NPR has setup its operation to be able to receive data in any format, image or paper documents, or additionally leverage its LoanSync technology to extract data directly from the Loan Source POS or LOS. Upon receiving the loan files, and imaging when needed, NPR immediately runs a set of tests to ensure that the package can be processed.
Registration
NPR runs a comprehensive set of validations upfront to quickly capture all needed information about the Loan, the Borrower, the Property, and the Loan Source. Upon stepping out of Registration the validity of the loan is confirmed.
Processing
After the initial collection and verification of the package received, NPR's processor can quickly run compliance, confirm the completeness of the package, review and gather additional information, clear conditions, and complete all FHA specific activities prior to submitting the package to the Lender's Direct Endorsement Underwriter.
DE Underwriting
As HUD requires FHA/VA loans to be underwritten by the Lender's Direct Endorsement (DE) underwriter, NPR provides access to its platform allowing the DE underwriter to quickly review the file, manage conditions, and ultimately execute the documents.
Pre-Closing
Upon receiving all the DE Underwriter executed documents, NPR's closer can coordinate the closing. A set of reviews will ensure that all necessary documents and data have been collected and that the file is compliant with State and Federal requirements.
Closing
NPR's closer coordinates with all parties involved to expedite the execution of the closing documents. Through a set of double-checks and careful completion of the closing instructions, NPR reduces the risk of missed execution of the mortgage on closing day.
Funding
NPR's review of executed documents and immediate follow-up with Loan Source and Closing Agent reduces the risk of having any concerns obtaining issuing funding authorization.
Collateral Review
Key documents are immediately reviewed, shipped to the Custodian, and when required registered with MERS.
Post-Closing
An immediate review of the file, verification of HMDA data, and follow-up on any required stipulations from Loan Source and Closing Agent takes place on 100% of the loans processed by NPR.
Request MIC
NPR's experienced staff performs a comprehensive set of reviews of the loan file to expedite issuance of the MIC and to reduce or eliminate rejection by HUD. See subset of reviews above the diagram.
Servicing Setup
All data necessary to setup servicing regardless of who the servicer, sub-servicer, or interim servicer is, can be sent electronically to reduce risk of first payment default.
Delivery
NPR can easily deliver both data and documents to the Lender. Data is formatted to the Lender's specification and documents are stacked as requested. When requested both data and documents can be delivered directly to the Investor in the format requested by the Investor.
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