MIS offers a complete solution for locking loans with all investors in industry which includes many variables involved in the reviewing and verifying of price quotes and locks requests. Committing loans with many investors and issuing confirmations to appropriate parties is included as well. Also included is the entering of lock request and confirmation information accurately and efficiently into the LOS. Some rate sheet development including rates, pricing, adjustments and matrices may also be necessary. The Lock Desk Specialist at MIS plays a critical role in the profitability of each loan by being responsive to an ever-changing unpredictable set of circumstances (i.e. market movement, volume levels, loan characteristics affecting price, investor requirements, etc.) This position is fast paced, deadline driven, and offers a variety of tasks throughout the day.
The Real Estate Settlement Procedures Act (RESPA) requires that initial disclosures be postmarked within three business days of receiving the loan application. Satisfying this requirement can be a labor intensive process involving preparation, postage fee. E-Disclosures with eSign changes all of this technology delivers Initial Disclosure documents electronically to your borrowers within a few seconds and the document review and signing process is completed immediately. If the electronic documents are not accessed within 48 hours, the documents are automatically printed and mailed to the borrowers.
At MIS all set of loan Documents will be created through Document Express or Encompass or CALYX according to the loan program, state disclosures and also as per investor requirements.
Apart from disclosures we review all the loan documents such as Forms 1003 & 1008, W2s, pay stubs, borrower's authorization, GFE, TIL and so on, making sure that all necessary documentation has been filed and compliant with state and federal regulations. We also obtain the appropriate VA and FHA case numbers online.
MIS expedites processing by collecting supporting documents, viz., bank/mortgage/pension statements, escrow documents, divorce decrees, child support documents, etc. We can also order homeowner's insurance and the flood certificate for the property. We also help you with preparation of the mandatory GFE and TIL disclosures.
MIS offers tailor-made and complete end-to-end origination capability and solutions. Combined with advanced logical methodology and our proprietary real-time loan tracking and pipeline management tools, we can help lower the costs of mortgage processing, improve pull-through rates, accelerate cycle times, and increase customer satisfaction.
With billions in loan volume processed, MIS has the tools and methodologies, including scalable origination pipeline and workflow technology, to manage operations and reduce costs. Our solutions also provide support with application processing, document verification, flood, title, appraisal, homeowner insurance gathering, and required follow-up.
Our Loan Closing agents can assist mortgage brokers as well as lenders in streamlining their loan closing processes to reduce loan processing time and costs. We prepare closing documents, coordinate with closing agents, review final conditions and ensure adherence to compliance statutes.
Loan closers at MIS are detail-oriented and organized with excellent communication, phone and customer service skills. They have strong computer skills and proficiency with loan origination software, in addition to working knowledge of word processing and spreadsheet programs, the team has current knowledge of loan closing and documentation procedures, the team also has solid math and calculation skills.
The post-closing process, performed after the mortgage documents have been duly signed and sent back to fund the loan, involves rigorous auditing and reporting to ensure that all the documentation is complete and in compliance with the underwriting and loan processing rules.
We have a specialized post-closing team of mortgage underwriters and loan auditors working on your loan files before delivering them to the respective custodial service providers. Right from taking receipt of signed and funded loan documents from various origination points to reviewing legal, origination and HMDA documents for regulatory compliance, our team handles the entire post-closing process in the most efficient manner possible. We also conduct loan data integrity checks, retrieve missing documents and provide quality control reports stating any exceptions, if applicable.
At MIS we use both Encompass and Calyxsystem/Applications as per industry standard. Encompass is all-in-one One Solution for Every Loan, Every Stage, Every Day. Automated compliance and quality reviews an integrated network of service providers. More mortgage industry innovation inside than you can shake a loan file at. Fully integrated solution that covers the entire loan lifecycle and provides one system of record so you can close high-quality, compliant loans more efficiently, no matter what the industry or regulators do next.
Calyx Software® is one of the top providers of affordable mortgage solutions for banks, credit unions, mortgage bankers and brokers. A comprehensive system-of-record for lenders, PointCentral® is a flexible platform that combines Point®—an easy-to-use, complete LOS with electronic document management and back-end functionality such as underwriting and secondary marketing—with strong security, remote access and a robust business rules engine needed for workflow and compliance.
