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Are you mulling ways to save time and money with second mortgage loan support? Finding an experienced partner who provides second mortgage loan support is the first step. Outsourcing can steeply reduce the time spent on documentation, verification, and approval. We offer a robust second mortgage loan support takes care of functions in the mortgage process.
Flatworld Solutions has 16 years of experience in offering mortgage lenders with second mortgage loan servicing. We are experts in arranging and processing back-office requirements needed by lenders to extend subordinate mortgages to borrowers when their original mortgage is active. Our well-defined approach to loan document verification and computation of the combined loan value and the equity value of the property will assist you to come to the right conclusion. This, in turn, ensures your second mortgages are GSE compliant.
Second Mortgage Loan Support Services We Offer
Second mortgage loans are very popular because they help borrowers meet short-term fund requirements. They have a lower rate of interest and can be obtained easily if taken from the same bank, to which you have mortgaged your house. They are used as top-up loans by borrowers for home improvements, pay-off immediate debts; or cover emergency personal expenses. Whether it is home equity loan or a home equity line of credit our second mortgage loan support services handle the process with the following solutions -
1. Pre-qualification The pre-qualification step is very important because, in this step, the eligibility of the borrower is assessed meticulously, particularly if their loan is mortgaged with another bank. We assist lenders to go through the second mortgage loan applicant's documents and gather accurate information of their income and debts. We go through the documents to establish the authenticity of all details like credit scores, employment status, outstanding liens property ownership history, etc. and help lenders determine the LTV for the loan. On completion of this, we evaluate the equity value of the property and provide lenders with the estimated value.
2. Loan Processing Services Once the borrower clears the pre-qualification stage, we assist the lender in carrying out the back-office requirements for processing the loans. We collect and jot down borrower information such as name, social security number, loan amount required to assist borrowers to fill up W-2 1003 forms. Based on the property estimate and the loan that can be made available we compute the interest rate, monthly payments along with taxes to be paid and insurance costs. We bank on standardized and automated loan processing back-office processes to find out the accurate cost levied on the borrower. Our experience in processing second mortgage loans have assisted lenders to reduce costs of operations significantly and speed up the closing time.
3. Title Checking Checking the property title helps in establishing the true owner of the property which is offered as collateral for the second mortgage loan applied by the borrower. Our comprehensive title search services start with ordering for title searches and other certificates such as property tax bills needed for settlements. After we receive the title report from the title service company, we review it to identify inadvertent errors and work to cure curative matters. Based on the accuracy we even investigate and resolve issues with title commitment so that there are no hitches during the closing stage.
4. Property Appraisal A property appraisal is critical to second mortgage loan processing. This is to ensure that the borrower does not overstate the value of the property in order to get a bigger loan amount against the property. For the correct property valuation, we have well-defined property appraisal process in place. It begins by contacting a licensed property appraiser in the area where the property is located. Next, we pass on the property address and other details to the appraiser and arrange for an inspection. During the appraisal process, we help the appraiser in collecting all reports pertaining to the property to help him come to a fair conclusion. After collecting the report from the appraiser, we evaluate the report to understand the methodology used to appraise the property. Our deep understanding of the process helps us comprehend the cost, comparison and income approaches of the appraisal in a comprehensive manner.
5. Loan Underwriting We take care of the end-to-end requirements of second mortgage loan underwriting process. After receiving the mortgage title and appraisal reports, we collate the loan package and dispatch it to the underwriter. While collating we ensure that all documents and every piece of information needed by the underwriter are in place. We make use of an automated document management software and multistep document review system to dispatch complete information. The objective is to save time loss that mostly happens when the underwriter must send the loan file for missing documents or information. After sending the docs to the underwriters, we coordinate with them till we receive the underwritten file. Upon receiving the file, we review it for errors if any. In case there are errors we draw the attention of the underwriter to it. If not, we submit the file to you.
6. Loan Closing We assist you with end-to-end closing formalities of the second mortgage loan. We work closely with escrow officers, loan officers, and borrowers to track and monitor receipt of all incoming closing documents. From closing document collection to closing instructions preparation and dispatch; from settlement company's fees and taxes we collaborate with you to carry out a final audit for closing the loan. We maintain a detailed checklist of closing documents which include closing disclosures (CD), the deed of trust, promissory note, certificate of occupancy, right to cancel notice, and the initial escrow statement. At this stage, we also assess compliance with policies and make suggestions as needed. In keeping with Consumer Financial Protection Bureau rules, we go the extra mile to ensure the closing disclosures is sent to the consumers at least 3 business days before the transaction takes place.
