Residential Mortgage Loan Support Services
Are you unable to decide if you should insource or outsource residential mortgage loan services? Is it cumbersome to keep up with tougher regulatory compliances? If you are amidst these challenges and prefer to limit the cost of processing mortgage loan, then partner with an expert residential mortgage loan services provider like us.
Flatworld Solutions is a company that is familiar with the real estate and mortgage landscape across the world. With complete awareness of local and federal laws, we can take residential mortgage loan services to the next level. Our risk-free and cost-efficient strategy will prevent your back-office team from the legwork or straining relationship with borrowers.
Residential Mortgage Loan Support Services We offer
The residential mortgage loan services can help you save big cost and time-wise because we empathize with lenders who walk the tightrope when loans become delinquent. With a systematic method of checking eligibility and closing loans, we minimize the risk at your end.
The services we offer as part of residential mortgage loan support services are as follows -
Loan Pre-qualification Checks
Are you unsure about the borrower's repayment capacity? Fret not! Our loan pre-qualification services include assessment of the applicant's financial portfolio. We investigate the financial capacity of borrowers by checking credit reports, lien reports, loan repayment history, open dues, etc. We also ensure that all the presented documents are accurate and complete.
Loan Application and Document Verification
Be it pay stubs, Fannie Mae 1003 form, tax returns, rental history, or W-2 we leave no stone unturned. We will collect the document and digitize the content for record keeping and quick retrieval. Customer accounts will be maintained in the CRM for effortless storage of document. Our document processing specialists will validate the accuracy of the furnished data to avoid denial and document rework. At FWS, we walk an extra mile to ensure that the application isn't rejected by the underwriter.
Property Appraisal Support
We can conduct property appraisal to estimate the market value of the property. Additionally, comparative market analysis and broker price opinion can also be carried out. The appraisal process will be conducted by evaluating other comparable listings in the neighborhood, reported property dimension, extent of repairs, and other information to declare a fair market value (FMV). The information will enable lenders to provide the loan-to-value (LTV) that justifies the actual property value.
Mortgage Loan Underwriting
At FWS, we have underwriters who can check if the paperwork and borrower portfolio is complete and accurate. Once the loan criteria are met, lenders are provided a final report that will culminate to loan closure. Any missing or inaccurate information reaching the underwriter will be flagged for further action. In case the application is denied due to errors, the underwriter will notify the required criteria to complete the loop and become eligible for a residential mortgage loan.
Mortgage Loan Default Management
Handling delinquencies are anything but a hassle that most lenders wish to avoid. Since dynamic marketing landscape increases the risk of delinquencies, it is up to lenders to ensure that they are covered from financial losses if borrowers fall behind on their payments. We send late payment reminders through multiple channels urging them to close the dues. We also provide foreclosure support (judicial and non-judicial) to lenders as an extension of the mortgage service.
We will coalesce the term sheet, inspection report, and mortgage insurance records to complete the closing process. An appointment will be set between borrowers and loan agents so that the former can be notified about loan tenure and the approved residential mortgage loan amount.
We will draft promissory note, disclaimers, repayment terms, and deed of trust before submitting the same as a consolidated loan package. The loan package will be verified before being sent to borrowers.
Residential Mortgage Loan Process We Follow
Once you outsource residential mortgage loan services to FWS, you can discover the simplicity in every step of the residential mortgage loan process. We aim to keep our services simple to help you understand the process in depth. This will enable you to make a precise judgment of the effort we take to ensure the execution of the service with high quality. We carry out residential mortgage loan services as follows -
01. Pre-approval of Mortgage
We scrutinize the borrower's financial portfolio to establish the creditworthiness. This gives lenders a better visibility of the situation to make decisions
02. Residential Mortgage Loan Application Support
We process Fannie Mae form 1003, financial records, and other loan applications to ensure that no documents are omitted from verification before the submission
03. Mortgage Processing
We will send documents to loan processors who will make a further assessment based on a checklist approach
04. Residential Mortgage Underwriting
The credit, capacity, and collateral will be reviewed by underwriters before notifying their decision. Unmet criteria (if any) will be informed to borrowers to expedite loan closing time
05. Approval & Closing of Mortgage Loan
Loan tenure, closing expenses, and monthly payables are conveyed to borrowers through a loan package
Why Choose Flatworld Solutions for Residential Mortgage Loan Support Services?
