Mortgage Loan Processing & Loan Processing Services: Expertivity Processing

By: Expertivity Mortgage Solutions  09-12-2011
Keywords: Document Management, underwriting, Loan Processing

e X pertivity Complete

is our end-to-end loan processing service. This extensive loan processing solution encompasses all the responsibilities of a processor into our unique phased-based processing approach. Just send us your file for processing and we will take care of everything else from preparing files for underwriting submission all the way to verifying funding.

e X pertivity's unrivaled approach to loan processing and user-friendly technology has taken the burden of processing off the loan officer’s hands, allowing them to focus their time on what they do best - originating and structuring loans. With communication as the backbone of our operation, our clients can rest assured that they will be kept apprised as to the progress made on their files in processing.

The processing workflow consists of 6 teams that represent the 6 phases of our process. As files are submitted for processing, they will be moved seamlessly from one phase of the process to the next all the way through confirmation of funding. This assembly line approach allows our processors to specialize in one specific area of the loan process, giving them the ability to focus their energy on moving files quickly and efficiently through each phase of our workflow. This unique approach to loan processing ensures that the status of each and every file is reviewed daily and the same amount of attention is placed on every file, no matter how many loans you have in processing. In order to get a thorough understanding of what eXpertivityComplete entails, we strongly encourage you to schedule a demonstration of our workflow and technology by clicking .

  • Confirm all required documents needed for processing are on file.
  • Conduct compliance review utilizing company-specific, state-specific, and product-specific disclosure checklists.
  • Confirm credit documents have not expired.
  • Issue QC findings to loan officer and processor.
  • Request & follow up on all 3rd party verifications & orders (VOE, VOD, VOM, Appraisal, Title, Social Security Verification, etc…).
  • Perform Data Validation to ensure LOS file and supporting documentation match.
  • Recalculate income.
  • Collect trailing documents from borrower(s).
  • Update AUS if necessary.
  • Stack & submit complete loan package to lender’s underwriting facility.
  • Confirm file received by underwriting facility.
  • Confirm assignment to underwriter.
  • Obtain current underwriting turn times & track projected approval dates.
  • Follow-up on pending 3rd party verifications & orders.
  • Collect trailing documents from borrower(s).
  • QC LOS file to ensure all tracking screens are up to date and accurate.
  • Clear all Prior to Doc conditions.
  • Collect trailing documents from borrower(s).
  • Request insurance updates.
  • Request payoffs.
  • Confirm CPL, Title Commitment, Schedule A, Wiring Instructions, Tax Certification, Survey, Pre-HUD, etc., are on file and accurate.
  • Confirm HOI is accurate.
  • Compile all invoices to be paid at closing.
  • Prepare fee sheet for loan originator’s signature.
  • Ensure lock confirmation is on file.
  • Compile Prior to Funding conditions.
  • Submit fee sheet to loan originator for signature.
  • Send broker instructions to closing agent.
  • Send lender instructions to lender closing department.
  • Coordinate and schedule closing with all parties involved in transaction.
  • Confirm closing and funding of loan.
  • Confirm receipt of final documents (HUD, Final 1003, Final TIL, Right of Rescission, Mortgage, Note, etc).

e X pertivity Compliance

is the Post-Closing and Quality Review Division of eXpertivity. This service is designed to ensure closed loans comply with State & Federal regulatory guidelines and that they have met all lender specific underwriting requirements.

e X pertivity will compile all of your loan documents into a bookmarked PDF file according to your company specific stacking order. In addition, all files will be issued a discrepancy and omissions report detailing any conflicting and/or missing information as well as a list of any missing State, Federal, Lender, and Company specific disclosures that are required to make your file fully compliant. This service can be modified to accommodate your project specific requirements. Please call (973) 244-1844 for more information.

e X pertivity Custom

is a cost-effective solution for industry professionals looking to streamline specific functions within their current operating model. Whether you are looking for lender submission services, condition clearing services, and/or document management solutions; eXpertivity is the answer to all your loan processing, document management, and compliance needs.

In addition to the set menu of services listed below, eXpertivity can create a fully customized solution to satisfy your organization’s individual requirements. Over the years, we have managed projects ranging from document management for title companies to data entry and file preparation for lending institutions. Our vast knowledge of the industry and experience in workflow development has become a great resource to those companies looking to find more cost-effective, proficient, and scalable solutions for their operation.

e X pertivity Customized Services Menu  

Lender Submission Service- - eXpertivity’s Lender Submission Service is a great way for mortgage professionals to get new loan applications packaged up and ready for underwriting submission. In addition to preparing the underwriting submission, eXpertivity will also transmit files to the selected lender and track projected approval date. Once a conditional approval has been issued, all documents including the approval shall be transmitted back to the mortgage professional. eXpertivity’s Lender Submission Service includes the following:

•  Running of Automated Underwriting (Lender AUS, DO, LP, etc.).

•  Collection of Trailing Documents.

•  Ordering of all Verifications & Title.

•  Stacking and Submitting of Package to Underwriting (Maximum of 2 submissions).

•  Tracking Projected Approval Date.

•  Obtaining Conditional Approval.

•  Live Monitoring of File Progress.

Condition Clearing Service- eXpertivity’s Condition Clearing Service allows brokers to focus their time on new loan placement while we clear all conditions on loans that have already been conditionally approved. In addition to clearing conditions, eXpertivity will also coordinate and schedule the entire closing process. eXpertivity’s Condition Clearing Service includes the following:

•  Clearing of all Prior-To-Doc and Prior-To-Closing Conditions.

•  Ordering of Updates (Title, Payoffs, HOI, Subordinations, Appraisal, etc.).

•  Communication with Borrower(s) (If authorized by loan originator).

•  Live Monitoring of File Progress.

•  Preparation of Documents for Closing Department.

•  Coordinating & Scheduling Closing with all Parties Involved (Title, Lender, Real Estate Agents, Borrower(s), etc.).

•  Collection of all Documentation from Closing (Final 1003, Final TIL, HUD, Note, Mortgage, Deed of Trust, Right of Rescission, Riders, etc).

•  Transmission of Final Package and LOS File to Originator.

•  Parsing of all Documents.

•  Individual Labeling of all Documents.

•  Access to eXpertivity's Secure Web-Based Platform.

•  Document Retrieval 24-7.

Keywords: Document Management, Loan Processing, underwriting,

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