We submit your application to an underwriter for crosschecking your eligibility and validating the documents submitted. If the underwriter feels there are conditions to clear such as explanation of late payments or employment gaps, we help you speed up the condition clearing process.
Order credit report and review it. We conduct a complete credit check of prospective borrowers to ascertain their credit worthiness. This includes pre-screening of credentials, obtaining and checking credit reports, credit history, FHA authorizations, Social Security status and more. We also check for existing loans with MERS, payment defaults, tax returns and transcripts, etc.
We conduct verification checks against all information provided by the prospective borrowers. This includes verification of disclosures for accuracy, VoE (Verification of Employment), VoD (Verification of Deposit), VoM (Verification of Mortgage), verification of property sale history, location maps, the appraiser's signature and license, registration, etc. We verify all borrower’s information like pay stubs, W2 forms, asset information, employment history etc. by using Verification of Deposit and Verification of Mortgage forms.
We verify all information that is supplied by the customer in vital loan documents like form 1003 and other personal information. We meticulously review customer credit records like FICO scores and tax return documents to ensure the customer has the required financial stability to make monthly payments for the loan. We evaluate the entire credit profile of the borrower as per the guidelines laid down by Fannie Mae and Freddie Mac. As an experienced mortgage pre-underwriting support company, we follow a checklist-based system to ensure that all the critical aspects pertaining to underwriting are covered in our file review services.
Certain customer details like credit scores and employment history can be verified online using the Desktop Underwriter (DU), the official tool created by Fannie Mae and Freddie Mac. This tool helps us validate customer attributes like credit scores which are vital for the loan approval process. Our pre-underwriting support services include recording and digitizing our findings in the data validation process. By digitizing these vital information sets about the customer, we are able to establish the accuracy and speed needed to expedite the underwriting process.
Documenting and double checking income and debt statements and verifying all other submitted docs. Our team of mortgage experts have the experience and acumen to spot missing or mala fide information. This obviates the need for the underwriter to send customer files back for completed information and thereby enables you speed up the underwriting process. Our fraud analysis encompasses all aspects of the customer file review process including running third-party reports. This ensures the underwriter has to focus only on decision-making.
List out the observations and conditions to close.
Approval to go for closing.