Outsource Mortgage Post-Closing Services
Our mortgage post-closing services are marked by tight reviews and regular audits to ensure compliance and completeness
Mortgage post-closing has assumed greater importance in the mortgage industry particularly because of record foreclosure volumes and subsequent regulations and scrutiny. The entire process, which involves post close reviews/HMDA audits, title recording confirmations, trailing, tracking, retrieving documents, data integrity audits, etc. should be conducted in an error-free manner and should be packaged and delivered properly. As an experienced mortgage post-closing services company, Expert Mortgage Assistance offers error-free back office post-closing support services within reasonable turnaround times.
Our post-closing mortgage team conducts stringent reviews and audits to ensure compliance and completeness. We take receipt of signed loan documents and process them before delivering the loan files to the respective custodial service providers. We review legal, origination, and HMDA documents meticulously for compliance. Our team validates compliance with underwriting and mortgage loan processing rules and retrieves all missing documents, if any. Finally, we check loan data for integrity, based on which we generate quality control reports highlighting controversial and doubtful issues.
We post-close over 10000+ loans for lenders and
credit unions in a month
Our clients outsource post-closing mortgage services to us because our streamlined process helps them focus on their core competencies, while also helping them reduce their fixed costs.
Our End-to-End Post-Closing Mortgage Services
Trailing Document Retrieval
An in-depth review of the loan is required to assess the completeness, accuracy, and integrity of all the information that was used to support the lender’s decision. We follow up with third-parties via phone and email to retrieve trailing documents such as mortgage or trust deeds, assignments, tax records, modifications, assumption agreements, mechanic's liens, UCC records, judgments, and more. Assignment, lien release, and final title policy issuance are all done only after completion of this process.
- Help retrieve trailing documents (assignments, modifications, etc.) to facilitate final title policy issuance in a timely fashion
- Follow-up with all third-parties to review all trailing documents
Assembling the Post-Closing Mortgage Loan Package
After successful loan closure, we assemble a post-closing loan package for you by collecting all the documents submitted during the entire process. These include the Note, the Trust Deed with Riders and Final HUD-1 with signatures and necessary addendums, etc. We work closely with brokers and title companies to assemble and review mortgage loan audit. We also determine if the post-closing loan package meets your requirements.
- Gather and compile all the appropriate documents that were submitted during the entire loan process
- Work with title companies and brokers to review and assemble the final post-closing package
- Review post-closing loan packages for accuracy and completeness
- Evaluate whether the file meets your requirements so that the loan can be insured, sold, and protected against fraud
- Prepare a shipping package per investor preferences
Post-Closing Data Integrity Audit
We conduct a post-closing mortgage audit to address deficiencies that may have crept in. This is a critical step for mortgage post-closing and includes tasks such as verifying occupancy, addressing issues flagged by the underwriters, etc.
- Address any discrepancies or underlying issues that may compromise data integrity
- Govt insuring reviews
MERS (Mortgage Electronic Registration System)
We register all approved loans with MERS (Mortgage Electronic Registration System) as part of our post-closing process. It is designed to track rights and ownership of mortgage loans.
By registering as “MERS as Original Mortgagee” or MOM, loans are immunised against future assignments. MERS then remains the mortgagee, regardless of whether the servicing was traded multiple times. It has been approved by the majority of rating agencies on Wall Street and enables quicker execution, a reduction in shipping time, guarantees a simplified closing process, and eliminates documentation errors entirely.
By assigning already closed loans in the lender’s name, Non-MOM loans (or MERS by Assignment) can be registered. It allows all transfers in the future to be completed electronically.
We also offer MERS iRegistration assistance to organizations that are interested in benefiting from loan and fraud tracking services at a portion of the price, without needing to record MOM in the county land records. This program also prevents fraud from occurring by verifying the borrower’s property declaration and accurately completing property preservation information.
Robust Quality Control Audits
Our post-closing mortgage quality control process is elaborate and goes beyond Fannie Mae and Freddie Mac requirements to review a random 10% of each loan type of closed loans. We make sure that all the data at our disposal is verified during the post-closing stage for discrepancies, inconsistencies, and possible omissions. To ensure fool-proof quality, we have an in-house quality control program for the post-closing process, which is independent of the quality control done for mortgage origination and underwriting departments.
Our post-closing quality control sample primarily takes 3 sample types into account:
These quality checks are conducted at multi-tier levels, thereby ensuring quality post-closing audits at all times. Our post-closing audit can be tailored to suit specific requirements and we can also accommodate any unique information provided to us. We audit all mortgage loan files such as conforming & non-conforming loans, sub-prime, subordinate lien, reverse annuity, and more.
