Outsource Mortgage Underwriting Support for Credit Unions

Changing regulations and rising mortgage rates means credit unions face an uphill battle as we move towards 2019. As homes get more expensive to buy, and financial regulations force many first-time homebuyers to look at other alternatives, mortgage credit unions such as yours have to face the music leading to backlogs and constant processing delays. Outsourcing mortgage underwriting support provides you with an alternate solution which can help keep operational costs low while ensuring maximum efficiency levels.

Outsource2india's bespoke mortgage underwriting support for credit unions is an extremely viable alternative for mortgage credit unions who are facing processing issues and declining profits as borrowers wait for rates to fall before taking new loans. We understand that keeping experienced underwriters, mortgage appraisers, and processors on the payroll can constitute the bulk of your expenses. With our help, you can cut down on costs while still receiving the highest quality mortgage underwriting support that your business needs.

Our Mortgage Underwriting Support Services for Credit Unions

Outsourcing mortgage underwriting support is not an easy task as you need to partner with a service provider with a well-rounded portfolio to cover all your requirements. At O2I, we pride ourselves on our ability to underwrite loans with 100% accuracy in as less as 10 minutes. We also provide a bevy of support services including loan processing, loan closing, post-closing, title examination, appraisal services, etc. Our services include -

1. Borrower Assessment

   Our underwriters go through all the submitted documents of the borrower to quickly evaluate their employment history, net worth, income, balance maintained in their accounts, their 401(K), closed and open debts, etc. This ensures we can quickly create a borrower persona and determine their ability to repay the loan.

2. Borrower Credit History Assessment

   Credit history, especially in the US, is extremely significant and a key defining factor of the loan approval process. Often, because of their time-consuming nature, underwriters can choose to skip or speed through this step. Our underwriters ensure your borrower's credit score is checked thoroughly so as to identify their payment patterns, which is then updated in the file next to their names.

3. Collateral Assessment

   You can task our team of underwriters to assess the property or items the buyer is sometimes willing to put up as collateral for the loan. Assessing collaterals can be tough, but we use the latest assessment tools in order to price the collateral fairly.

4. Loan Approval Checking

   A loan application must go through several levels of review before it is finally approved. Our underwriters ensure all the supporting documents, statements, purchase agreements, etc. submitted by the applicant are thoroughly checked. Only if all the checks are cleared, we process the loan application further.

5. Fraud Assessment

   Credit unions usually have stringent anti-fraud measures in place to avoid fraudulent applications. However, unless checked properly, some genuine applications might also be rejected leading to the loss of a customer. Our fraud assessment methods have been fine-tuned over time and help us check various factors which can lead to fraud. We check for fake documentation, conflicting addresses, multiple cash transactions with different banks, mismatch in AVM comps, sudden deposits or withdrawal of large deposits, etc.

6. Title Assessment

   Our title assessment services are extremely important when it comes to checking if collateral properties being put up by borrowers are legally theirs or not and whether they are free from lawsuits or other legal claims. We look at the smallest of details and complete it within a short time, so the loan application process can move forward.

Outsourcing Mortgage Underwriting Support for Credit Unions - Our Key Differentiators

As a leading mortgage processing support company based out of India, we believe in helping our clients achieve better stability and work towards better profit margins by offering them customized loan processing solutions. Our underwriters are proficient in the rules and regulations pertaining to the US, Canadian, European, and Australian housing market, among others.

Our mortgage underwriting process has been fine-tuned based on years of client feedback and ensures well-timed reviews, strict compliance adherence, credit union guidelines for closing, and everything else that you may want from your service partner. Some of our key differentiators which allow us to provide timely mortgage underwriting support services include -

• Following a pre-determined checklist set with the client to assess all loans before closing
• Preparation of RESPA and TILA disclosures including fee charts, GFE, etc.
• Review all customer loan files for 100% compliance before sending them forward
• Perform file restructuring if required within a quick TAT
• Dedicated managers who fulfill all the underwriting requirements every day before delivery
• HMDA report preparation if required is taken up by our team as well
• Quick verification of the 4C's – Credit, Collateral, Capital, and Capacity

Why Outsource Mortgage Underwriting Support to O2I?

At Outsource2india, we combine manual and automated techniques when it comes to providing expert back-office underwriting support for faster delivery and better accuracy. Our understanding of the intricacies of the mortgage process and our network of banking institutions and credit unions ensure all your requirements are met with top-notch service. Some of the reasons why you should outsource mortgage underwriting support for credit unions to us include -

• Experienced and Professional Underwriters - Our team of underwriters are proficient in the mortgage rules and regulations of various countries and have a minimum of 5 years of experience in their respective fields. This ensures there is always a productive, knowledgeable team working for your project.
• One-stop-shop for All Requirements - Our bouquet of services cover all your underwriting, closing, and post-closing requirements while providing comprehensive support for project expansion and faster turnaround times.
• Standardized Processes - All our processes meet regulatory and compliance standards and have been designed from the ground up keeping speed, flexibility, and customer satisfaction in mind.
• Better Quality - Multiple points of QC and a dedicated project manager to oversee all the tasks ensures high-quality throughout the delivery process.
• Faster Turnaround Times - With our help, you can see at least a 30% reduction in your standard turnaround time immediately, enabled by our shift-based 24/7 work environment.
• Cost Savings - Partnering with us for mortgage underwriting support services can help you cut down costs by as much as 40%
• Easy Scalability - We maintain multiple global delivery centers and our extremely reliable flexibility ensures we can scale up or scale down a particular project any time as per your needs.
• Transparency and Communication - We understand how outsourcing can be worrisome for many new clients. That is why we focus on extremely transparent processes, routine evaluation, and weekly reports to keep you up-to-date about the project.
• Confidentiality - From signing NDA's before the project kick-off to redundant security measures for complete data privacy and confidentiality, Outsource2india ensures your peace of mind by incorporating the latest confidentiality measures for your customer's anonymity.
• Flexible Pricing - All our processes are structured and can be customized for you. Our pricing reflects similar structuring in order to ensure you never pay for superfluous processes with un-defined end goals.

Client Success Story

Mortgage Underwriting Support for a Leading Retail Lender
US-based customer approached Outsource2india, as his in-house team of underwriters was not able to manage the increase in volume. Outsource2india provided him with a dedicated team of underwriters and helped him get business back on track.
Read the case study

Outsource Mortgage Underwriting for Credit Unions and Benefit with Outsource2india

As a credit union, you need to work with insurance providers on a routine basis just to ensure all the underwriting requirements you get are legitimate while painfully checking each one for compliance. Maintaining an experienced staff can also lead to higher costs and can be tricky to navigate in an uncertain home market today. By partnering up with O2I, not only do you save money and time, but also raise your game to meet the challenges posed by large corporations and chain bankers. Productivity and efficiency are not just keywords for us, as we help you see better results within a short time period.

Contact us now to learn more about our mortgage services, and how we can customize them for your satisfaction.