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

We are closely monitoring the changes COVID-19 has had on the mortgage industry, and how it affects your business. Equilibrium has proactively taken actions to ensure all our processes and procedures are in line with these changing standards and guidelines.

Have questions? Contact us.