Faster and more accurate review, data entry and indexing of application information and associated documents. SLK helps bank move up 5 places in J.D. Power overall satisfaction for mortgage origination
Review of fees, cost, and other documents to ensure accuracy and verify the defined disclosure timelines and guidelines are met. 45% productivity increase and 50% faster turn time in residential mortgage input function.
Administrative & verification support for processing
Review of application information and identification of data discrepancies against client guidelines/ checklists to reduce rework.
Review third party documentation and enter data
Review and verification of third party documentation and input of information into the origination system.
Data Validation and Review
Validation of documentation requirement as per product, investor and bank guidelines. Condition for missing and/or incorrect information/documents
Calculate income and ratios.
Assets / Collateral/ Credit /Disclosure Review
Review asset requirements, complete debt analysis as an input for ratio calculation, review of appraisal and disclosure already sent to borrowers.
Review of Trailing Documents
Review and stage the loan to underwriting
Underwriting Cover Sheet
Submit underwriter cover sheet detailing income calculation, ratios, debt analysis and recommended decision on the file
Data & Analytics
Trend analysis, reporting, and dashboards
Pre-closing quality check
Review of documents, information, and file to identify deficiencies prior to finalization of fees and costs associated with the approval of an application. 37% reduction in closing pend rates for a large lender.
Review of documents, information, and file to identify any deficiencies and to ensure completeness of documentation prior to deal execution/ funding.
Closing worksheet initial preparation
Input data for and review closing worksheet to compute and verify fees and associated costs based on information included in the file. Enhancing customer satisfaction with support for 25% faster closing turn time.
Review of communication including fees, cost, and other documents as per the defined timelines. Identify and notify of discrepancies to ensure correctness. 45% overtime reduction in closing, funding, RESPA review & post-closing mortgage operations by cross-training.
Assist in routing and generating documents in response to customer requests ranging from name and address changes, 1098 forms requests, waiver of fees, amortization schedule to credit reports correction.
Payment entry and QC
Data entry for payment checks and exceptions, posting to account, correcting misapplied payments, excess funds, mortgage payment returns, and bankruptcy warnings, etc. 20% cost reduction in loan servicing.
Assist in generating documents and perform QC throughout the escrow process, including creation, modification, maintenance and deletion of escrow accounts and generation of reports of Principal, Interest, Taxes and Insurance (PITI) paid.
Lien release initial preparation
Draft documents to release the lien on the property post mortgage loan payoff.
Omnichannel contact center services to support in skip tracing and early stage collections
• Property reservation setup (initial)
• Preservation work order reviews (initial & recurring)
• Invoice reviews & approval
• HOA curative & processing
QA & QC
• Quality review on decision taken for approval, denial, and closure process for loss mitigation workout requests (short sale, deed in lieu, forbearance and repayment plans).
Bankruptcy back office support
• Bankruptcy setup & referral
• POC/MFR/Supps preparation and review
• Review plan and file objections & monitor CH 13 payments
• Reviewing affidavits and declarations
• Preparation of chapter 7, reaffirmation agreements
• Review notice of default, monitor cases for discharge/dismissals & Invoice management
Foreclosure back office support
• Pre-foreclosure checks and FC referral
• First legal and follow up monitoring
• Reinstatement, payoff, judgment and bid preparations
• Foreclosure pre-sale reviews
• FC timeline reviews
• Invoice management
• Claims preparation and filing
Loan registration, inputting and indexing combined with checking for completeness, verification of documents as well as calculations for the loan.
Operational risk assessment
A structured methodology for process mapping, assessment of risk controls, prioritization and roadmap for addressing control issues. Identified fraudulent loan amount of over $21 million in mortgage originations.
QC of appraisal reports based on revisions; review if any further revisions are required post initial submission of the report to the clients.
Value variance reviews
Review and exception handling of valuation where the variance is above threshold set by the customer.
Broker price opinion
Accurate, consistent and timely BPOs delivered via web and mobile devices.
Registration of new appraisers, including document collection, verification, and reference check, managing license and insurance expiration, receipt of signed contracts,etc. ~10% reduction in turn times using flexible staffing in appraisal management.