Residential Mortgage Loan Support Services

In the tough financial times, community banks face the dilemma of whether to insource or outsource residential mortgage loan services. Adding to the existing woes are increased regulations as well as high origination and operating costs. If you are plagued by these concerns and tilting on the brink of loss, it's time to change the course of your mortgage banking business by finding an experienced and capable provider of residential mortgage loan services.

With unlimited options, it can be confusing to choose a provider to work with. This is where set ourselves apart from other residential mortgage loan servicers. At Outsource2india, we not only incentivize your business with cost-effective mortgage services but also focus on hoisting you from all existing challenges to prevent your relationships from defecting to competitors.

Residential Mortgage Loan Support Services We offer

We provide a high-touch residential mortgage loan solution aimed to personalize the interaction with potential borrowers while limiting the cost of operation. We tech-enable your point person to cover more markets and gain an edge over the competition. In this way, you can swiftly add more revenue to your business and catapult to success. The residential mortgage loan services we offer are as follows -

1. Loan Pre-Qualification

   Assessing the borrower portfolio to understand the loan repayment capacity is the first stage of mortgage loan origination. We will collect financial records that will provide the complete picture of a borrower's current financial position. We check for unpaid dues, liens, past loan repayment history, etc. The documentation must be mandatorily furnished in the requested order to ensure availability and completeness. When you outsource loan pre-qualification to O2I, we focus on shrinking the risk faced by mortgage bankers while approving credits to borrowers.

2. Loan Application and Document Verification

   Tax returns, pay stubs, rental payment history, and W-2, as well as 1003 forms, are aggregated, organized, and digitized. The digital documents are maintained in a highly-secure CRM account accessible to borrower and servicers. We follow a checklist of documents to ensure the availability of documents. Since the accuracy of the reported data counts in loan services, we use technology to validate the submitted data. This will ensure that the information is accurate and would not cause processing delays during the mortgage loan underwriting process.

3. Property Appraisal

   We provide a gamut of services that include appraisal scheduling, appraisal ordering, and appraisal review to compile information on the collateral. We verify if the reported description of the property and the neighborhood is accurate. This will enable underwriters to evaluate the fair market value (FMV) before deciding the loan-to-value (LTV). We also provide comparative market analysis and broker price opinion as an extension of property appraisal service. The process is monitored by mortgage specialists and is subjected to multi-tier quality checks to bring mutual satisfaction to providers and borrowers alike.

4. Loan Underwriting

   We are specialists at providing a wide range of back office support in residential mortgage loan processing services where the underwriting needs can be met without a lag. We rely on our tried and tested method to review and centrally manage documents. Any error in the document is rectified and missing fields are filled with correct information before it reaches the mortgage underwriter. The stringent efforts to we take to mitigate risks for mortgage banks make us a reliable provider of residential mortgage loan services.

5. Loan Closing

   If your loan closing team requires support we would be glad to compile property inspection report, term sheet, and mortgage insurance documents to speed up loan closure. We can also map appointment with borrowers so that they can be contacted for communicating payment details such as the loan repayment term and the approved loan amount.

6. Post-Closing

   We can create loan disclaimers, promissory notes, signed deed of trust, and repayment terms to be included in the final loan package. The loan package is verified once more before assisting lenders to send the same to the borrower.

7. Default Servicing

   We can provide complete assistance to deal with loss mitigation. This includes a strategy to cope up with losses such as non-compliance, delinquencies, etc. We can contact center support to send reminders to late paying and non-paying borrowers. We also provide foreclosure assistance via a non-judicial and judicial process. With default servicing, we can keep your relationship with borrowers taut and risk-free.

Residential Mortgage Loan Process We Follow

Outsource2india is a company that strongly believes in passionate services. We help you get noticed with fewer efforts. Our service implementation strategy involves simplicity and transparency. In this way, you can gauge the performance and the cost consumption for the service. When you offshore residential mortgage loan support services we handle the process as follows -

 

01. Pre-approval of Mortgage

We will screen the borrower financial portfolio to know if they possess merits to qualify for a residential mortgage loan

 

02. Residential Mortgage Loan Application Support

We break out the Fannie Mae form 1003 to document property and loan details. This includes the lender as well as borrower information

 

03. Processing of Mortgage

The loan application and purchase agreement are moved to loan processing stage carried out by loan processors. Credit report and home appraisal is ordered

 

04. Residential Mortgage Underwriting

Underwriters will review your capacity, credit, and collateral before approving or denying the loan application. Any unfulfilled criteria will be communicated to borrowers

 

05. Mortgage Loan Approval & Closing

After underwriter's approval, the loan package is dispatched to keep borrowers informed about loan term, monthly payables, and other closing expenses

Other Services You Can Benefit From

Why Choose Outsource2india for Residential Mortgage Loan Support Services?

