The Mortgage Lending industry is currently booming and most of the Lenders are swamped with the growing volume. While the Loan Officers find it easy to originate loans in a market where the interest rate is at an all-time low, it’s the operations team that is struggling to keep up with the increased volume. Hiring and training new employees for simpler tasks like Loan Setup and Indexing is relatively easy however getting Underwriters is another story altogether. There are many lenders with a backlog of Underwriting and the queue is getting longer.
Finding experienced Underwriters is tough and their salary expectations make it even more difficult for recruiters to attract them. This call for a solution that is easy to get, simple to implement, quick to scale yet cost effective. A solution that can help Lenders clear their backlogs without having to worry about paying big salaries for attracting good underwriters to join their team.
Mortgage back office solution providers offer Underwriting services where they offer skilled dedicated Underwriters at substantially lower prices. These Underwriters are thorough with Fannie Mae and Freddie Mac guidelines and have had prior experience Underwriting loans for some of the major Lenders/Banks in the US. They are able to work as a direct extension to your onsite team making sure the current systems and processes don’t need to be changed. The off shore team connect to the LOS via VPN/Remote Desktop and operates directly out of the LOS ensuring the confidential data don’t leave your servers.
These Underwriters have extensive experience analyzing Income, Credit, Asset and Collateral documents from the borrower. After reviewing all the documents, classifying the risk class and fraud guard review, they approve the loan with or without conditions (depending upon the Loan scenario). They also run DU/LP on the loan to come up with a complete list of condition and send those to the Loan Processor/Loan Officer. After receiving appropriate documents/clarifications, they clear conditions and send the loan to onsite Underwriters for final sign off.
Getting started is as simple as providing a quick walk-through of the current system and processes (to understand the specifics of the process you want us to follow) over a web meeting and then mutually deciding on a starting date. These service providers are able to ramp up with much shorter notice as they have a large team of Underwriters working with them.
If you are looking to hire an Underwriter, reach a mortgage back office solution provider and have an Underwriter operational within a week!