
Why Wholesale Lenders Should Invest in Pre-Underwriting
If you’re a wholesale lender, consider investing in a pre-underwriting process to carefully assess a borrower’s finances to know if your investment is safe. It
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Let’s say that you spent a few dollars to purchase a TV in cash. You pay a certain amount and the store manager hands you the change. But if you’re a cautious buyer, the transaction won’t end until you review the change to confirm if the right balance was returned.
Post-closing mortgage audits work in a similar way. It includes a thorough review of loan documentation and processes, once the mortgage loan has been closed. The aim is to ensure that the loan complies with all necessary regulations, investor requirements and industry standards. This quality control process helps identify and address any discrepancies, errors or potential issues, ensuring that the loan documentation is error-free and appropriately packaged for delivery. As lenders and brokers looking to improve customer satisfaction, this is a step that you shouldn’t be missing.
Bookmark this blog to ensure that the post-closing quality control services you avail ticks all the boxes.
A post-closing audit demands precision, accuracy and meticulous attention to detail. You could choose to conduct these audits with the help of your in-house team or outsource to a trusted partner like Aritas who can provide a dedicated team of skilled professionals for you.
Here are 10 reasons why a post-closing audit is necessary for smooth mortgage processing:
A mortgage post-closing quality check is typically initiated after a mortgage loan has been closed. It is often initiated by the lender or may involve a third-party service provider like Aritas. The process involves a detailed review and audit of the loan documentation to ensure compliance with regulatory requirements as recommended by Fannie Mae, Freddie Mac and other such governing bodies.
Any discrepancies or errors detected during the review are promptly flagged to the lender for corrective action. In some cases, significant discrepancies may necessitate a re-underwriting process to correct the issues and ensure loan compliance.
At Aritas, we offer comprehensive post-closing quality control services that can enable you to effectively manage your paperwork. Our services include:
The first step for an efficient post-closing audit is to have your documents in place. Here’s a checklist of all documents required to help you with this process:
At Aritas Mortgage Solutions, we’ve optimized processes for leading loan originators across the country. From managing volume spikes to reducing costs, here’s how we do the heavy lifting for you:
Let’s leave you with the success story of a mortgage banker in Pennsylvania who leveraged our services to reduce compliance cost and increase profit margins.
If you’re a wholesale lender, consider investing in a pre-underwriting process to carefully assess a borrower’s finances to know if your investment is safe. It
A post-closing audit demands precision, accuracy and meticulous attention to detail. You could choose to conduct these audits with the help of your in-house team
In this blog post, we’ll delve into some of the most common mistakes that mortgage lenders make when preparing the Closing Disclosure. We’ll explore the
Mortgage Processing: The Efficient, Effective, & Economical Way
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Warm regards,
Team Aritas Mortgage Solutions
In the meantime, why not explore our solutions to learn more about what we bring to the table.