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VmSS mortgage Processors (VmP) will play a crucial role in your business with the mortgage loan application process. our VmPs are responsible for gathering, organizing, and verifying the documentation and information required for a mortgage loan application. Our VmPs also work as liaisons between the borrower, the loan officer, the underwriter,
and other parties involved in the mortgage process.
Collects all the necessary documents from the borrower, such as income verification (pay stubs, tax returns, W-2 forms), bank statements, credit reports, and any other relevant financial documents. They ensure that all required paperwork is complete and up-to-date.
Verify the accuracy and authenticity of the documents provided by the borrower. This includes confirming employment and income details, checking the validity of asset statements, and ensuring that there are no discrepancies or inconsistencies in the application.
Order property appraisals and inspections to assess the value and condition of the property.
Review the borrower's credit report to assess their credit history, credit score, and any outstanding debts or liabilities. This information is used to determine the borrower's creditworthiness.
Work closely with other stakeholders in the mortgage process, including loan officers, underwriters, title companies, and escrow agents. They facilitate communication and ensure that all parties have the necessary information to move the loan application forward.
Compile all the verified documents and information into a complete loan file. This file is submitted to the underwriter for review and approval.
Ensure that the mortgage application and all associated documentation comply with federal, state, and lender-specific regulations and guidelines. This includes verifying that the borrower meets all eligibility criteria for the chosen loan program.
If there are issues or discrepancies with the loan application, the mortgage processor works to resolve them. They may request additional documentation or clarification from the borrower as needed.
Keep all parties involved updated on the status of the loan application is an essential part of the role. Mortgage processors communicate with borrowers and loan officers to provide updates and request any missing or additional information.
As the loan approval process nears completion, mortgage processors prepare the necessary documentation for the closing of the loan. This includes coordinating with the title company and ensuring all closing documents are accurate and in order.
Virtual Mortgage Support Solutions, LLC
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