Onshore-Offshore Origination Model

 Onshore-Offshore Loan Origination Model

In today’s highly competitive environment with growing demand for faster credit delivery it becomes essential for Mortgage Originators to improve process efficiency enhancing customer experience and at the same time reduce operational expenses.

Onshore-Offshore Origination Model helps client migrate origination processes and activities to offshore facilities taking advantage of difference in time zone to considerably reduce turnaround time and cost per loan file.

Advantages of Onshore – Offshore Model

  • Offers competitive turnaround time by operating in different time zones
  • Expedite and Streamline loan origination process enhancing process efficiency
  • Reduces cost per loan file to increase profitability
  • Establishes controls at different stages to improve quality and keep check on potential frauds

Loan origination Processes and Activities

Loan Processing

  • Follow-up (Borrower Documents) – Onshore calling team would Co-ordinate with borrower to retrieve initial documents and also an additional documents as conditioned by Underwriting Team (Onshore)
  • Ordering (Vendor Documents) – Offshore calling team would order and co-ordinate with Vendors to retrieve Appraisal, Title, Insurance and other required verification (Offshore)
  • Loan Boarding and Document Review – Documents as received would be reviewed thoroughly to validate and verify information pertaining to borrower and property and accordingly updated in a LOS system (Offshore)

Underwriting

  • Loan Submission / Pre Underwriting – Initial Credit and Collateral Review to reconcile and submit case to Automated Underwriting System. Approved cases would be directed to underwriter for his review (Offshore)
  • Underwriting – Loan would be reviewed by an underwriter to update initial set of PTD and PTF conditions (Onshore)
  • Condition Review – Additional documents as retrieved by calling team with reference to underwriting conditions would be reviewed by offshore team. Once all documents satisfying PTD conditions are available case would be directed to onshore Underwriter for final approval (Offshore)
  • Underwriting – Case as completed with reference to underwriting conditions would be reviewed by Underwriter for final approval (Onshore)
  • Pre-Funding Underwriting QC –Approved loans would be reviewed again prior to funding for quality purpose by Underwriting QC team. (Offshore)

Closing

  • Doc Drawing – Closing package to be disclosed to borrower would be coordinated and prepared by Offshore Doc Drawing team (Offshore)
  • Closing and Funding – Signing of Closing Documents and Loan Funding would be coordinated by Onshore Closer (Onshore)
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