Outsource2india has been a reliable provider of residential mortgage loan services for 25 years in a row. We have catered to many happy customers that include banks and small-sized lenders. We minimalize your risk while approving loans to borrowers. But there are more reasons why we are a leading provider of residential mortgage loan support services in India. Here's why -

• Certified Mortgage Service Company

  Outsource2india is backed by 25 years of industry experience and is ISO 9001:2013 certified for providing an array of mortgage loan services that can satisfy the needs of small, medium, and large-sized lending institutions. We are also a member of the mortgage bankers association (MBA).

• Data Security

  We see Data security as a key business differentiator. Hence, we take stringent measures to protect the confidentiality of loan documents and loan package to ensure its content is accurate and free from manipulation. We approve access to authorized loan handlers who alone will have access to all confidential documents. This is the reason why we are ISO/IEC 27001:2022 certified.

• High Accuracy and Quality Service

  Choosing a residential mortgage loan processing company to outsource origination and loan closure is a challenge, especially with increase in competition. We empathize with lenders who have lost time and money without reward. Our approach is to solve the underlying challenges in the loan process and make lending a safe practice. Our quality assurance teams will ensure that you receive accurate information and quality services in every stage.

• Short Turnaround Time

  Experience a shorter TAT by partnering with us. We bring to table the knowledge you need to decide if the borrower matches the loan criteria. This way, you can avoid the legal entanglement with loan defaulters.

• Scalability

  We offer residential mortgage loan services that are best suited for any lending institutions irrespective of the business volume. Whether you want to scale up or down we got you covered.

• Pocket-friendly Pricing Options

  With the ever-increasing cost, we offer flexibility in the pricing to let you choose what is appropriate for your business. You can choose the best services based on the budget capacity. Save up to 40% of the cost by outsourcing residential mortgage loan support services to O2I.

• Single-point Contact

  It can be frustrating to deal with a chain of representatives who may or may not be familiar with the project development. Hence, we offer a single-point contact system where a dedicated representative will handle your queries in a timely manner to bring you a quicker response.

• Experienced Team of Mortgage Analysts, Underwriters, and Appraisers

  We have a team of qualified underwriters, subject matter specialists, and mortgage experts who come with 10 plus years of experience. We can shorten the time taken to close mortgage while reducing the financial risk faced by lenders.

• Modern Infrastructure

  We rely on a superior technology infrastructure that enables you to experience the best of proprietary technologies while being housed in a highly secure global office. Our facility is monitored round-the-clock with dedicated project zone.

• Secure Data Exchange

  We use secure FTP and VPN to aid movement of confidential data from your end to ours. With a secure channel that is monitored using a state-of-the-art technology, you can be free from concerns about data loss.

• Round the Clock Availability

  O2I's representatives and subject matter experts can be reached 24/7/365 days because we have contact centers that are operational round the year to help you deal with challenges and training needs.

Client Success Story

O2I Streamlined Mortgage Services for a Residential Mortgage Lender

Outsource2india helped a top residential mortgage lender to shorten the closing period from an average of 2-3 months taken by their in-house team.

Read the Case Study

Case Study on Mortgage Valuation Services for a Valuation Company

O2I helped a valuation company by propelling business volume by 25% while reducing the cost by 50%. We successfully provided valuation support at a cost-effective rate.

Read the Case Study

Outsource Residential Mortgage Loan Services to O2I - A Leader in Mortgage Services

Outsource2india is trusted by over 250 mortgage lenders and businesses worldwide, thanks to our ongoing efforts to make mortgage services affordable and accessible to more businesses than before. Being aware of country-specific laws help us stay ahead of the curve and make the loan origination a safe experience. With 200+ mortgage industry professionals, we are never short of fresh supply of talents to deal with a myriad of client challenges. We offer a range of mortgage loan services such as mortgage processing support for credit unions, reverse assistance services, and more.

Reach us now if you are looking for a safe way to assess loan borrowers who need a residential mortgage loan.