The Direct Mortgage In-House Processing Solution for Loan Officers
What is Direct Mortgage In-House Processing?
We process mortgage loan files for our approved mortgage brokers and loan officers who wish to utilize our top-of-the-line service on loans that Direct Mortgage, Corp. funds. If Direct Mortgage does not approve the loan, you may submit the processed file to another lender.
Why use Direct Mortgage In-House Processing?
Automated Ordering, Rules Based Compliance, & Loan Program Alignment With Secondary Market Investor Requirements
Have your loan processed, underwritten, or receive its due diligence review with a trusted and certified process. Additionally, because we qualify as a bona-fide 3rd party processing company, the processing fee can be charged to the borrower in addition to the loan originator’s “Lender Paid Compensation”. That is what Direct Mortgage In-House Processing can do for you.
Direct Mortgage In-House Processing has automated almost every step in the process. It’s as simple as selecting the best loan program from Direct Mortgage’s Loan Choices™ engine, importing or inputting the loan application, and uploading two borrower authorizations. And that is where the automation begins. Within seconds you will see the order status of all required verifications. And within days you will be able to schedule the closing. Some specific loan programs will actually be ready to schedule the closing instantly – at the time of submitting the loan file.
Most processing done today often requires several duplicated tasks, where the loan processor and the lender perform essentially the same tasks. That’s where Direct Mortgage In-House Processing comes in. We reduce the duplication. Before Direct Mortgage In-House Processing, these tasks were mostly manual, labor intensive, and inefficient. To originate, document, close, and fund a mortgage loan transaction a processor had to perform tasks that were way too cumbersome and problematic. This would not allow your operation to be focused on sales and closed loan volumes. If utilizing other processing services on the market today, you will find too much of the back and forth communication between the loan officer, processor, underwriter, and borrowers on a daily basis. Direct Mortgage In-House Processing reduces the back and forth.
Using our patent-published DirectWare® web based software solution, we allow you to reduce your processing overhead and free up your staff to generate more revenue. Using our processing services we order, validate, and certify the necessary steps to prepare your loan file for closing and quick funding. Our business rules technology ensures that your loan file will meet program guidelines throughout the entire loan cycle.
Here are 29 processes that can be completed for you:
- Credit Reports
- AVM (Automated Valuation Model – Property Value Report)
- Tax Transcripts (if needed)
- Social Security Number & Identity Verification
- Verification of Employment (Including Tax Transcripts When Needed)
- Verification of Income
- Verification of Deposit
- Verification of Assets
- Verification of Benefits
- Hazard Insurance
- Mortgage Insurance
- Title Commitment
- Loan Payoff Statements & Updated Balances
- 24 Month Chain of Title (to review loan compliance)
- Lien Check
- Borrower County Property Search (used for investment property review)
- County Tax Search (to accurately reflect the monthly payment and payment ratios)
- Public Records Search / Judgments
- Tax Service
- Flood Report
- Fraud Check
- High Cost Loan Review
- Legal Review (a complete federal & state loan compliance review)
- Early Disclosures. Early disclosures are created and automatically filled out by DirectWare. Borrowers are able to eSign disclosures, allowing them to pay for the appraisal the same day they sign.
- Closing Document Preparation
- Closing. We coordinate and schedule the closing with you
- Signing. The Closing & Signing Service provides a closing at the title/escrow company, borrower’s home or other location designated by the broker.
- Image Workflow. (storage and access)
Who is Direct Mortgage?
Direct Mortgage started in 1994. We operate with the belief that the ability to leverage mortgage technology will streamline the loan origination process — and will help you succeed in today’s lending environment. We have a history of being the leader with technology — true cutting edge technology — along with staying on the forefront of market trends. Direct Mortgage updates loan guidelines, loan programs, and regulatory compliance items. This allows you to stay away from problems related to national and state regulations — such as high cost lending — that could otherwise creep up and cause problems at the closing table for your borrowers.
How to Use Direct Mortgage In-House Processing
Make your life easier by using Direct Mortgage In-House Processing. Originate your loan file directly in DirectWare. Or you can use Calyx Point or any other standardized Loan Origination System (LOS) and transfer your loan file data into the Direct Mortgage DirectWare system for your file execution.
Follow the steps on the Submission to Processing worksheet. Then email firstname.lastname@example.org with the loan number you’d like us to process and the worksheet attached and our top-of-line processing will begin.