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VmSS Pre-Underwriters (VPU), Our VPU professionals perform an initial review of mortgage loan applications before they are submitted to the formal underwriting process. Our role is to assess the completeness and accuracy of loan files, ensuring that they meet the basic requirements
and guidelines set by the lending institution.
Collect and review all the documents provided by the borrower during the loan application process. These documents can include income statements, tax returns, bank statements, employment verification, credit reports, and any other relevant financial records.
Review the loan application for completeness and accuracy. This includes verifying that all required fields are filled out correctly and that there are no missing or contradictory pieces of information.
Ensure that the loan application and associated documents comply with federal, state, and lender-specific regulations and guidelines. They may review the loan against specific loan programs to verify eligibility.
perform an initial assessment of the borrower's income and debt situation to determine if they meet the basic requirements for the loan program. This involves calculating debt-to-income ratios and assessing the stability of the borrower's income source.
Check the borrower's credit report to assess their credit history, credit score, and any outstanding debts or liabilities. While they don't make final credit decisions, they may identify potential credit issues that need further review.
Review the property appraisal report and title documentation to ensure that there are no immediate issues that would affect the loan's approval.
Communicate with borrowers and loan officers to request the necessary information. They may also identify additional conditions that need to be met before the loan can move forward.
Prepare it for formal underwriting. This involves organizing and compiling all documents and information in a clear and organized manner for the underwriter's review.
Communicate with borrowers, loan officers, and other relevant parties to provide updates on the status of the loan application and to request any missing information.
Conduct quality control checks to ensure that loan files are accurate and compliant with company policies and industry regulations.
Virtual Mortgage Support Solutions, LLC
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