Mortgage

Mortgage


Equilibrium services are completely customizable and cover a wide variety of loan products.

Loan Set Up

  • Indexing
  • Searches - MERS, GeoCode, Property Details
  • Initial Disclosures
  • Rate Lock/LE Review

Opening: Pre-Underwriting

  • Send Notice of Incomplete to LO/Processor
  • Loan Review According to Loan Program

Contract Underwriting

  • Generate Prior to Docs Conditions
  • Conduct Program Specific Checks
  • Validate Income
  • Validate Assets
  • Check Fraud Guard
  • Perform Risk Analysis

Processing

  • Follow Up With Borrower and Underwriter to Obtain Clear to Close.
  • Complete Verification of Employment, Appraisal Revision, Title Update
  • Obtain Loan Estimate and Closing Disclosure
  • Coordinate with Loan Officer and Borrower to obtain “Prior to Docs” conditions.

Approval: Finalize Clear to Close

  • Sign off on Prior to Doc Conditions
  • Compare DU and LT
  • Final Review According to Loan Program; Issue the Clear to Close
  • Calculate Final Ratios and Clear Potential Red Flags.

Risk Analysis: Quality Control

  • Conduct Thorough Analysis To Avoid Salability or Insurability Issues
  • Verify and Check Data For Correctness and Completeness
  • Confirm Adherence To Credit Policy
  • Validate Asset/Reserves
  • Clear and Document High Alerts From Fraud Guard

Pre-Closing Audit

Pre-Closing: Docs Drawn

  • Review of Title Report for closing requirements, other required endorsements, previous deeds and Tax Certificate
  • Final review of documents for SSN, property address, borrower name, all parties state license ID
  • Review of disclosures, timeline of closing
  • Run compliance report and clear all alerts
  • Coordinate with settlement agent on final closing costs
  • Inform all parties as to closing date and time
  • Draw closing docs, review for accuracy and forward to settlement agent

Post Close: Quality Control

  • Perform complete closing package review: Note, Mortgage, all Disclosures
  • Verify all signatures are dated and notarized per closing date
  • Reverify Loan Estimates and Closing Disclosures with valid Change of Circumstance to confirm all fees and changes are in compliance
  • Make sure all of the following matches the Loan QC: credit, income, asset, appraisal report, title report, sales contract, HOI, master insurance policy and flood policy
  • Loan review as per specific investor requirements and prepare investor specific documents
  • Provide rating on the complexity of the loan

Trailing Docs

  • Generate Reports
  • Request checks for recording Assignments of Mortgage
  • Daily review of “Not Yet Purchased” to ensure proper storing, shipping for agency/investor
  • Communicate with title companies and county records to coordinate corrections or obtain missing trailing documents
  • Coordinate with document custodian or investor to satisfy agency/investor guidelines
  • Audits agency/investor trailing documents, including loan closing recording fees in all states.

Shipping