How to Increase Mortgage Loan Processing Capacity

Loan processors can become overwhelmed by following various documents from multiple sources (including third-party service providers) that are needed to initiate mortgage loan processing. They need to interact with loan officers, underwriters, borrowers and third party service providers to be able to meet the conditions on the loan application before it becomes clear for the final underwriter to decide.

How to Increase Mortgage Loan Processing Capacity

Mortgage Loan Processing

Tracking all this communication and responding to each one on time is tedious and time consuming. With their hectic schedules, it becomes easier for loan processors to follow up, thereby further delaying the closure of loans. A long closing cycle is always a cause for concern for lenders and brokers, as it directly affects both their top line and bottom line.

mortgage loan


Eliminating some of the time-consuming tasks currently handled by your processing team will make them more efficient and reduce shutdown times. Title binder, appraisal, HOI and VOE are some of the most time-consuming tasks for loan processors, and they require constant follow-up with third parties. These tasks can be performed by a dedicated offshore team, allowing your processors to focus on their core tasks.

Mortgage loan processing offers dedicated teams that can take care of all the processing tasks that you currently handle in-house. Imagine a team working on your behalf – ordering, following up, receiving and reviewing title documentation, appraisal reports and HOI paperwork for all loans you process. This would mean a reduction in the workload of your processing team by about 30%.

Backing your processor with the help of an expert mortgage service provider can help your firm achieve high quality and fast turnaround. What’s more, mortgage loan processing also features a dedicated external team handling your tedious processing tasks, allowing you to have tighter control in the event of new updates or rules changes.

Mortgage service providers

Work on your tasks as soon as you’re ready to process the loan. In most cases, they are able to sign the title, appraisal and HOI within a week, so you can quickly transfer the loan to final underwriting. Their services can be handy soon after origination, as they are able to handle the entire loan process.

Mortgage loan

They have resource training and specialize in specific tasks (QC, title, appraisal, income and property, purchase contract), so you can expect a better quality of work by processing mortgage loans, while the offshore model gives you tremendous cost savings.

While finding a new home can be exciting, navigating the mortgage process can be overwhelming for some. Knowing what steps you need to take can help the process go more smoothly. Once you have an approved offer, here’s what you need to know to make sure your mortgage application stays on track:

1. submit your application:-

Now that you’ve found the home you want to buy and a lender to work with, the mortgage process begins. At this stage, your lender will fill out a complete application and ask you to supply documents related to your income, debt and assets.

2. Order a home inspection:-

Schedule the home inspection as soon as possible. Doing so will give you enough time to negotiate with the seller before its closing date if the inspection reveals any unforeseen problems.

3. Be accountable to your lender:-

If you have applied for and qualify for a mortgage, you will receive conditional approval. At this stage, your lender may require additional documentation. Be sure to respond promptly to keep your application moving forward.

4. Buy homeowner’s insurance:-

Your lender will require proof of insurance before the loan gets final approval.

5. Let the process run:-

Know what is happening behind the scenes: Your lender will order a home appraisal to ensure that the value of the home you are buying is in line with the purchase price. The appraiser will tour the home and compare it to other recently sold homes in the same price range. Your lender will also order a title search to make sure there are no dues on the property. Learn more about the Home Appraisal Process.

6. Avoid taking new loans:-

While your loan is in process, avoid opening new credit cards or making other major financial changes. New loans or other changes that affect your debt-to-income ratio can get in the way of your mortgage approval.

7. Lock in your rate:-

If you haven’t already locked in your interest rate with your lender, you may want to do so. Your rate must close no earlier than 10 days prior to your closing date.

8. Review your documents:-

Once your loan is approved and your inspection, appraisal and title search are complete, your lender will set a closing date and tell you how much money you will need to bring in at your closing.

9. Make arrangements to pay your down payment and closing costs:-

You will need to obtain a cashier’s check or arrange for wire money to cover  for wire money to cover your down payment and closing costs. Estimate your closing costs

10. close your house:-

At closing, be sure to read all documents you receive and ask any questions you may have about the terms of the contract. Then, after everything is signed, you can open the door and celebrate your new home!

Our Home Loan Navigator can help streamline your mortgage process. You can use this online tool to track your mortgage application, obtain disclosures, and electronically sign and submit certain documents.

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