LenderLive Network Inc. has seen a 50 percent increase in its closing coordination services as compared to last year. LenderLive provides closing coordination as a variable cost, outsourced service offering to mortgage bankers funding and those brokers offering table-funded loans as an augmentation or replacement to a back office staff of loan closers, auditors, funders and shippers. Additionally, some lenders are required to use independent and trusted third parties to meet the requirements of their warehouse lines.
“As more regulations are implemented and cautious lenders make an effort to continue business, we have seen an increase in the need for our proven closing coordination services,” said Rick Seehausen, president and CEO of LenderLive. “Lenders respect our level of expertise in document services, loan closings and quality control, and the need for that expertise is expanding as more lenders look for areas in which they can be more efficient.”
LenderLive has been providing error-free closing coordination services for more than 10 years through a process of validating the source documents of the loan file to generate an accurate loan package. This quality control examination ensures that the loan file will meet the requirements of the investor. In addition, LenderLive works with the title and closing agent(s) to assemble the final HUD1 information and verifies the lender’s correct fees are collected at loan closing. LenderLive also performs loan analysis through business partner Mavent Inc. to ensure that the loans comply with federal and state high cost and predatory lending regulations.
Denise Caso, senior underwriter with Mortgage One Solutions Inc., had used LenderLive closing coordination services for five years in a previous position before joining Mortgage One. She strongly recommended using LenderLive to her new company because of LenderLive’s reputation in the industry, the variable cost structure and its ability to maintain an up-to-date knowledge of the changes in lending requirements. For example, LenderLive notified Mortgage One about the updates to the Truth in Lending Act regulations and worked with the lender to make sure its origination and closing practices were compliant with these changes.
“I would not know what we would do without LenderLive,” Caso said. “The company has online services to access loans, and we do not have to worry about time constraints because everyone there knows exactly what they are doing. As a client of LenderLive, we know we can focus on underwriting our third-party originated loans, knowing that once a final approval has been granted our brokers are in excellent hands. In most cases we have already submitted the file to LenderLive and they are simply waiting on the final approval to authorize the closing and release of funds. It’s really a seamless process and our brokers benefit from the efficiencies inherent to it.”
Caso further explains, “In a climate where lines are difficult to obtain, we are really happy that LenderLive fully supports our back end. Not only are we ensured the loans will be closed accurately, their experience with table funding and the additional steps needed to make these loans close on time equates to less effort and headaches on my part. Our volume has substantially increased without the need to add more resources. In fact, we are still accepting new broker applications because we have few limits to our business model.”
As part of its closing coordination services, LenderLive offers post closing, including, receiving the executed package, merging the credit package into the file and delivery according to investor requirements. LenderLive also follows up on any investor purchase conditions, helps facilitate the clearing of any loan issues and transfers ownership of loans through the MERS® platform.
Some of the focal points of LenderLive’s closing coordination services include:
► Lenders can average less than seven days from closing to investor purchase of a loan;
► LenderLive can turn warehouse lines three times per month, exponentially increasing the lender’s access to capital; and
► Has processed more than $5 billion of funded loans in 10 years.
Along with closing coordination services, LenderLive provides component services for loan processing, contract underwriting, quality control and due diligence review.
For more information, visit www.lenderlive.com.