How is the Underwriting Department different from the Auditing Department?
The Underwriting Department is made of experienced underwriters whose primary responsibility is to re-underwrite the files per the client’s instructions. The final determination or “review” is designed to alert the client to any guideline or program violations, or any documentation deficiencies that may have been observed in the uploaded file so that they can be addressed prior to investor delivery.
How does the Underwriting Department look at my loans?
Based on the client’s wishes, the Underwriting Department reviews loan that are either still in process (a Pre-Funding Review) or recently closed (Post Closing Underwriting review). These reviews can be tailored to specific investor guidelines or to standard GSE automated or manual underwriting criteria.
How will I know if my loan has been re-underwritten and if it is acceptable?
UHS America will provide a completed written Loan Review identifying any guideline deficiencies or program violations based on the criteria set forth in either the automated findings or manual underwriting guidelines as requested by the client. Findings are categorized by Income, Assets, Property Valuation, and Program parameters. All material findings will be pointed out so that the client has an opportunity to address them early on, in the case of a pre-funding review, or prior to delivery to the selected investor in the case of a post-closing review.
When should I submit my loans for UHS America Underwriting Review?
Because each client is different, UHS America recommends that you submit your files as it suits your business plan. For example, if you have underwriting staff that is unable to provide satisfactory turn times on underwriting files because of an increase in volume, UHS America underwrite your “overflow” business within 48 hours ( or as negotiated) and return a completely underwritten file that you can assimilate into your LOS for distribution. Another example that is increasingly important to clients is using UHS America’s underwriting service to provide a check and balance for newly hired underwriters, newly hired loan originators, newly opened branches or new investor requirements. UHS America can review any aspect of your underwriting requirements to assess adherence to guidelines, determine if new hires are acclimating to the required origination and/or underwriting rules, or if seasoned underwriters require additional training in their areas of expertise. Finally, UHS America is able to review bulk loan transactions from the client’s new correspondents or other new sources of business to determine the quality of the product over a period of time.
What about Due Diligence Reviews?
UHS America is highly experienced in performing Due Diligence loan reviews of bulk loan sale transaction or Mortgage Servicing Rights. The process employed is a standard in the industry and provides the client with the individual review findings as wells as a compilation by various categories, grades, LTV’s, loan programs and loan types. On-Site Due Diligence meetings to assess the experience and history of the buyer / seller / transaction are included in the Due Diligence proforma.
How does pre-underwriting specifically help the client?
Clients who use UHS America’s pre-underwriting service enjoy the satisfaction of having their loans completely underwritten to their specified guidelines and program parameters while, at the same time freeing up their internal underwriting staff to focus on closing more loans.
Here’s how it works:
- 1. Lender originates a loan, completes the processing and runs the required AUS, or in the case of a manual underwrite, provides the manual underwriting guidelines.
- 2. Lender engages UHS America to provide a pre-underwriting review of all documents obtained by the lender.
- 3. UHS America underwrites the file according to the AUS provided, conditions for all PTD and PTF conditions per the lender’s instructions, and provides a loan approval sheet to be used by the lender in preparing a final loan approval.