Our post-closing quality control review takes a holistic view of:
- The accuracy of data in documents as required by law
- Mortgage underwriting decisions to ensure complete compliance with underwriting requirements as mandated by Freddie Mac
- Determine all conditions of closing have been satisfied (HUD1 Settlement Statement or other closing statement)
- Meticulously monitor the overall quality of mortgage production such as income and assets; re-verification of employment, comparison of signatures, initials and dates; review of automated underwriting approval; appraisal review; audit reports etc
We offer mortgage quality control audit services using class-leading auditing systems and processes. These services cover Pre-funding, Post-Closing, Compliance, Servicing, Cancel/ Reject, Foreclosure/ EPD Loans, Fraud Investigation, Repurchase Loans, Commercial Loan audits, and QC Plan preparations. We audit all loan types such as Fannie Mae, Freddie Mac, FHLB, FHA, VA, and Lender-specific ones. Our standard audit processes include file document review, underwriting evaluation, third-party re-verification, and credit risk analysis, etc.
Our experience in handling all these requirements with seamless efficiency has made us one of the most trusted mortgage post-closing company for third-party services.
- Verification of discrepancies in data provided
- Audits can be tailored to suit multiple requirements
- Only world-class auditing systems and processes employed
- Multi-tier quality checks in place
Tax, Insurance & Reserve Audits
Following closure of your loan, we review all tax, insurance, and reserve requirements. We check to see whether all tax obligations have been fulfilled and identify problems, if any. This includes the title insurance policy and other policy documents. Finally, we review the reserves and check for required standards.
- Review of all insurance, tax, and reserve requirements
- Check that standards are upheld for reserves
Why Outsource Mortgage Post-Closing Services to Exeprt Mortgage Assistance
Our clients prefer to outsource the mortgage post-closing process to us because we offer them a host of benefits. These include:
- 1000+ highly trained mortgage processors working full-time
- 99% accuracy guaranteed in post-closing data integrity audit (Note, Trust Deed with Riders and Final HUD1)
- Expert group to deal with regulatory requirements for post-closing compliance
- Standardized and automated back-office services for mortgage post-closing requirements
- Up to 30% reduction in TAT, leveraging a 24/7 work environment
- Up to 40% reduction in per employee operational cost
- Flexibility to scale work up by 50% during peak times
- Seamless communication and highly transparent operations
- 100% data confidentiality and privacy
- Flexible staffing model
Post-closing mortgage services delivered by EMA are meticulously designed to address all the critical aspects of mortgage post-closing.
Looking for a third-party mortgage post-closing services company? Outsource mortgage post-closing process to us to streamline your mortgage closing and post-closing requirements.
FAQs on Mortgage Post-closing Services
Post-closing is a step that follows the mortgage closing process. In this stage, the closed loan package is monitored to ensure all trailing documents are gathered and processed and all investor guidelines (tax, insurance, etc.) are met for loan saleability. It is during this stage that a borrower/purchaser is notified of sale of the loan, and the loan closing document package is sent out to them.
We have a well-defined process to post-close loans. This includes:
- Track trailing documents and retrieve them
- Assemble the post-closing loan package
- Carry out post-closing data integrity audits
- Review tax, insurance and other obligations
- Register all approved loans with MERS
The documents required for post-closing include:
- Closing disclosure form
- Original recorded Mortgage or Deed of Trust
- Original or copy of final Title Policy/Appraisal report
- Mortgage insurance certificate for all FHA loans
- Loan Guarantee certificate for all VA loans
We can start the post-closing process in as early as 1 weeks’ time
Mortgage post-closing audit is carried out to determine if a loan is suitable for both the lender and the borrower. It involves underwriting evaluation, file document review, third-party re-verification, credit risk analysis, tax and insurance compliance etc. It is a final check undertaken to ensure there are no deficiencies that may make the loan unsaleable in the secondary market.
Mortgage closing and post-closing takes anything between 15- 20 days to complete
Before closing the loan, underwriters look for the following:
- Your means and resources to pay off the loan
- Your credit repayment history
- The value and type of property being financed
- The type of property you are buying
When a loan closes the borrower and lender arrive at a settlement. During the closing stage all the stakeholders in the loan transaction sign the necessary documents. After the documents are signed, the borrower becomes responsible for the mortgage loan and is legally bound to repay the mortgage.
Information confidentiality is the hallmark of our services. We ensure this with the help of:
- Mutual non-disclosure agreement
- Fool-proof systems security
- Robust workstation security
- Complete data server security
- Guaranteed employee credibility
You can contact us either over phone ( 1855-224-6855) or through email firstname.lastname@example.org
Our team consists of professionals with a minimum of 3 years of experience in mortgage post-closing back office support services. They are led by a team of experts with over 10 years of exposure to the US mortgage industry.
We train our employees to acquire a complete understanding of agency and investor guidelines. Only those who clear an internal examination on investor guidelines are allowed to hit the floor. Once they hit the floor, we ensure they keep themselves abreast of any changes made to the guidelines.
We will need a detail scope of work and a quick webinar to walk us through the process in order to set the expectations right. Post that we will start working on files with 100% reviews initially by the in-house team to ensure that we are on the right track. This may continue for 2 weeks depending on the feedback we received. After that an observation period of another 2 weeks. In total 4 weeks before we hit full production.