Our team at Verity is frequently asked what mortgage services and functions are the most suitable to outsource. Generally, those services include the origination and servicing functions that are not customer facing. Because we focus on all the behind the scenes functions, we enable our customers to focus on delivering a better customer experience and running their businesses more efficiently and profitably. With that said, the major functions that a lender should consider outsourcing include:
Loan Origination Support
Use outsourcing to perform repetitive, time-consuming tasks under an SLA using our 24-hour operations centers to maximize efficiency and accuracy. A full suite of pre-set and customizable functions is available in the following areas and more:
1. Initial Disclosures - The outsource team performs pre-screening of the application and loan documents, orders initial quote, prepares loan estimate, generates and sends the disclosures package to stay within the three-day CFPB requirement.
2. Loan Setup - Review the AUS requirement, verify the income, credit, asset and other documents to determine the readiness for underwriting submission.
3. Underwriting Setup - Review AUS, provide calculated income, debt-to-income ratio analyzed asset, appraisal and title with prior approval/closing and funding conditions to your UW.
4. Closing Docs - Verify the information in LOS, prepare initial/final CD including the tolerance check, update required information in the LOS, and generate the closing docs for your closer.
5. Investor Submission/Shipping - Verity reviews the closing package for completeness and accuracy, then submits the loan to investors for purchase.
Quality Control Services
for pre-funding to post-closing quality checks.
HMDA Reporting
In-depth review of LAR for correctness, pricing analysis, side-by-side review of borrower files and HMDA-LAR for a comprehensive data integrity check.
Servicing and Default Management
Much like loan origination, servicing has many non-customer facing functions that Verity performs. Everything from loan boarding, payment processing, escrow management, investor reporting, and a full range of default management services.
Ellie Mae Encompass LOS Support
Many Encompass LOS users need additional support or can outsource many of the core LOS support functions at a much lower cost.
Accounting
Verity provides complete mortgage accounting support.
Manufacturing Loans for Less
Operating almost entirely behind the scenes with no borrower contact, Verity’s mortgage experts significantly reduce client turn times and costs, while increasing loan quality. We act as an extension of your team, operating 24 hours a day so that lenders can close and sell loans faster. We create custom processes tailored for each client and integrate with your mortgage team to produce a seamless workflow and ensure a more streamlined process. We perform the labor-intensive, time-consuming tasks across the loan origination and servicing spectrum, allowing our clients to focus on the essential aspects of the borrower experience, credit decisions, and strategic thinking.
Our clients benefit from the Verity “Machine” which produces defect-free loan functions across the lending enterprise. We deliver a predictable short-list of action items for your team every day, allowing the loan file to move forward rapidly and accurately at every step in the process. Your underwriters will only see loans that are ready for a credit decision, doubling the productivity of one of your most expensive resources.
