Outsource Mortgage Closing Support Services
Our specialization in mortgage closing covers all the stages of the loan closing process and guarantees error-free and compliant services
Expert Mortgage Assistance specializes in providing back office support services to lenders for closing mortgage in an efficient, error-free and compliant way. As an expert mortgage closing company, we cover all the stages of the mortgage closing process, including ordering title reviews, readying closing statements, liaising with agents, revising the terms, etc.
Mortgage closing is an intricate process in which the lender/credit union is supposed to provide a closing disclosure document that details of a transaction, including a breakdown of the closing costs and fees. The two things that lenders or credit unions need to be careful about at this stage of the loan process is to ensure accuracy and deliver it three days prior to the day of signing. The rigidity of the new rules and the steep costs imposed on violators, calls for a more careful approach in discharging their duties.
Assessing data integrity and documenting quality control activities during the closing stage can be a huge task for lenders. Outsourcing mortgage closing requirements to a Freddie Mac compliant third-party can prove to be hugely beneficial in times of efforts, times and costs.
We close over 10000+ loans for lenders and credit
unions in a month
Quality is the Byword for Our Mortgage Closing Process
Collect Necessary Mortgage Closing Documents
We help you gather all documents needed for the mortgage closing process. These include Loan Estimate and Closing disclosure form, title search documents, homeowner's and mortgage insurance, appraisal and inspection reports. Besides, we collect other docs that may be needed because of the location of the property. These include flood certificate, termite inspection certification, water and sewer certification
Review Property Title
Our closing back-office services includes one last review of the recorded legal rights of the property. We have a detailed look at the lawsuits, taxes, judgments and liens. After the review we arrange the files in the right sequence to make the mortgage closing process seamless.
Preparing Closing Instructions Statement
Following title review, the loan application is reviewed for one last time for inconsistencies. We prepare the closing instructions statement and send it to the funding department along with the Bank Note, E&O Insurance and Wiring Instructions, etc.
Working with Settlement Companies
We work on your behalf with settlement companies for evaluating tax and fees and even procuring the escrow agreement. We also pass on lender instructions to settlement agent to determine how the mortgage f unds are distributed at mortgage closing.
Preparing and Sending Important Mortgage Closing Documents
We help lenders prepare and deliver closing documents as required by state and federal law. These include the loan estimate, the closing disclosure, the notice of the right to rescind, and the initial escrow statement. In keeping with the rules, we ensure closing disclosure is sent three business days before signing loan documents.
Our Closing Service Steps:
- Closing Document Preparation & Review
- Examine Title
- Tax, Insurance & Reserve Audits
- Preparation of Statutory Statements & Deed
- Submit loan package to lender & clear lender conditions
- Contact hazard insurance company for new mortgagee clause
- Prepare the document order form and fee sheet and fax to the Loan Officer for approval. Once approved, fax it to the lender
- Preparing the Prelim HUDs (Settlement Statements) and Final HUDs based on the Closing Instructions/Fee Sheets/Invoices
- Obtain closing protection letter, wiring instructions, and change the loss payee clause on the approved file
Our End-to-End Mortgage Closing Services
As part of the pre-closing audit, we review the order status to ensure there is no delay in closing the transaction. During this stage we make sure that the purchase offer has been acknowledged, finances secured, and the proposed home has been approved post-inspection.
Our next steps include:
Getting Down Payment and Closing Costs from Bank After Deducting Deposit
We get in touch with the bank on behalf of you to get the closing costs and other details. We take care to provide accurate personal information, loan number and other information of the borrowers to get a quick reply.
Review Payoff Statement
We review the payoff statement for details like loan amount, payment made towards the loan, balance due, and the interest rate. This is done in a meticulous manner to issue no issue arises at a later stage.
HUD Statement Preparation
The HUD Settlement Statement requires the approval of the lender and the buyer’s attorney. We help you include all the necessary information in the specific format and style and maintaining regulatory compliance.
Pre-closing audit includes:-
- Reviewing information as per AUS
- Review LE and CD
- Review HOI, Title, Flood certificate and Appraisal
- Review note
- Verifying the information on 1003 and ACH form
Why Outsource Loan Closing Services to Expert Mortgage Assistance
By outsourcing mortgage closing process to us, you get the following benefits:
- 1000+ highly trained mortgage processors working fulltime
- 99% accuracy guaranteed in review of closing documents (closing disclosure, promissory note, Deed of Trust, CoO)
- Expert group to deal with regulatory requirements
- Standardized and automated back office service for mortgage closing
- 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
Meeting new TRID regulations pose a big challenge for lenders. The key to lessening the complexities involved in correctly preparing and assembling required mortgage closing documents for smooth mortgage closing is an expert third-party partner. Expert Mortgage Assistance has the know-how to incorporate the new disclosures into the daily flow of loan origination, loan processing support and loan closing. Outsource mortgage loan closing process to us to adapt seamlessly to the required changes.
Looking for back office support from a reliable offshore mortgage closing company? Outsource mortgage closing process to Expert Mortgage Assistance to make your process more accurate and time-bound.