It isn't easy to stay up-to-date on the latest consumer financial protection bureau (CFPB) regulations. As rules become stricter, lenders are forced to act prudently to avoid financial liabilities caused by non-paying clients and losing monies to the ever-increasing cost of compliance checks. If you face difficulty in making profitable negotiations, the best way out is to partner with a dedicated mortgage underwriting support company like ours.
Being an ISO certified company, Flatworld Solutions offers mortgage underwriting support for lenders that will eliminate the risks associated with lending. When you outsource mortgage underwriting support, we provide a 360-degree view of the borrower profile to estimate their loan repayment capacity and creditworthiness.
ABC's of Underwriting Services
What is Underwriting Support?
Underwriting support is a service where a certified underwriter will incessantly verify the creditworthiness of a loan application. This service is important if you want to avail a loan against collateral from a bank or a lender. Since financiers prefer to work with minimal risk clients who repay the borrowed sum without missing payments, your loan portfolio is likely to be subject to intense scrutinization before approval.
What Do You Mean by Underwriting?
Underwriting is a sequence of analysis carried out by financial organizations where borrower's portfolio is evaluated for creditworthiness. As part of this services, loan underwriters and loan processors keenly assess your financial health, credit history, and the collateral value. They can approve, suspend, or decline the application on a range of factors. If you have a healthy credit history and have no outstanding amount owed to any financial institution, you will have enough merits to gain approval.
What Does it Mean When A Loan is in Underwriting?
When your loan application is in the underwriting process it is queued up among other applications that are awaiting the attention of an underwriter. Although, not long, it can take quite some time before underwriters begin evaluating. This delay is mostly because most financial institutions face a shortage of resources leading to bottlenecks in the application. When you choose to outsource underwriting support to professionals at FWS you can circumvent the wait and get your application processed faster.
What Do Underwriters Do?
Certified underwriters are professionals of intellectual acuity who are aware of mortgage regulations, legalities, and provide fast service. The discretion is theirs to approve, reject, or put applications on hold until standard conditions are met. Every expert underwriter has a checklist of requirements that a loan seeker must satisfy. If applications are pushed without by partially meeting the prerequisites, it is likely to be caught by the underwriter during appraisal and the applicant will be advised to furnish the missing document to further qualify for the loan. The responsibility of an efficient underwriter is to mitigate financial risk for buyers and lenders.
What is Included in the Mortgage Underwriting Support for Lenders Offered by Flatworld Solutions?
Be it mortgage underwriting, loan closing, title support, or post-closing, we offer a wide range of service portfolio that is suitable for an array of needs. With advanced automated tools at disposal, we offer reliable mortgage underwriting assistance for lenders without renegotiating the deadline. As part of mortgage underwriting assistance, we offer the following sub-services -
Borrower Creditworthiness Assessment
When you outsource mortgage underwriting support for lenders to us, we, at Flatworld, investigate borrower's financial background which includes 401(k), income, IRA, and savings account. We benchmark their creditworthiness against the mortgage company's qualification criteria.
Borrower Credit History Appraisal
We initiate the loan approval process after accurately evaluating a borrower's credit history. With a team of qualified underwriters, we perform credit score analysis on credit history to learn the applicant's payment pattern.
We also have a team of state-licensed property appraisers who will review the property of interest and provide the actual market value to build a better relationship between businesses and their clients. It will also help lenders to sanction loan amount comparable to property's worth.
What does Mortgage Underwriting Support Offer?
Flatworld Solutions' mortgage underwriting support offers an exceptional advantage that would free your teams to focus on other essential functions of mortgage services while we take care of adherence to closing guidelines, compliance requirements, and other tasks for streamlined loan servicing. By outsourcing title services for companies to FWS, we implement the following -
We evaluate loan files in the order of our checklist and prepare for loan closing
We prep disclosures for real estate procedure settlement act (RESPA) and truth in lending act (TILA) along with pre-disclosures
We run compliance verification to check if loan files comply with state and federal laws
We restructure loan files for seamless management
We validate whether the process files meet your underwriting needs
We compile the data to create home mortgage disclosure (HMDA) reports
What is the Process Followed for Mortgage Underwriting Support?
