xSource Loan Processing Services are designed to integrate seamlessly into mortgage broker’s or financial institution’s own processes. Our process is based on three simple steps: Send (loan documents to xSource), Sign (outputs we produce) and Track (loan progressing to settlement).
To commence work on the loan application we require:
- Fact Find (Client Needs Analysis) that broker completes with the borrowers,
- Support documents collected from borrower (e.g. IDs, payslips, tax returns, bank statements, etc) and
- Instructions from the broker explaining loan structure, products to compare and select, etc.
Based on these inputs, xSource will enter loan details in the broker’s CRM system (e.g. Mercury, Podium, Symmetry, etc) and the lender interface system (eg. Apply Online). We will produce loan application document, lender’s serviceability & LMI calculators and all relevant NCCP documents. Within 24 hours we will send these documents to the broker to review and obtain signatures. Once we received signed documents, we will prepare the bank file (eg. remove TFNs), submit loan electronically and email or efax supporting documents to the lender. Our processes are completely paperless and we only handle information electronically. We will follow-up with the lender on the loan progress and regularly report any further requirements to progress loan promptly to settlement. We will also prepare:
- FHOG documents,
- Discharge Authority forms,
- Order Valuations
- Liaise with Solicitors and
- Follow-up on construction progress payments.
xSource also prepares a number of letters that broker can send to the borrowers, from the explanation of loan process to the post settlement customer care letter. This process ensures that mortgage broker or the financial institution is always NCCP compliant, loans progress quickly to settlement and the borrower’s satisfaction with overall service from the broker. Outsourcing loan processing will save the broker significant amount of time, remove requirement to train and supervise internal staff and ensure availability of quality processing staff all the time. With expertise in data security, excellent internal processes and extensive staff screening steps, xSource guarantees that client privacy and confidentiality is always maintained. Check out our pricing plans (from $129 per application) or call us on 02 8033 9043 to start using xSource.