Mortgage Closing Support Services for Lenders
We assist lenders with a gamut of pre-closing and closing back office support services to make mortgage closing process seamless and fast
Mortgage closing is a complex process. Lenders have to submit various mortgage closing documents including the transaction details with itemization of closing costs and fees. All these must be done within deadline and with utmost accuracy. The new mortgage loan closing process has become increasingly rigid, subjecting violators to sharp penalties. Lenders need to send documents three days before signing the dotted line. What this means is that lenders now must be more cautious in delegating their duties. Additionally, during the mortgage closing documents, it falls upon them to preserve the integrity of borrower’s data. Outsourcing mortgage closing support process to a Freddie Mac conforming third-party services can help them take on all these challenges while, at the same time, helping them save on time, costs and effort.
Expert Mortgage Assistance is an expert mortgage closing support services company with years of expertize in providing complete backend support to lenders for mortgage closing services. Our compliant friendly and error-free process is what makes us one of the leading providers of mortgage back office solutions. We cover all the aspects of mortgage closing, from preparation of documents to HUD settlement, all this within the purview of compliance.
Mortgage Pre-closing Services for Lenders
In the pre-closing audit stage, we thoroughly review the purchase offer on behalf of the lender and ensure that it has been duly acknowledged. We also make sure that the finances have been secured and the property approved after inspection. We remain hands-on throughout the process to prevent any delays in closing the deal. Our further steps include:
Acquiring Insurance for Homeowners
As a part of mortgage closing process, we help your borrowers in making an informed decision about the insurance that protects them against unforeseen circumstances. If the buyer already has the insurance, then we collect the requisite documents – insurance and inspection report – for the lenders’ recordkeeping.
Arranging Closing Costs & Down Payment from Financial Institution
We will also take up the responsibility of connecting with the bank on your behalf and gather pertinent details associated with closing costs. We follow a strict, faultless process of providing accurate borrower information to get quick, first-call resolution.
Payoff Statement Assistance
Our comprehensive mortgage loan closing process also entails careful review of payoff statement. We cross-check all details such as balance due, loan amount, and interest rate, to ensure they are accurate. Additionally, we can also explain these complex statements to your borrowers, if needed.
Preparation of HUD Settlement
HUD settlement is a lengthy process as it requires approval from multiple parties, such as lenders, other party’s attorney, before the final closing. We leverage our experience in preparing the HUD settlement statement with all the necessary information in the desired format.
As an experience mortgage closing services company, we guarantee you the peace of mind to focus on your core activities.
Mortgage Closing Services for Lenders
Our mortgage closing process is geared towards simplification of complex steps that are involved in the sale of property. When you outsource mortgage closing support services to EMA.
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 end-to-end mortgage closing solutions involving following steps:
Collection of Important Documents
We collect all the mortgage closing documents that are required for execution of closing process. Not only do we gather the main documents, such as appraisal reports, insurance, title search, contract etc., we also assemble other relatable documents during the course of the transaction. These may include water and sewer certification, flood certificate, termite inspection etc.
Property Title Assessment
Our backend services also perform one final review of the documented legal rights of the property. We take a comprehensive look at all the liens, taxes, ongoing lawsuits and judgments. After the completion of assessment, we arrange the files in proper sequence to make closing quick and effortless for the lenders.
Preparation of Closing Instructions
Once the review is complete, we take one last, hard look at the loan application for inaccuracies. Following which, we draw up closing instructions statement and send it to financing department along with Wiring instructions, E&O insurance, Bank Note, etc.
Tax & Fees Evaluation with Settlement Companies
As part of our loan closing process, we go the extra mile and work with the settlement companies on your behalf. We assess tax and fees requirements and also acquire an escrow agreement. Additionally, we also deliver crisp lender instructions to settlement agents to regulate the distribution of mortgage funds at the time of closing.
Final Preparation and Delivering Important Documents
We work closely with the lenders in delivering state and federal compliant mortgage closing documents. These include loan estimate, closing disclosure, escrow account information etc. We also ensure that the closing disclosure is delivered three business days before the day of signing.
In keeping with the rules, we ensure closing disclosure is sent three business days before signing loan documents.
Our Mortgage Closing Process Stands Out for its Quality
We follow a strict pre-closing and mortgage closing process complete with quality controls at every step of the way. Our goal is to keep the data accurate across all stages of the process, keep a track of origination policies, and prevent inaccurate mortgages from filtering into closing stage.
Our mortgage closing services include authentication and authorization of:
- Social Security number of the Borrower
- Property valuation documentation
- Record of assets required to meet minimum reserves requirement
- Data entered in Loan Product Advisor
- Complete documentation of Income computation
- Employment status
- Sufficient mortgage insurance coverage
Apart from these services, we also perform quality control steps that are recorded and analysed by the management regularly.
Why Outsource Mortgage Closing Support Services to EMA
When you outsource mortgage closing services to us, we provide the following benefits and more:
Lenders are constantly struggling with strict TRID regulations and meeting their rigid standards. The best way for lenders to minimize the intricacy involved in preparation of required documents is by enlisting help of third-party experts. Expert Mortgage Assistance has what it takes to be the extension of your team. We are well informed about the new disclosures and capable of incorporating it into loan origination and loan closing process. Outsource your requirements to us and let us help you in providing seamless services.
- 30% reduced TAT
- 40% reduction in per employee operational cost
- Flexibility to scale up to 80% during peak times
- 200+ highly trained underwriters and processors working fulltime
- 99% accuracy in mortgage closing documents assessment
- 100% accuracy in preparation of closing disclosure
Looking for a reliable mortgage closing company for back-office support services? Outsource mortgage loan closing requirements to Expert Mortgage Assistance and make your process more efficient.
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Common Loan Closing Types
- Mortgage Closings
- Refinance Closings
- Commercial Loan Closings
- Reverse Mortgage Closings
- Home Equity Loan Closings
- FHA Loan Closings
- Loan Modifications
Loan Closing Features
- Comprehensive review of closed files
- Aggressive pre-close review
- Confirmed Closings within 24 hours
- HUD settlement statements done within 3 hours
- Same day closings entertained