Mortgage underwriting is a fairly complex task that involves a lot of data processing and documentation. Because it is quite time consuming and labour intensive, it is often outsourced so that lenders can focus on their core business activities instead. When looking for a mortgage underwriting outsourcing partner, however, there are a lot of criteria that need to be assessed…
The outbreak of the COVID-19 pandemic has created unforeseen challenges for mortgage lenders. Striking a balance between meeting restrictive FHFA guidelines (which includes suspending foreclosures and evictions for 60 days, expanding eligibility for forbearance plans to include COVID-19 affected borrowers, suspend the reporting of mortgage loan statuses to credit bureaus etc.) and finalizing on how to deal with transactions that…
In recent years, mortgage post-closing has taken on greater importance in the mortgage industry due to the record number of foreclosures that have occurred. The subsequent regulations focused on post-closing processes being inadequate and needing to maintain higher compliance and quality standards. As a result, more and more lenders have found themselves outsourcing their mortgage post-closing requirements to offshore vendors…