VA Loan Support Services

Pre-Qualification

VA loans are guaranteed by the US Department of Veterans Affairs, still, as a lender, you must be careful. One reason for this is the housing market collapse which happened in the year 2007. Also, it is you who finance the loan, so to be exempted from any fines and delays in the repayment, you need to perform a stringent pre-qualification check, including eligibility, calculation of VA funds, etc.

When you decide outsourcing VA loan support services to FWS, we will assist you in gathering and collating the necessary qualifications' documents together with credit history, income details, service tenure, and employment history records. We can compile the information under an applicant's profile in our CRM which can be directed to underwriting for further process. Moreover, through the prequalification letter which we can draft, your customer can know the round figure of the loans he/she might be getting.

Pre-Approval

With the VA loan pre-approval, you have to confirm the borrowers' info and bring together the essential paperwork for loan pre-approval and underwriting. Our VA loan support services include gathering the pre-approval documents for the loan processing, including W-2 statements, photo ids, federal tax returns, FICO credit score records, income statements, and a signed copy of the completed VA loan application. A few things that we help you collate under our pre-approval support services are -

Employment details (Past & Present)

Expected Loan amount

Gross (pre-tax) monthly income

Liabilities

Assets (Bank accounts, retirement funds)

Federal debts

Delinquencies

Derogatory credits

Previous homeownership

Initial debt-to-income (DTI) ratio

Certificate of Eligibility (COE)

Certificate of eligibility confirms that a borrower is qualified for a VA backed loan. And depending on the nature of the eligibility, we can make available our back-office support for VA loan services to collect the eligibility evidence. The pieces of evidence, (depending on person to person) include -

Statement of service

DD form 214

NGB form 22 & 23

DD Form 1300

Evidence of honorable service

Marriage License, etc.

Copy of up-to-date annual retirement points statement

And if a borrower is applying for a loan through your facility (not online), we can assist you to verify his/her name, service tenure, headquarters details, SSC numbers, etc.

VA Appraisal

VA appraisal gives the valuation of the property and is mandatory for the approval of VA loans. It helps to establish an appraised value and ensure that home is structurally sound and free from any health threats.

Our VA loan support services include a robust back-office support for your property appraisal requirements. We can gather and maintain property information, including location, ownership history, title information, property's physical condition, etc. We can also help you prepare appraisal reports and purchase agreements.

VA Loan Closing Disclosure

Our VA loan support services encompass a thorough assistance for loan closing. We can draft the loan terms & conditions after the underwriting process is completed. We can compile the complete closing package by creating the loan invoices for the charges incurred during the loan closing. Later, we can deliver the closing statements with necessary information including the down payment amounts, settlement costs, etc.