As a team, Reckon associates have hands-on experience with LOS like Encompass, Calyx (Point), and are familiar with top lender portals. The team at our company helps Mortgage Lenders and Brokers close more loans faster.
In addition, our processors will review Borrower's financial ability to repay loan & loan programs proposed by the lender. In behalf of the lender, we send the preapproval letter to the borrower.
All state and federal mortgage disclosures are included with our Initial Loan Estimate, along with verified LOS Data. We efficiently send disclosures out within 3 business days of the loan application date.
Our team begins the loan setup process as soon as we receive the borrower's intent to proceed. This includes uploading all loan documents to Calyx/Encompass or any other LOS that you use. Make a list of what needs to be ordered and e-mail it to the loan officer.
During this review, our Underwriters will check that all the required documents are included and that all information is accurate.
All Income documents such as W2, paystubs, tax returns, bank statements, rental income, etc. need verification, including: Credit reports, W2, paystubs, tax returns, bank statements, etc.
To assist the final underwriter in making quick credit decisions, compute income and add conditions and notes in LOS. LOS findings are reviewed by our team to ensure they are accurate for the underwriter. The Underwriter will make the credit decision based on the loan file submitted via the lender portal.
Upon being deemed acceptable with conditions by the Underwriter, the loan would then be designated 'conditional approval.' As soon as we have the documentation to support the third-party conditions, our underwriting team will present the file to the underwriter for their consideration.
In order to evaluate if there are any differences between the five-page Final Closing Disclosure and the Initial Loan Estimate, our closer will examine the five-page Final Closing Disclosure. To ensure accuracy & completeness, our closer reviews the loan terms, projected monthly payments, total fees, and closing costs. Despite the requirement by law to provide Closing Disclosures at least three business days prior to closing, our team delivers the documents more efficiently so that the customer has ample time to review them before closing.
By conducting pre-purchase reviews, we can identify loan-level discrepancies and pinpoint any defects that may be present. We review documents such as appraisal, credit reports, flood insurance, title, AS, and income before a loan is approved. In addition, our team reviews the underwriting terms before the loan is approved. Compliance and agency guidelines are well-understood by our team of auditors, who ensure that no stone is left unturned during these reviews.
We can review all of the loans in depth because our post-closing team is well versed in Fannie Mae & Freddie Mac guidelines. A re-verification is required for all loan level exceptions through the investor portal. The investor has enough time to make a decision after our quick turn-around on these reviews of 24 hours.
As part of its document indexing and labeling process, Reckon Indexing team follows the standards which assist other departments in searching and retrieving indexed documents. Document management portals are automatically updated with indexed documents once they have been uploaded. In the event of any need list, notes will be added to the system so that your team can follow up with borrowers.
We at Reckon's expert mortgage appraisal team review the appraisal for any discrepancies that can cause hindrances in the underwriting process.
Reckon Data Solution
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