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 to close mortgages in an efficient, error-free, and compliant manner. 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 or credit union is supposed to provide a closing disclosure document that details the entire 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 Estimates and Closing disclosure forms, title search documents, homeowner's and mortgage insurance, appraisal and inspection reports, etc. Besides that, we also collect other documents that may be needed because of the property’s location. These include flood certificates, termite inspection certification, and water and sewer certification.
- Collect all important documents required for successful mortgage closing (inspection reports, appraisals, title documents, CD forms, Loan Estimates, title search documents, etc.)
- Collect documents related to the property’s location (water and sewer certification, flood certificates, etc.)
Review Property Title
Our closing back-office services include one last review of the recorded legal rights of the property. We have a detailed look at the lawsuits, taxes, judgments, and liens involved. This process also involves evaluating the property’s chain of title, Title insurance policy, and plat. This is to determine if there are any listed exclusions or easements that need to be considered. After the review, we arrange the files in the right sequence to make the mortgage closing process seamless.
- Arrange the required files in the right order to facilitate easy processing
- Final evaluation of recorded legal rights
- Detailed look at the property’s chain of title
- Review of the Title insurance policy with its listed exclusions
- Review of the plat, which indicates the legal property boundaries and any records of encroachments or easements
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.
- Final review of the loan application for errors, which includes appraisal reports, flood certificates, inspection reports, homeowner’s insurance, etc.
- Prepare the closing instructions statement
- Deliver the closing instructions statement to the funding department, along with bank notes, wiring instructions, and E&O insurance
Working with Settlement Companies
We work on your behalf with settlement companies to evaluate taxes and fees and even procure the escrow agreement. We also pass on lender instructions to settlement agents to determine how the mortgage funds are distributed at mortgage closing.
- Reach out to settlement companies for fee sheets
- Obtain the escrow agreement
- Evaluate taxes and fees
- Send lender instructions to the settlement agent
- Determine how funds will be distributed at closing
Preparing and Dispatching Important Mortgage Closing Documents
We help lenders prepare and dispatch 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 disclosures are sent three business days before the signing of loan documents. We also ensure that we follow up with settlement companies to close mortgage loans within certain time constraints.
- Prepare and send the initial CD and other closing documents (Loan estimates, closing disclosures, etc.)
- Ensure 100% compliance with federal regulations
- Follow up with settlement companies in closing the mortgage loan
Our Closing Service Steps:
- Closing document preparation and review
- Add closing and funding conditions as required
- Examine Title
- Tax, insurance & reserve audits
- Preparation of statutory statements and deed
- Review all open conditions and ensure all underwriting conditions are signed off on
- Submit loan package to lender and clear lender conditions
- Contact hazard insurance company to obtain new mortgagee clause
- Prepare the document order form and fee sheet and fax to the Loan Officer for approval
- Fax approved documents to the appropriate lender
- Prepare the Prelim HUDs (settlement statements) and Final HUDs based on the Closing Instructions/Fee Sheets/Invoices
- Obtain closing protection letters and wiring instructions
- 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:
Obtaining 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.
- Contact bank for closing costs, etc
- Guarantee accuracy of respective documents to expedite the process
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 ensure that no issues arise at a later stage.
- Review payoff statements for interest rates and the balance due to close the loan
HUD Statement Preparation
The HUD Settlement Statement is used to itemize all charges imposed on a buyer and requires the approval of the lender and the buyer’s attorney. We help you include all the necessary information in the specified format and style, while maintaining regulatory compliance.
- Ensure 100% regulatory compliance
- Review all the borrower’s loan terms (i.e. interest, prepayment penalties, variable rates, escrow requirements, principal amount, etc.)
- Assist in reviewing and signing settlement statements
Pre-closing audit includes:-
- Reviewing information as per AUS
- Reviewing LE and CD
- Reviewing HOI, Title, Flood certificate and Appraisal
- Reviewing notes
- Verifying the information on 1003 and ACH form
Why Outsource Loan Closing Services to Expert Mortgage Assistance
By outsourcing your mortgage closing process to us, you receive the following benefits:
- 1000+ highly trained mortgage processors working full-time
- 99% accuracy guaranteed in the reviewing of closing documents (closing disclosure, promissory note, Deed of Trust, etc.)
- Expert group to deal with regulatory requirements
- Standardized and automated back-office services for mortgage closing
- Up to 30% reduction in TAT, leveraging a 24/7 work environment
- Up to 40% reduction in per employee operational costs
- Flexibility to scale work up by 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 the required mortgage closing documents is an expert third-party partner. Expert Mortgage Assistance has the know-how to incorporate new disclosures into the daily flow of loan origination, loan processing support and loan closing.
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.