Our business model is centered on workflow transparency. You would be brimming with confidence by partnering with us because you can get an up-close view of how we handle your requirement from inception to completion. Have a look at our workflow sequence and how we do it -
Get in touch with us through phone, email, or in person to send us detailed information of your requirement so we can check your client's eligibility
Loan Value Estimation
We update your client's loan application with the latest information so that our loan officer can provide an estimate comparable to the property
We acquire documents that are critical for mortgage underwriting services and faster approval. We follow a checklist of requirements to ensure availability of all key documents
Ordering Underwriting Services
Our loan processor will verify income, tax returns, and bank statements to issue preapproval letter followed by property appraisal
Paper Trail Creation
We create a solid paper trail to establish that the property has no legal claims. Our efforts are compliant to TILA to ensure complete financial protection for lenders and creditors
Assessment of Title History and Issuing Title Insurance
Our underwriters review ownership history to look for liens, claims, tax dues, pending legal action, and easement rights. After successfully clearing the evaluation, insurers will issue an insurance policy for the title
Execution of Sales and Closing Costs
In the last step, the lender funds your loan application by paying the sellers. Closing costs (if any) will be levied on the buyer. This concludes the purchase
Why Choose Mortgage Underwriting Support from Flatworld Solutions?
Mortgage underwriting support is a service that requires precision workflow to avoid errors because documentation rework can roll back progress in an instant. We, at Flatworld, understand this concern better and deliver professional services along with experts who are qualified to handle the project in short TAT. But there is more why we get chosen the time and again for mortgage underwriting support and here's why -
FWS is a state-licensed company offering back-office assistance which includes mortgage underwriting. We are a member of the mortgage bankers association (MBA) with the qualified team who can handle underwriting functions
We give prominence to confidentiality of client's financial data. As a result, we take the latest measures to ensure your data is safe. Some of the steps include digital and physical deterrents that disallow unauthorized members from handling your project files
High Accuracy and Quality Service
We routinely audit our services to ensure that they meet industry compliances and client requirements. If a deviation is detected, we quickly converge on the problem for quick resolution
Fast service is a game changer in business and we have helped many lenders speed up the loan processing by saving as much as 40% time involved in underwriting and financing. You too can enjoy shorter turnaround by outsourcing mortgage underwriting assistance to us
Our services are designed with a focus on the present as well as the future. To prevent results from becoming obsolete with passing time, we incorporate features that allow upscaling
Pocket-friendly Pricing Options
The fear of draining budget is one of the reasons why lenders choose to outsource mortgage underwriting support services to us. Our cost-effective services are designed to boost savings while plugging financial leaks that can occur due to error
Single-point of Contact
Multi-agent engagement can come in the way of personalized interaction. We assign a dedicated representative familiar with the project throughout every stage to quickly respond and address your concerns
Experienced Team of Mortgage Analysts, Underwriters, and Title Experts
Our well-experienced team includes certified residential underwriters (CRU), accredited mortgage professionals (AMP), certified mortgage bankers (CMB), residential certified mortgage servicers (RCMS), and certified mortgage compliance professionals (CMCP). Our experts have over 10 years of experience in a range of mortgage functions and are familiar with many existing challenges
Our infrastructure is a center of excellence where teams undergo routine training, learn, and research on the go. We have smart mortgage software which includes the ones used for underwriting support. With all the right tools in arm's reach, we continue delivering industry's powerful solutions
Secure Data Exchange
We have already incorporated a secure environment for data exchange where critical project files can be pushed and pulled without resistance. Our secure FTP channel lets you send confidential documents securely
Round the Clock Availability
Waiting for a response is one of the daunting moments for clients. It can result in loss of confidence in the project undertaker. If this is your concern, fret not. We have a team of subject matter experts who will be available 24/7 by phone or email. You can hear from us anytime, anywhere
Client Success Stories
FWS Delivered Compelling Solution for Fast and Accurate Underwriting
Our team helped the client to clear the underwriting bottleneck, increase bandwidth to handle higher loan volume, reduce operational costs, and boost their confidence through reliable underwriting service.
The conference was extremely productive and great seeing you also! Rajeev Kumar is extremely knowledgeable not only regarding outsourcing but in our particular industry. There is nothing that he does not know from originations all the way through to post-closing functions. You can feel confident that he will give your client a great experience!
Outsource Mortgage Underwriting Support for Lenders to FWS - Leader in Mortgage Services
Flatworld Solutions is an ISO certified provider of mortgage underwriting support in India with the service area spanning 170+ international regions. We are backed by 15 years of project exposure where our mortgage services cover a broad range of requirements within the mortgage industry. We have a team of qualified underwriters who have handled high profile underwriting projects from around the world. Our project team is adept at mortgage industry regulations as well as legal compliances that enables us to provide the best client experiences.
Contact us with us if you want to avail underwriting assistance without legal complications.