Because loan volume is something that constantly fluctuates, meeting demand with just the right amount of staffing and training is a challenge. Not to mention that a percentage of all loans processed are either cancelled or denied with no income to offset production costs. It all adds up. That’s why VARRIS offers you the most cost effective way to manage your mortgage loan processing. Because you only pay for loans that actually close, you don’t have to worry about the bottom-line effect of balancing staff with loan demand.
We provide a dedicated toll-free number to your members so that your credit union name appears on our caller ID.
Our Mortgage Advisors are specially trained in member service. They provide expert advice, pre-qualify, pre-approve and guide the members through the loan process to a successful closing.
Our staff will process the loan and disclose in compliance with federal and state laws and regulations. Then, submit it to underwriting and expedite any loan conditions needed for closing.
We will underwrite all loans to meet secondary market investor guidelines and we warrant each loan submitted to you will be saleable (unless specifically noted otherwise). At this point, you decide whether to keep the loan in your portfolio, or sell it to the secondary market investor, or choose the No- Risk Option of VARRIS brokering the loan.
Compliant loan documents are drawn in your credit union’s name. Loan documents are checked and double-checked for accuracy.
Our closing department will review the funding package and will not authorize funds to be wired until all conditions are met. Once the loan is ready to fund, they will fax a funding breakdown sheet to you with detailed wire instructions.
Funding by Credit Union
One of the hallmarks of our system is that your credit union funds the loan in its own name. VARRIS does not handle the funds. The result is greater member recognition and you also benefit from the added income, even if you choose to sell the loan.
A Quality Control Review is conducted. Then, post closing documents are tracked and united with the original loan file.
Loan files are stacked properly and delivered to the credit union for portfolio loans or to the correspondent investor for purchase. For loans that are sold, the investor will wire funds directly to the credit union. Again, VARRIS does not handle the funds. We will fax forward a Loan Purchase Analysis to you for easy reconciliation of the wire received.