Documents needed to Process a Mortgage Loan

One part of the process will be to allow the creditor to obtain a loan statement. Subject to the guidelines of the mortgage creditor, a loan reference can be obtained from one or all three information bureaus. There are three types of information agencies: experian, equifax and TransUnion. Whilst in most cases the information provided by reference bureaus is the same, there are some instances where the information may vary slightly from one activity to another.

Prospective home purchasers should review their mortgage information before they apply for a mortgage loan to eliminate any possible inconsistencies before they apply for the loan. It gives the creditor the necessary information to establish whether the debtor can buy the house. Provided the debtor has not yet found his own home, the creditor can carry out a pre-qualification.

On the basis of the prevailing interest rate and conditions, the creditor provides the debtor with a home loan amount for which he is prequalified in order to make the home buying process run more smoothly. If you are requesting a mortgage loan for a house, collect all the documents in advance.

Ephesoft, a company for the analysis of mortgage mortgages, documents the mortgage process.

Ephesoft, Inc. NYSE: the premier provider of monitored, automated learning-based capturing and analysis software, today announced the immediate release of Ephesoft Transact for Mortgage at the Mortgage Bankers Association Technology Solutions Conference & Expo in Detroit. Ephesoft's new Transact for Mortgage software is a cloud-based module driven framework that is pre-trained to detect and categorize more than 600 mortgage type documents, drastically speeding up mortgage loan processors who choose to combine Ephesoft's Transact for Mortgage software with this bespoke categorization workhorse.

Today at the Technology Showcase from 10:30 a.m. to 11:30 a.m., Ephesoft will showcase its Transact for Mortgage solutions with a new mortgage background at the Technology Showcase from 10:30 a.m. to 11:30 a.m., as well as from its stand #435 throughout the show, which will take place at the Detroit Marriott Renaissance Center. Transact for Mortgage is Ephesoft's first vertical-specific software to enable mortgage writers and mortgage converters to load credit documents into a single automated and accurate classification and separation process before they are validated and exported to lending platforms such as Ellie Mae and Mortgage Cadence.

This system detects where every PDF begins and ends with multiple files and splits the documents into different categories. The new ready-to-use mortgage application removes the high charges for professionals or in-house IT investments needed to manual categorization of expert opinions, leases, income taxes and thousands of other documents in mortgage application.

Big and medium-sized bankers, creditors and other mortgage brokers using Ephesoft Transact for Mortgage will reduce whole company set-up and delivery time by an average of 80 per cent from several month to a few week. Creditors, loan clerks and mortgage handlers who use Transact for Mortgage will benefit from enhanced precision and efficiencies to lock in more credit within a few business day rather than a few week or month.

Transact for Mortgage provides unparalleled work flow efficiencies by automating which documents are needed to process a loan and which are complementary, such as covers, empty pages and bills that are often appended to assessment documents. The Ephesoft solution does the hard work, removes external contents and focuses on high-quality documents that can be divided into lots such as leasing contracts, fiscal declarations, credit requests and disclosure.

It also prepares documents of relevance for Ephesoft's Ephesoft Monitored Mechanical Learn and Ephesoft's Ephesoft Monitored System for wider use. More information about the Ephesoft and Transact for Mortgage Software as a Service (SaaS) scaleable software as a service platforms can be found at www.ephesoft.com/solutions/mortgage/.