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Mortgage Closing Outsourcing for Mortgage Brokers & Lenders

Loan Closing Services

Our Loan Closing agents can assist mortgage brokers as well as lenders in streamlining their loan closing processes to reduce loan processing time and costs. We prepare closing documents, coordinate with closing agents, review final conditions and ensure adherence to compliance statutes.


Pre-Closing

  • Evaluating the vesting with the different parameters
  • Evaluating the payoff statement
  • Evaluating the Tax-cert, and other files such as “Closing Instruction”, “Clear to close” that are essential to prepare the HUD

Closing Services

  • Obtain clear to close or final approval
  • Closing Document Preparation & Review
  • Verifying and approving the conditions once they come in
  • Examine Title
  • Loan Closing Audits
  • Tax, Insurance & Reserve Audits
  • Preparation of Statutory Statements
  • Deed Preparation
  • Submit loan package to lender
  • Clear lender conditions
  • Contact hazard insurance company for new mortgagee clause
  • Prepare the document order form and fee sheet and fax to the Loan Officer for approval. Once approved, fax it to the lender
  • Preparing the Prelim HUDs (Settlement Statements) and Final HUDs based on the Closing Instructions/Fee Sheets/Invoices
  • Request a copy of the preliminary HUD prior to closing for verification of figures
  • Obtain closing protection letter, wiring instructions, and change the loss payee clause on the approved file
  • Coordinate and schedule closings
  • Follow the file to closing and through funding to make sure that everyone gets paid.
  • Escrow Services

Housing and Urban Development (HUD)

The process is initiated once the closing documents are received and reviewed by pre-closing team

  • Prepare settlement statement which is the final accounting of all the costs, credits, payoffs, pays on accounts required by the lender.
  • Calculation of funds required for closing or that the borrower would receive.

Loan Post-Closing Services

We handle the receipt of signed and funded loan documents from multiple origination channels and process them before dispatching the complete loan file to the custodial service provider. Key processes such as the review of legal documents, origination documents, disclosure and HMDA documentation for regulatory compliance are performed offshore. In addition, the team also validates compliance with loan processing and underwriting rules and performs identification and retrieval of missing mandatory documentation. Finally loan data integrity validation is performed and the team issues a quality control report for the final documents. Exceptions, if any, are notified to the respective branches. We focus on validating the documentation involved in the closing process. Stringent verification of various legal documents, origination documents, disclosures received and the HMDA documentation follows to ensure that they comply with various mandatory requirements.


  • Trailing Document Retrieval
  • Assemble a Post Closing loan package
  • Post Closing Data Integrity Audit
  • Post Closing HMDA Audit (LAR)
  • Tax, Insurance & Reserve Audits
  • Due Diligence Setup
  • Customer Service
  • Early Payment Default
Loan Boarding Audit
MortgagePro360's loan boarding audits reduce risk and assure compliance with investor guidelines by verifying information and validating that all required documents are in the loan file early in the process. Key benefits offered include:

  • Minimizes funding problems
  • No “missing recorded documents”
  • Front end loan review sampling based on criteria
  • Identify errors in upstream processing functions
  • Efficient post-closing operation

How We Help?
  • Perform Audits on conventional loans and government loans originated for sale to FANNIE MAE, FREDDIE MAC, VA, FHA, and Private Investors
  • Review closed loan files for completeness, accuracy, and compliance to Bank policy and procedures
  • Review Final 1003,Credit Report,HOI,HUD-1 and all Credit documents
  • Review all appraisals to determine if value of property is supported
  • Receive and Review for accuracy all recorded original documentation along with other Closing documents and agency documents necessary for GNMA final pool certification
Services
  • Pre-Closing
  • Closing
  • Post-Closing


1-866-606-6920