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 PrologiQ 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. PrologiQ 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)
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 the completeness of details on various documents provided by the borrower
- Ordering of various third-party reports as well as Loan utility-reports like Appraisal, 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 the 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)
- Post-Closing compliance audit-(audit of receipt of complete package, signatures, and others)
- Quality Control Audit – (Extensive end to end review of the file)