When you outsource residential mortgage loan processing services to Flatworld Solutions, benefits always outweigh risks. The reason behind this is aplenty. Apart from cost and time savings, there is more that we offer to keep you away from risky mortgage applicants who are likely to bring you unwanted liabilities and challenges. Here are reasons why lenders consider FWS for residential mortgage solutions -
Certified Mortgage Service Company
Flatworld Solutions is a member of the Mortgage Bankers Association (MBA). We are also an ISO 9001:2015 certified company that is invested your growth. Services we offer are guaranteed to bring profits in the residential mortgage loan process.
We foresee risks that can debilitate your growth. This risk stems from clumsy management of a large volume of mortgage data that includes your client's personal and financial information. We put your concerns to rest by practicing discretion and prudence while handling business data. This prevents wrongdoers from taking unfair advantage in any manner. Our staunch efforts in data security have been recognized with ISO/IEC 27001:2022 certification.
High Accuracy and Quality Service
The purpose of outsourcing residential mortgage loan services is to carry out the service with maximum accuracy and efficiency. We can help you achieve results you desire with a stellar performance. The precision with which we process loans is exactly what brings satisfaction to many of our clients.
Short Turnaround Time
We can cater high-quality residential mortgage loan services faster than most competitors. With a quick turnaround time for the execution of service, you can focus on other important tasks without getting stressed by costs that increase exponentially with the stretched timeline.
Residential mortgage loan support services offered by FWS are scalable, and ideal for lenders with flexible needs. If the residential mortgage loan applications faced by your company varies according to market performance, we can adjust the service to scale up or down depending on your needs.
Pocket-friendly Pricing Options
The residential mortgage support services we offer is flexibly priced to let you take maximum advantage with every penny spent. Furthermore, the residential mortgage loan processing services can be customized to match your budget capacity.
Single Point of Contact
Going through multiple doors to reach a human representative can be frustrating. But not with FWS, because we appoint a fixed point of contact who will assist you from start to finish without being rotated during the project. Our representative will give you real-time updates regarding the progress in the outsourced function.
Experienced Team of Mortgage Analysts, Underwriters, and Appraisers
We have a team of 200+ mortgage analysts, appraisers, and underwriters who can draw inferences by considering your unique business challenge. Our experts have over 10 years of experience in a range of mortgage projects. This expertise makes us qualified to handle your requirements in the best manner.
We rarely fall behind the latest trends and mortgage loan service strategies. With a robust infrastructure that includes the best technology, physical, and security apparatus we fulfill your needs with the highest level of accuracy and completeness.
Secure Data Exchange
Data sharing is made safe and secure thanks to SFTP and VPN used by FWS. We routinely run scans and monitor the performance of data and file sharing platforms using state-of-the-art security systems to mitigate risks that arising from outside interference.
We are always available to handle your requests by phone calls, email, and web chat support. Our contact centers remain operational on a 24X7X365 basis to support you from your local time zone.
Client Success Stories
FWS Helped Mortgage Lender Improve Business Conversions by Providing Underwriting Services
Up to 15% increase in business was evidenced after Flatworld provided cost-efficient mortgage underwriting services to a reputed mortgage lender.
Residential Mortgage Lender Benefits from FWS' Quick Loan Processing & 50% Reduction in Cost
The mortgage closing time was trimmed by 30-50% by Flatworld Solutions for a well-known residential mortgage lender who faced a challenge with loan processing.
Outsource Residential Mortgage Loan Support Services to Flatworld Solutions
I have worked with Rajeev and his team at Flatworld Solutions for the last 3 ½ years. I have been continually impressed by the level of professionalism and integrity of the Flatworld team has provided. We are looking forward to many more years of partnership with this great company.Senior Vice President,
Fast Growing Mortgage Company More Testimonials »
Flatworld Solutions is a world-class provider of mortgage support services. With 12 years of experience in residential mortgage loan services, we have catered to over 200 clients across the globe. Our approach in mortgage services is streamlined by using the industry-leading methods that are routinely improved by considering inputs from client experience.
Our team of mortgage specialists who are aware of the latest guidelines can help in easing the relationship with borrowers by presenting clear information and instructions regarding mortgage services and delinquencies. This will help in avoiding unnecessary conflicts and delay in loan disbursal. We also offer other mortgage services such as mortgage underwriting, mortgage closing support, mortgage post-closing support, and more.
Reach us now if you are looking for a safe way to speed up the residential mortgage loan process.
Mortgage Loan Support Services FAQs
What are the different types of mortgage loans?
The different types of mortgage loans include conventional mortgage, adjustable-rate mortgage, jumbo loan, VA home loan, and FHA mortgages, among others.
Who applies for or receives a mortgage?
Mortgage loans are usually obtained by home buyers who don't have enough cash available to buy a home. They are also used to borrow cash from a bank for other projects, using a house as collateral.