All you want to know about Outsourcing Post-Closing Mortgage Audit

All you want to know about Outsourcing Post-Closing Mortgage Audit Mortgage Post-Closing - What is it?

Mortgage Post-Closing is a process that is performed after the mortgage document has already been signed. A post-closing mortgage audit is conducted to ensure that all documents are compliant with loan processing and underwriting rules. This audit is very stringent and requires meticulous review. This is conducted by mortgage outsourcing companies.

Steps followed in post-closing mortgage audit  Review of Files: During this step, each of the mortgage related files from the initial application stage till the final closing state is meticulously reviewed as per the audit checklist by the mortgage processing companies. This includes property information, underwriting report, appraisal information, and so on. The findings of the review are noted.  Re-verification of Finances: In this step, mortgage processing outsourcing companies upload the files in audit software, and conduct re-verification of employment details, income details, and asset details. This is done in a multilayered document verification system. In case of any discrepancy found, it is flagged with a recommendation.  Reporting Findings to the Senior Team: The mortgage loan processing services providers then submit the final report to the senior team for final review.

Why outsource a post-closing mortgage audit?

The post-closing mortgage requires meticulous quality analysis and review to ensure that the loan approval process has been conducted as per the regulatory requirements of government-sponsored enterprises. This requires a systematic approach that can only be possible with in-depth knowledge and expertise.

Mortgage processing companies that provide a post-closing mortgage audit have the required expertise and knowledge. Moreover outsourcing this process also has other benefits.

Benefits of Outsourcing post-closing mortgage audit  Adherence to Regulatory Compliance: Having in-depth knowledge of the process and all the loan processing and underwriting regulations, it is easier for mortgage post-closing service providing companies to complete the review stringently and audit for compliance and completeness.  Enhanced Accuracy: Being well-versed about the compliances and procedures, professionals doing post-closing mortgage audits at outsourced mortgage processing work meticulously to ensure zero error. They understand that a small discrepancy can also compromise the entire process. Hence they are very diligent and ensure multi-layer checking.  Cost Advantage: Employing an in-house expert and providing the experts with infrastructure and technology can be very expensive for the loan disbursing company. Outsourcing this process to a mortgage loan processing service can be a more viable option.  Better Focus on core area: While the post-closing mortgage audit is taken care of by the outsource mortgage servicing companies, the resources of the lender organization can focus on their core activities and help in the growth and development of the organization.  Quick Turn-around time: As professionals handling a post-closing mortgage audit on behalf of mortgage process outsourcing companies are highly experienced and are experts in their fields, they can complete the process in a shorter turn-around time than personnel without this expertise.  Handle huge volume of business at a time: As the companies offering to outsource loan processing services companies have a pool of professionals conducting a post-closing mortgage audit, they can cater to high business volumes at a time.

As the benefits of outsourcing post-closing mortgage audit outweigh the benefit of conducting this process in-house, lending companies processing a large number of applications should consider outsourcing their post-closing mortgage audit to one of the reliable mortgage processing companies.

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