Mortgage Underwriting/Processing Services
Quote in the WSJ ,
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appeared on CNBC
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Review the entire file upon receipt
This involves looking at a file with an underwriter's eye including all the red flags, such as mismatched addresses or large deposits that are not sourced. If title binder and insurance are provided, will review as well.
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Enter into AUS System
Enter loan through DU/LP or other AUS (automated underwriting system) based on a signed application, fine tuned income calculations, asset documentation and property value. Ever had a loan that got denied because too much income was used in the initial DU and when it got to an underwriter they used the properly calculated income and closing was scheduled already? This is what I can help prevent.
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Fine Tuning the AUS Feedback
Re-running a loan through DU/LP is almost always needed when all the documents are not provided up front by the borrower or the appraisal comes in and the value and taxes are different, which happens a lot of the time. No limit to number of necessary resubmissions.
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Full review of Appraisal
The appraisal will be reviewed in its entirely for completeness and errors as well as value assigned. If additional comparables are required will include in Underwriting Summary and service does include contacting the appraiser if requested. Prefer appraisal to be received via email for photo clarity.
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Provide an Underwriting Summary
If there are documents needed in order to submit a complete file for formal underwriting, a summary of what is needed will be provided.
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Knowing your Investors
Given access to non FNMA/FHLMC investor's guidelines (I have access to Allregs), I will check a given loan file with those product guidelines or matrix to insure it meets the criteria. Many products have specific tradelines, derogatory credit allowances, and credit score minimums that are hard for someone busy originating loans to keep straight.
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Submitting Loan for Final Approval
Completed loan file will be submitted to your investor's underwriter for formal approval via fax. Majority of approvals result in very few if any prior to closing conditions. Any conditions will be conveyed to you via an updated Underwriter Summary. Upon receipt of conditions will submit to underwriting until all PTC conditions are cleared.
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Return of Complete File
File is sent via overnight mail back to you in proper stacking order including the investor's clear underwriting approval (and title binder and insurance if provided) and ready for you to set up closing.
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Review of final HUD-1 Settlement Statement
I will review the final HUD-1 for accuracy. Sometimes a file is fine until the very end when the borrower receives cash back that is not allowed or the seller contributes more than the maximum amount toward buyer's closing costs.
This frees up more time for you to originate and get more loans closed which means more income for you!
I make myself available via phone, fax, email or Instant Messenger. Timely turnaround time.
Testimonials:
"Diane has been an asset to my organization for the past year. I've been able to place more loans due to her expertise and professionalism. She has enabled my loans to go thru without any difficulties, which in turn has increased my productivity. I have seen a tremendous increase since I began utilizing her services." Jeff Moore - Moore Financial Services
"We have found your service to be invaluable and you have caught mistakes that would have been very costly had they not been found prior to settlement" NJ Mortgage Banker
You can either click HERE to email me or I may also be reached by calling (512) 868-2966.
Updated: 3/5/07
Are you a broker or loan originator who just doesn't have time to deal with the fine details of making a loan go smoothly through DU/LP and underwriting?
I can provide my skills and underwriting knowledge to help get more loans through, give your ease of mind, alleviate your headaches and put more money in your pocket!
My background includes over 25 years in the mortgage field in varied positions, the last 10 concentrating in Underwriting. For over 5 years I have been providing underwriting services utilizing my fully functional home office.
By taking advantage of my remote services, you gain my experience and knowledge and don't have the costs associated with an employee - office space, computer, supplies, and employee benefits.
Why not turn to someone who has been quoted on MSN.com, The Wall Street Journal and the NY Times, as well as appeared live on CNBC providing insight to mortgage topics and trends. I was also featured in the USA Today where you can read more about me.
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My services include: