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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. From our centers in India, 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.
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Why Services-on-tap?
- Our deep expertise and experience in Mortgage Services
- 24x7 service with quick turnaround time
- 100% quality verifications
- Gives you value for money
- 100% adherence to highest degree legal/compliance rules
- Loan officers can focus on closing more loans
- Lowers the employers' risks of responding with subjective or inaccurate data
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Our VerifyM™ – Verification Services
How this works
Process Overview
See full size image
Process:
- Services-on-tap will receive every day a set of files for verifications. The files can be transmitted as a text file, excel file or through an XML transfer between the clients LOS and the Services-on-tap application. The file should include image of the signed borrower’s authorization form in a standard format(.tif,.bmp)
- Services-on-tap representative will independently verify the phone number of the 3rd party by calling a directory service or web services like switchboard.com
- Services-on-tap , based on Client specification would call the verified number to do either a verbal or a written verification
- Services-on-tap representative will complete telecertification in case of a verbal verification
- Services-on-tap representative will fill out the request form and fax it to the 3rd party in case of a written verification
- Services-on-tap will receive the return fax from the 3rd party
- Services-on-tap will update status and send verified file immediately to the Client
- Services-on-tap will send out a daily consolidated report with status on files both verified and pending
Verification Services Terms
| Verification of Employment (Verbal) |
Verification of Employment (Written) |
The information that will be captured will include
- Employer’s name and address
- Applicant’s date of employment
- Current position
- Tenure of employment
- Current gross base pay
- Gross earnings for year to date
- Base pay
- Overtime
- Commissions
- Bonus
*Verification of Employment can also be done without verifying the income |
The information that will be captured will include
- Employer’s name and address
- Applicant’s date of employment
- Current position
- Tenure of employment
- Current gross base pay
- Gross earnings for year to date o
- Base pay
- Overtime
- Commissions
- Bonus
*Verification of Employment can also be done without verifying the income |
Our Quality and Compliance Commitment
Services-on-tap invests heavily in Quality to improve productivity, predictability and reliability of our services. Our centers are ISO 9001-2000 certified. Quality Assurance is an independent group that reports directly to the office of the President. Services-on-tap is confident of rendering 100% quality within 30 days.
Services-on-tap’s Compliance and Audit section ensures compliance with all laws relating to Mortgage business in US.
Verification Services Pricing
| Verification Services |
Price |
| Verification of Employment (Verbal) |
$7.99 |
| Verification of Employment (Written) |
$7.99 |
Volume Discounts and Minimum Commitments
The following will be the discount structure that will apply to the standard prices listed above.
| Verification Services |
2,000-4,000 /Month |
4,000-6,000 / Month |
6,000 – 8,000 / Month |
8,000-10,000/ Month |
10,000 and above/ Month |
| 3rd party verifications |
0% |
0% |
1% |
1.5% |
3% |
Standard Terms
- Scope of definition of verifications is defined under Key definitions. These are the standard information collected. Any additional information sought or changes required should be specifically addressed by Client
- Any verification completion beyond the scope of activities defined in process details will be priced as separate services
- Client to specify the nature of verification needed – Verbal or Written
- 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
- Technology Investments will be standard.
The standard infrastructure will include the following:
- Desktop with 256K RAM and 20 GB HDD
- Internet Access
- Separate Subnet behind the firewall
- Windows XP/2000
- Open Office
- Internet Explorer
Any additional investment over and above the standard offered will be billed back to the client at actuals. The same would be made in consultation with the client
- 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.
- 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
- 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
- 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 continued charges till the end of the 90-day termination period at the level during termination
- The liability of Services-on-tap is limited to performance of its obligations under this agreement. This limitation of liability was a controlling factor in fixing of the price
- Please note that this is a standard proposition and not a final contract of services
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