Loan Processing

Loan Processing

Loan Processing demands studious and meticulous handling of documents. Back office work ensuring correct, complete and compliant to the ever changing regulations, is mundane and time consuming. We at CPJ with our well trained Team and continuously evolving systems and procedures help our clients to better manage routine Loan Processing work and at the same time provide up to 50% savings on associated cost. CPJ by executing the time consuming and clerical work save precious time for the Client side Processors who can now focus on critical functions.

  • Loan Set up
  • Pre Qualification/ Pre Underwriting
  • Conditions Clearing
  • Pre Closing
  • Pre Funding
  • Recovery of Docs
  • Pre Investor Audit (Post closing Audit)

Categories

Loan Set up

  • Indexing of initial package.
  • Compliance review – Fee compliance (review of GFE, TIL, Loan Estimate,.. )and Data compliance (Verification of loan parameters like LTV, DTI etc falls within investor guidelines)
  • Initial Document review (Scrubbing)- Review for signature and date on initial disclosures like Loan estimate, Borrower Auth, 4506-T etc. as well as completeness of details on various documents provided by borrower
  • Ordering of various third party reports as well as Loan utility reports like Apprasial, Title report, Credit report, Fraud Guard, TaX transcript etc

Pre Qualification/ Pre Underwriting

  • Review of documents related to Credit, Income, Asset or Property of the borrower.
  • Verify and Update data into LOS based on documents reviewed
  • Recommendation of decision after AUS.
  • Note and Escalate Redflags

Conditions Clearing

  • Follow up and Procure documents required by the underwriter, Review and clear them to closure
  • Ordering of verification docs like Verification of Income, Deposit, and others (as to clarify certain red flags or to get further information- when required)

Pre Closing

  • Closing document preparation –Closing Disclosure and HUD as applicable.
  • Review of HOI, Flood Insurance and title Insurance for correctness, completeness and compliance to the insurance guidelines
  • Clearing closing conditions like Verbal verification before stipulated time
  • Dispatching closing instructions to the closing agent.
  • Schedule for Actual closing.

Pre Funding

  • Review of final closing documents
  • Review and clear Prefunding conditions
  • Initiate funding

Recovery of Docs

  • Trailing document retrieval from title agency, Closing agent etc.
  • Closing docs indexing
  • Stacking of documents to be delivered to investor

Pre Investor Audit (Post closing Audit)

  • Trailing document retrieval from title agency, Closing agent etc.
  • Post Closing compliance audit-(audit of receipt of complete package, signatures and others)
  • Quality Control Audit-(Extensive end to end review of the file)