At MyVATeam, we use our experience as a third-party mortgage loan processing company to assist lenders and brokers in loan closures. Our use of advanced technology allows us to offer our clients a competitive advantage, and our standard administrative processing practices help lenders to gain efficiencies in the areas of operations, cost and market effectiveness.
Our services include the following:
Review Document Compliance
The first step in our processing services is to review all documents for necessary compliance. We review the documents, which include W2s, pay stubs, Form 1003, etc, to ensure all of the pertinent information is provided. Once all provided information has been verified, we then move to the next stage of generating a Loan Estimate (LE) to the borrower. This process usually takes roughly three business days upon receipt of application.
We review all documents thoroughly to ensure our client is in a position to provide data upon request. Documents reviewed often include:
Credit Check Services
We provide all of the administrative support that our lenders need to execute credit checks seamlessly. We screen potential borrowers with a full credit check to ensure a reputable credit history. We will do all of the work, including pulling credit reports, reviewing credit history, verifying social security status, and more. We also pay special attention to outstanding loans, payment default history and tax return information.
The following are examples of reviewable documents:
Third-Party Document Review
We provide review ofthe following third-party documents, plus we ensure payment of appraisal fees and validate property titles.After review, you will receive a comprehensive report flagging contradictions, incompatibilities or invalid data.
We will focus our attention on background data, such as income, and future and previous employment details. As this is part of key regulatory compliance, invalid verification of key details can lead to serious compliance violations.
We verify the following:
VA and FHA Details
Lenders are required to fill out a form on behalf of buyers who are applying for an FHA or VA loan, in order to receive a case number. We will fill out the form for you and ensure that all details are correct and complete, in order to avoid a processing delay.
Loan Estimate Preparation
We prepare loan estimates with the attention needed to allow borrowers understanding of all costs and risks of the loan terms. Once the loan application is submitted, we provide the estimate in three business days.
Collection of Supporting Documents
Supporting documents play a key role in the loan process. We work with lenders to collect and file supporting documentation such as financial, pension and bank statements, as well as divorce or child support forms. We also handle the property’s homeowner’s and flood insurance.
Loan Submission & Condition Clearing
Delays in the loan submission process can take weeks to resolve, and can lead to a closing delay. We work to ensure that all information is provided and that the applicant’s credit report is error-free. If an error is found, we will work to handle the condition clearing process.
By outsourcing mortgage loan processing to us, you get the following advantages: