Tips for Effective Mortgage Processing
Processors can go wrong at so many levels. This can lead to delayed processes, denied mortgages, waste of time, waste of money and not to mention the frustration. It is no news for the brokers that the mortgage processing can be a lengthy and an annoying procedure. However, with careful planning, mortgage can be processed not only efficiently but also in timely manner. These are the two most important aspects for delivering high quality service to your customers and guaranteeing their satisfaction.
Having said that, with the lending guidelines being changed significantly over the years, it is imperative for the loan processor to be fully aware. This will allow them to evaluate each prospective client based on all the variables and assess carefully if they meet the requisite expectations.
Here are some of the most basic mortgage tips that will help you stay on top of your game and simplify the process for you
Comprehensive Analysis of the Loan File
It is important to know all the aspects of mortgage to know if your client makes the cut. The loan processor should assess each file with careful attention to detail and evaluate if the customer has all supporting documentation for successful filing. Since the lending agent is an intermediary between the client and the bank, it is their duty to check if the customer has received pre-approval for the loan before the file reached you.
Meticulous Evaluation of Credit Report
A loan processor should have the skills to scrutinize the client’s credit report and should be able to identify the documents that will be required to tackle their credit profile. Assess the client’s assets including their savings and checking accounts, outstanding debts such as car loans, student loan repayments etc. The processor should know that in case of late payments, they would be required to furnish a written explanation. A loan processor should know that these details are crucial for successful filing.
Calculation of Exact Income
The loan processor should never take the borrower’s rough estimate as the income that goes into the file. The income noted on 1003 should be based on borrower’s actual documentations and reports. This is why it is imperative to have all the sources of income in one place. Pay stubs, income tax returns, bank statements etc. are required for the calculation purposes. It is important that the borrower’s income is not fully absorbed by the mortgage payments. This can be a huge factor in loan approval process.
When you are processing a mortgage, the time is of essence. Asking questions from the borrower upfront will save you a lot of time going back and forth. For employment verification, rather than making endless calls to their office, ask the borrower if they have an automated system or a direct contact that can supply the document. This will not only expedite the process but will also give you time to address other important issues.
Pay Attention to Detail
Overlooking small things during the course of application can seriously delay the whole process. Pay attention to even the smallest closing detail required by the lender. All the conditions should be met long before the deadline for closing documents. These little things go a long way in making a seamless application that breezes through the approval.
The success of your application largely depends on the efficiency of your mortgage processors. A company that understands the complexity of the mortgage industry is the one best suited to handle your file. This is the reason Expert Mortgage Assistance has earned itself a reputed name in the business. They have years of experience in handling all kinds of mortgage cases, making them not only efficient but also highly productive with regards to providing every kind of outsourced mortgage support services.