Could you be interested in post-mortgage closing services? They involve stringent reviews and audits to ensure document integrity and compliance. Only after full confirmation of the documents can the lender finance the loan. The service provider selected by your company must be very experienced and good at their job. They should know how to correct multi-stage source documents and review them. The only documents that post-closing mortgage servicers can correct are those that have been signed and funded. The job of the hired professionals is also to review legal documentation, loan processing, and other documentation to verify regulatory compliance.
They follow the origination and underwriting rules to the letter, ensuring that missing information, if any, is retrieved. Mortgage closing services also involve data integrity checks to generate quality control reports. When doing integrity checks on loan information, service providers also set possible exceptions. Basically, its main activities involve the following. The critical first step is to follow up on all documents (follow-up document retrieval) associated with the post-mortgage closing. Documents to track include assignments, assumption agreements, lawsuits, tax records, trust deeds, modifications, and UCC (Uniform Commercial Code) among others.
Once this is completed, the issuance of the final title policy, binding, and assignment occurs. The second activity offered during the provision of mortgage closing services is the assembly of the post-closing loan package. This involves the collection of all the loan documents that are usually presented throughout the origination process. So it means that the post-closing mortgage servicer will work alongside underwriters, loan officers, loan processors, mortgage brokers, home appraisers, property sellers, and any other parties involved. The assembly work is quite tedious and lengthy and that is why you want a large company with many employees to do it.
Other activity includes the post-closure data integrity audit as mentioned above. The main reason this audit is being conducted is to address potential home loan deficiencies. They verify and address the red flags that arose during the underwriting process. After this, all loans that have been fully approved are registered with a given mortgagee system. This entire process of registering approved loans prevents future loan assignments. It also prevents lenders from incurring future correction and follow-up costs or facing document penalties, among others. This step in post-mortgage closing services also ensures faster loan foreclosure, zero documentation errors, and a smooth closing process.
The mortgage quality control audit is also part of the post-mortgage closing services. There are automated auditing systems that are used for this task. The service that will be offered to you in this step includes pre-financing, post-closing, servicing, fulfillment, foreclosure loans, fraud investigation, preparation of the quality control plan, cancellation or rejection and audit of commercial loans, among others. It is imperative to ensure that the post-closing service provider can audit and review the loans that it normally processes. Many outsourced companies deal with FHA, VA, Fannie Mae, and Freddie Mac, among other home loans. Its basic auditing process involves the review of records, evaluation of the underwriting process, credit risk analysis and third party verification.