Flatworld Mortgage strengthens your underwriting and quality control practices by leveraging industry best practices and laying down effective controls that catch errors and anomalies with an ease.
Strong underwriting is critical for your lending business. It stops loans from going into default and prevents your business from sliding into losses. To ensure this your underwriters need to have a strong understanding of the risk components of credit, capacity, capital and collateral. They must leverage this understanding to perform a deeper analysis of the loan file and sharply determine the borrower’s ability to repay.
Our underwriting support services for lenders is designed to assist your underwriters have a fact-based view of the risks involved and ensure the associated costs of the risks are manageable. Our services include:
We review all documents and confirm it’s completeness and validity. If critical documents are found to be incomplete or expired, we push the file back to processors so your underwriting team doesn’t spend time on reviewing incomplete files. We also ensure that all documents are indexed at the right place holders and large documents are split by the borrower/month etc… so it’s easier for your underwriters to look for specific information.
Underwriters invariably spend about 20% of their time either doing data input or validating the data that has been entered by processors. Our Underwriting support services ensures all required data is updated in the system and it’s validated with the documents on file.
Income calculation is a big part of Underwriting process and it’s critical to salability of the loan in secondary market. This is also a time taking process as it involved filling out a detailed worksheet with right numbers from various documents. Based on the instructions from our clients we perform data input in the income worksheet making it an efficient process for underwriters to do final calculation of income.
We carry out an end-to-end review of completed loan files to ensure all federal and state compliance documents, including a re-calculation of critical statements. We customize our review program to suit your exact needs and implement it both on a pre-funding or post-closing basis.
We help you carry out a variety of system checks aimed at detecting all red flags and averting possible cases of fraud such as identity theft and other suspicious activities. In the process, we help you stay vigilant against fraud and also perform comprehensive due diligence.
Our underwriting support professionals are detailed oriented and have deep understanding of agency guidelines. As a result, they are able to support all types of transactions considering company and industry guidelines with great accuracy and speed. Besides underwriting support, our professionals have extensive experience in cash flow analysis and risk assessment. They are driven by a team comprising experts with over ten years of exposure to the US mortgage industry. We encourage all our professionals to develop and maintain an up to date and sound knowledge of multiple loan product guidelines offered by lenders, agency guidelines, and risk assessment tools used to decision mortgage loans.