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How can Services-on-tap help you?
About Services-on-tap
Services-on-tap is a premier provider of End-to-End Mortgage Outsourcing solutions. We provide World-Class operations to our clients, continuously exceeding their Service Level expectations.
Our Delivery Organization consists of some of the best People, Processes, and Infrastructure in the Industry. We have successfully managed over $16 BN of Loans for our clients since 2002.
Why Services-on-tap?
- Structure process to close loans quickly
- Reduced Cycle Time
- Daily updates on the pipeline / exceptions
- Increases percentage of loans closed
- Greater productivity
- Improved business flow
- Better decision making
- Superior customer service
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Our ProcessM™ – Processing Services
How this works
Process
| Mini File Processing |
| Client |
Services-on-tap |
Services-on-tap Delivers |
• Processing Submission Form
• Completed 1003 Application
• Copy of Good Faith Estimate
• Borrower's Credit Report
• All Signed Disclosures
• Signed Borrowers Authorization |
• Receive 1003 for processing
• Application integrity check
• Review AUS findings
• Send additional items required checklist
• Order appraisal
• Order title
• Order flood cert
• Order Verifications - VoE, VoD, VoM, VoL
• Review signed disclosures
• Review 3rd party documents- appraisal, title
• Order Hazard and Flood Insurance, if needed
• Order payoff and subordination, if needed |
• Verified Disclosures
• Verified 1003
• Completed Verifications
• Reviewed Appraisal And Title
• Updated Hazard Insurance
• Payoff And Subordination Agreement |
| Full File Loan Processing |
| Client |
Services-on-tap |
Services-on-tap Delivers |
• Processing Submission Form
• Completed 1003 Application
• Copy of Good Faith Estimate
• Borrower's Credit Report
• All Signed Disclosures
• Borrower documents – income etc
• Signed Borrowers Authorization |
• Receive 1003 for processing
• Application integrity check
• Review AUS findings
• Send additional items required checklist
• Order appraisal
• Order title
• Order flood cert
• Order Verifications - VoE, VoD, VoM, VoL
• Review signed disclosures
• Review borrower documents – income etc
• Review 3rd party documents- appraisal, title
• Prepare file for submission
• Follow up with underwriting
• Clear lender conditions
• Schedule Closing with all parties |
• Verified Disclosures
• Verified 1003
• Completed Verifications
• Reviewed Appraisal And Title
• Reviewed borrower documents
• Updated Hazard Insurance
• Payoff And Subordination
Agreement, If Needed
• Post Closing Loan Package |
Processing Services Pricing
Mini File Processing - $85.00 per Mini File
Full File Processing - For details call 866-643-8768
Standard Terms
The document does not attempt to dissolve all other terms and conditions nor do the terms suggest specific phrasing of clauses. Instead it is intended to outline certain basic points of business understanding according to which the business shall be conducted.
1. Price assumes no software provided to the client and Services-on-tap will use encompass in the back end for processing
2. Scope of definition of processing is defined under Process Overview. Any additional information sought or changes required should be specifically addressed by Client. The process assumes Services-on-tap will not directly interface with the borrower
3. Client will set up the process to scan the documents received from the borrower and other parties and send them to Services-on-tap
4. Any processing completion beyond the scope of activities defined in process details will be priced as separate services
5. Services-on-tap’s role is ordering and co-ordination with 3rd parties. No expenses will be incurred by Services-on-tap in ordering verifications/coordinating with 3rd party. The client will set up all the 3rd party accounts and will provide Services-on-tap a list of such accounts with the login details
6. Pricing included for all loans except FHA Loans & VA Loans
7. In no event shall either party be liable to the other party or any third party for any consequential, indirect, incidental, special, exemplary, or punitive damages, or any lost revenues or lost profits, even if advised of the possibility of such damages, without limiting the foregoing
8. The client shall specify and audit all the legal and compliance requirements for outsourced operation. Our assumption for this proposal is that no special licenses / approvals are required to perform this activity
9. The total aggregate liability of Services-on-tap under this agreement is restricted to the amount paid, for the immediate previous six months, to Services-on-tap under the statement of project. This limitation of liability was a controlling factor in fixing of the price
10. The contract will be for duration of 12 months with a 90-day notice period for termination. Early termination without adequate notice will result in the charges equivalent to the monthly advance
11. Services-on-tap will put in best effort to ensure quick closure of loans but we are not responsible for any delays in closing either because of our or external services
12. A single loan application file can be submitted to only two lenders. The client will give Services-on-tap the list of accounts with the lenders for their automated underwriting to work with
13. Please note that this is a standard proposition and not a final contract of services
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