Should You Outsource Mortgage Pre-processing?
Mortgage loan pre-processing is a long and painstaking process. Qualifying for a mortgage loan and getting it on time is not a simple thing. There are many steps involved in the process of mortgage loan pre-processing. It requires trained loan professionals to carry out the mortgage pre-processing procedures. Outsourcing is the better way to accomplish the mortgage processing quickly. Mortgage pre-process outsourcing helps to save your valuable time and money.
India Data Entry UK, a mortgage data entry service provider, has years of experience in supporting the lenders and borrowers to handle the mortgage processing. At India Data Entry UK, we follow stringent rules and regulations to provide our clients with efficient and quality mortgage pre-processing services. Our professionals are able to process any type of mortgage with all particular details involved in each type of mortgage loan. We mainly outsource mortgage data entry services, application review services and inspection services. This article provides you the steps involved in mortgage processing should consider outsourcing.
1003 Application
Submitting the 1003 mortgage application form is the first step in a standard mortgage processing. The mortgage application includes the details of other mortgages, credit card payments, student loans, car loans and all other liabilities. The 1003 mortgage application is also known as Uniform Residential Loan Application (URLA). The outsourcing service providers should have trained professionals to fill up the form and review the application form to confirm the contact address and other details of borrower.
Routine Inspection
When you outsource mortgage-processing services, the outsourcing service providers ensure the reliability of your details given in the application by checking all important documents such as W2s, GFE and paycheck stubs. The outsourcing companies should have trained agents to perform the initial QC services.
Rate Lock
India Data Entry UK can lock the current interest rate for a borrower over a specified time frame. The process of rate lock protects the borrower from changing the interest rate during the time of mortgage loan closing date.
Authorization of CAIVRS
CAIVRS provides the details of persons those who are default on loan payments. CAIVRS (Credit Alert Interactive Voice Response System) contains the details of borrower from HUD, VA, DOE, FHA etc. Passing of CAIVRS check is essential to apply for a government loan.
MERS Check
Mortgage Electronic Registration Systems helps to identify whether the borrower has any existing mortgage loan. After checking the situation of a borrower, the mortgage service provider sends all the details for further mortgage loan processes.
Appraisal Orders
If you are outsourcing the mortgage processing services to India Data Entry UK, we make request for the appraisal order from a licensed appraiser. As a borrower, you have to pay for appraisal order along with the closing costs of a mortgage loan.
India Data Entry UK can ensure that your mortgage pre-processing stage will be handled carefully and efficiently. Therefore, outsource mortgage data entry and other services to India Data Entry UK to experience the benefits of mortgage pre-processing services.