Second Mortgage Loan Support Process
Flatworld's second mortgage loan support process is streamlined to ensure a stress-free experience to both lenders and borrowers. We take the best measures to speed up the process so that there is no delay in the loan approval. Being atop second mortgage loan support services company we follow a systematic process which includes -
01. Requirement Analysis
We will work with you to understand the service requirement and if you have challenges in the approval of the second mortgage
02. Reviewing Mortgage Loan and Documents
We will scrutinize loan documents to check if there is a first mortgage and the status will be updated into a report. We will check if the applicant is eligible for the second mortgage
03. Engage Borrowers to Fulfill Pending Documentation
Our loan support team will engage mortgage applicants to supplement missing documents and perform verification to qualify for the second mortgage
04. Creating a Report
Our observations and recommendations will be compiled in a report for further action from your end. Our report informs if the documentation and loan criteria are fulfilled
Why Outsource Second Mortgage Loan Services To Flatworld Solutions?
Working with a partner like Flatworld Solutions can bring you fair share of advantages. You can always save time, money, and efforts that are necessary to qualify applicants for the second mortgage. The top reasons why you should partner with us are as follows -
Our ISO 9001:2015 certified services are designed to meet regulatory compliances at every stage of the loan process. Our experts have a thorough knowledge of federal guidelines and keep themselves updated with changes.
100% Data Security
We provide great care to ensure that the mortgage data is handled with confidentiality. We comply with the ISO 27001:2013 regulations that govern safe data management practices.
High-quality Second Mortgage Loan Support Process
We follow a checklist-based approach to ensure borrowers meet eligibility requirements. From employment history, credit scores, and property information we check and cross-check every document to ensure things are in order.
Highly Scalable Solutions
As a world-class second mortgage loan support service provider, we offer scalable services. We arrange for qualified and experienced processors at short notice and ensure you meet any sudden spike in second mortgage loan demands with ease. You can scale down your requirements after meeting your needs.
We understand the time constraints that are applicable to both lenders and borrowers. Therefore, we work with agility to ensure quick delivery of support services.
The second mortgage loan support services we offer are cost-effective and are therefore affordable to small and large mortgage lenders. This can save you thousands of dollars annually because lenders need not hire full-time professionals on payroll to provide support from their end.
We provide a single point of contact to personally offer support in every stage of the second mortgage loan process. From loan origination to loan processing; from property appraisal to title checking; and from loan underwriting to loan closing you can bank on us for all expert needs.
Experienced Team of Mortgage Support Experts
We are driven by a team of experts with a minimum of 5+ years' experience as a loan coordinator/processor. Our experts will help you prepare and process mortgage loan records from application through approval. They specialize in auditing documents to ensure accuracy prior to submission to underwriting.
We have a robust infrastructure that supports our team of loan processing agents. Our infrastructure includes document checking tools and workflow automated technologies that keep track of the process and avoid missteps.
Our well-established process follows a clear and open line of communication. Our experts communicate with your internal staff, brokers, appraisers, title companies, closing specialists, etc. to provide answers to inquiries, resolve issues and get all necessary documentation for the file.
Client Success Stories
FWS Helped A Mortgage Lender Improve Approval by 15%
We provided underwriting support to a reputed lender. Our support ensured that their loan approval by 15%. The client felt elated with the response after outsourcing the underwriting support.
Our team comprises expert mortgage professionals with diverse experience in supporting mortgage back office requirements. As a result, you can look forward to a complete solution for your needs - from loan origination to underwriting and closing. We blend our well-defined process with advanced software suites and the best of CRM systems to guarantee outstanding services. Aside from this, we go all out to ensure that our second mortgage loan approval process is cost and time effective. With 16 years of experience, we have emerged as the new leader in mortgage loan processing support.
Outsourcing second mortgage loan services company to boost the efficiency of your loan approval process is easy. Reach us now and we will give you a free-of-cost estimate.
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Decide in 24 hours whether outsourcing will work for you.