In any situation involving making a loan or originating a mortgage, there has to be a clear understanding of the underlying risk in the loan regarding timely and likely repayment. Our knowledge of the review process to evaluate the loan ensures that the original underwriting is clear with understandable and complete documentation on the components of risk.
We use a proprietary automated underwriting system we developed that guides the underwriter through a series of over 400 questions as part of a loan file review. Questions conform to an originator’s guidelines at the time of origination to be sure that the loan originator followed their own procedures, fully documented what was required for the loan origination, and that compensating factors used by the originator are adequate to the exceptions that are being cited.
In addition, if requested, we can extract information from third-party sources regarding property values, whether the owner is occupying the property for residential mortgages, rental rates in areas where the property valuation is for a commercial building or a multifamily rental property, and similar statistics. We use Bureau of Labor Statistics data for salary verification and for determining ancillary statistics like unemployment.
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