end-to-end mortgage loan underwriting process has helped our clients make discreet lending decisions.Our experienced underwriting team is proficient in Pre Approval, Initial Reviews, Components review such as Income calculation, Assets review, Credit review, Appraisal review, Condo review.
Credit Review
One of the most important factors in the mortgage approval process is credit. Mortgage Elephant offer service of reviewing credit report to validate of agency guidlines are met,Identify any SSN related issues, Identify any occupacny issues, Public records and other fruad alerts.
Income Review
Mortgage Elephant has team to higly skilled professionals who carries income caclation for the DTI determination and validating all agency guidliens are met. We offer income calcualtion for the following type of income:
Wage Earner’s Income, The Self-Employed Earner’s Income,Social Security/Disability Income,Retirement income/Pension,Rental Income, Alimony or Child Support, Automobile Allowance,Boarder Income,Capital Gains Income,Disability Income — Long-Term,Foreign Income,Foster-Care Income,Housing or Parsonage Income,Interest and Dividends Income,Notes Receivable Income,Public Assistance Income,Royalty Payment Income,Temporary Leave Income,Tip Income,Trust Income,Unemployment Benefits Income,VA Benefits Income
Assets
It’s not enough to verify your income in the home loan underwriting process. There’s also an asset assessment designed to figure out if you can afford the down payment, or if you have an adequate reserve to make payments.We look at your bank accounts, investment and retirement accounts, real estate holdings, and anything else that might be of significant value. We also identify other issues and other liabilities that might be present on the assets documents and how they impact your overall picture.
Appraisal Review
As per new mortgage rules, the onus of procuring an unbiased estimate of a home, rests squarely with the mortgage lender. This makes it imperative for them to embrace an objective way to assess the home’s value. However, acquiring a good appraisal report is fraught with challenges. Lenders’ assessment is as good as an appraiser’s assessment, and if the appraiser goes wrong so does the lender. Sometimes, the process can get too tardy. It may take weeks to get an appraiser to visit a property, and the appraiser may take weeks to conclude. Availing the mortgage underwriting services by a leading provider is thus crucial for precise appraisal review. Outsourced mortgage underwriting professionals have detailed understanding of the appraisal process. They actively communicate with the appraiser to ensure the appraisal process is correct.
Our mortgage appraisal review process is well-defined, and we use the most current version of the appraisal report form applicable for the specific type of property. We order appraisals on behalf of the lender to certified appraisers. Thereafter, we stay in touch with them till we get the appraised value of the property in the shortest possible time. We also assist the lender in reviewing the report to ensure compliance with regulatory requirements. We review appraisal photographs, location maps, property sales history, appropriateness of the comparable, adjustments, as well as the report date, appraiser's signature and license number, before passing on the report to the lender. The mortgage contract underwriting services by aExpert Mortgage Assistance is thus versatile.With our streamlined services we ensure lenders get their appraisal work done in short turnaround and with greater accuracy.Verify license and certification of appraiser,Review current market and comparable properties Review inspections done as per investor guidelines.
Running Automated Underwriting Systems
We leverage various automated underwriting systems which include our proprietary automation tool MSuite to deliver real time underwriting decision about the customer to the lender. We specialize in both Fannie Mae’s Automated Underwriting System (Desktop Underwriter) and Freddie Mac’s Automated Underwriting System (Loan Prospector). Choose to outsource mortgage underwriting services and get nothing but the best.
Sometimes there might be a need to resubmit loans in the automated system because of changes in loan terms or other reasons. As multiple resubmissions might be red flagged, we have adopted the best practice rule of placing notes in the LOS to support each resubmission. Thus, with accurate notes we ensure easy processing of DU files. We have experience in using:
Clearing Loan Conditions
The rise in number of home buyers has resulted in a shift in property investments. Our streamlined mortgage contract underwriting services have helped our clients assess an applicant’s borrowing and payback capacity precisely, and close loans faster. The mortgage underwriting process may sometimes require additional information to decide on the loan. We provide this information by being at the beck and call of the underwriter. Once all the requirements are met, we issue a 'clear to close' or final approval. The outsourced mortgage underwriting services is certain to help with your decision to provide loan to the ideal applicant.
Conditions Review
Clearing loan conditions is always a very time-consuming task and leads to most loan delays. We have wide experience in accelerating this process for lenders. Over the years, our streamlined mortgage processing support services have helped our clients procure timely information on conditions like employment verification, explanation of late payments, explanation of gaps in employments, and proof of fund inflow in bank accounts. Through our unmatched mortgage contract underwriting services, we support the requirement with letters, proof, and other appropriate documents. You too can outsource mortgage underwriting services to clear loan conditions faster.Obtaining a clear title policy Verifying insurance policy (flood, home owners etc),Reviewing Credit, Verifying appraisal report, Verification of employment or deposits (VOE or VOD),Project approval (condo units only)and Title Review
Carrying out phone re-verification
Our mortgage underwriting support services are based on basic underwriting controls. For instance, we validate and re-validate data entered into an automated underwriting system (AUS); and have proper checks and sign-offs to ensure greater accuracy. Complex underwriting requirements go through multiple stages of quality checks and are signed off by seniors having 10 years of experience in underwriting. Our experience in mortgage contract underwriting services also helped us develop an instinctive understanding of the risk components of mortgage loan processing. This understanding helps us ask the right questions to your borrowers, identify contentious issues, and spot inconsistencies with ease. We also rely on a detailed and well documented process to gather information to support the value of questionable appraisal. All these together have helped us carve a niche as a mortgage loan underwriting company. Thus, outsourcing mortgage underwriting can add value to your overall lending process.
By outsourcing mortgage underwriting process to us, you get the following benefits:
- Highly trained underwriters and processors working fulltime
- Comprehensive support for underwriting back-office needs (Capacity, Credit, Collateral)
- Standardized and automated back office processes for mortgage underwriting support
- High quality assured through multi-tier quality check
- Expert group to deal with regulatory requirements
- Up to 30% reduction in TAT, leveraging 24/7 work environment
- Up to 40% reduction in per employee operational cost
- Flexibility to scale work up to 50% during peak times
- Seamless communication and highly transparent operations
- 100% data confidentiality and privacy
- Flexible staffing model
