Processing / Underwriting

Processing Department

Our processing department is staffed with individuals who understand the mortgage business through years of experience. It is their responsibility to pull credit (if requested), submit the file for initial AUS findings, compile all necessary documentation, and then submit the file for final underwriting.

Immediately pulls credit

Once an application is received, our processing department can immediately pull credit on the applicant using your existing credit reporting agency. If you do not have a tri-merge credit report provider, we can assist you in creating that necessary relationship.

Initiates communications with your borrower

Our processing department will initiate communications with your borrower within 24 hours, introduce themselves and explain the process to the borrower on a private label basis.

Issues initial disclosures

To help ensure your continued compliance with all federal and state laws, our processing department can issue initial disclosures to all applicants (in all states) within 48 hours and free your loan officers of the responsibility.

Receives initial underwriting decision via DU or LP

As soon as the necessary information is available, our processors will submit the file to an AUS (automated underwriting system) that will render a decision based on credit, income, and other factors within 72 hours. This initial underwriting decision could ideally occur within minutes of receiving an application.

Compiles all necessary documentation required in AUS findings*

A large portion of a processor’s job is the acquisition and assembly of all the documents required in the AUS findings.

Orders appraisal

Our processing department can order all appraisals for your borrowers using your existing relationships. Appraisal companies must be approved by the final investors.

Orders flood certificate*

Our processing department will order flood certificates.

Opens title

Many times the seller or borrower may have already opened title on the property.  We will work with the title company or attorney to obtain the information we need to close the loan. If title has not been opened, GVMS will handle this for you.

Submits file for final underwriting decision

After satisfying all of the AUS findings, our processing department will submit the file for a final underwriting decision.

Underwriting

If you already have underwriting capabilities, GVMS will utilize your existing procedures. If you do not handle your own underwriting in-house, we can help you establish relationships with mortgage insurance companies to underwrite all your files on a contract basis. Contract underwriting is performed by large mortgage banks all over the country, including both national wholesale and correspondent lenders. We have relationships in place that will provide you the same benefit.

* All third party fees (appraisal, flood certificate, underwriting, etc.) are billed directly to you. GVMS serves only as an authorized user on your account(s). Typically, these fees are paid by the borrower, either through an upfront application fee or corresponding ancillary fees paid at closing.