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Steps In Mortgage Post-Closing

A post-closing audit process can help you avoid denial contingencies and mortgage fraud. Hereu2019s an overview of all the steps you should factor in during a mortgage post-closing process.

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Steps In Mortgage Post-Closing

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  1. Steps in Mortgage Post-Closing

  2. File Review 1 Hire auditors with technical expertise to audit all files — from initial application to closing documents Provide adequate supporting documents for loan underwriting

  3. Financial Reverification 1 2 Calculate the loan to value ratio (LTV) and combined loan to value ratio (CTV) Calculate debt-to-income ratio to determine financial stability and income generation capacity

  4. Report Findings 2 3 Auditors generate a comprehensive report of loan audit findings Report to Fannie Mae within 30 days if any findings impact loan eligibility

  5. Appraisal Desk Review 3 4 The reviewer verifies legitimacy of report data, accuracy of comparable property sales and that the furnished value is correct and supported with proof

  6. LEARN MORE Reimagine. Evolve.

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