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Mortgage undertaking is something that comes in the last stage of the mortgage process. But it is a critical process as this is where the customer’s creditworthiness is determined. Now the technology has improved in such a way that you have software where you can input the customer details and get to know whether the customer is capable of paying the loan back or not. But still, the underwriter has to check the details available with the company and need to input them correctly in a software application. Even a small mistake can spoil the entire work. Assigning mortgage undertaking to competent outsourcing company India service providers can make the work quite fast and accurate. Accurate assessments of a loan application will reduce the risk and the overheads cost. Outsourcing reduces the work load of the employees and they can concentrate on the main course of the job. Once the application is in, verification and validation of the documents required also comes under outsourcing. Only the approval part is vested with the parent company.
The mortgage company enjoys the following advantages with outsourcing Mortgage undertaking services:-
Proper checking of loan approvals
Usually, loan application will come with many documents like income statement, purchase documents, credit scores and other documents which are also known as supporting documents. These documents are very necessary for loan approvals and they need to be verified properly before the mortgage can be sanctioned. Even a small mistake can reject the loan application. BPO Services India pitches in as the Mortgage service provider by checking each and every document submitted by the customer.
Automated checking without any errors
If you need the help of automated software for checking the application, you don’t need to think about it. Mortgage processing can be outsourced to the competent outsourcing partners who will use state-of-the-art technologies to verify and process the mortgage documents. The application will go through the software and let you know whether this loan can be approved or not. This also highlights the possible problem areas in the application. This automated checking makes sure that there are no errors and loan application can forward to the bank for approval. This automated software double checks all documents.
Verify and evaluate inaccuracy and frauds
Being in mortgage business, everyone knows that the bank has made rules very strict to restrict fraudulent loan applications. But sometimes, this rigorous rule creates a problem for genuine loan applications. This could be because of some omission of documents or missing information. But because of strict fraud review check, it is easy to find the fraudulent applications. You can easily know the large withdrawals, various cash transactions, exact address and deposits made by the applicants that help you decide on whether or not to approve the mortgage application. Since the credit store and other historical records are available for cross-checking, you can minimize the risk.
Title deeds checking
Review of title deed is the most important step in mortgage loan processing. It is very important to ensure that the title is free from any lawsuits and legal formalities. You should verify all old documents connected to the title. Title need to be submitted with all related supporting documents too.
Assessing the value of the property
The property needs to be checked and verified with a mortgage expert for the evaluation. You can find the real value of the property which really helps the mortgage loan applications, with the help of location map and photographs of the property.
Apart from these essential pre-processing services, Mortgage and Foreclosure Services are also commonly outsourced as these involve similar verification and processing services that are best dealt by the outsourcing partners.