Medilexis offer underwriting services by carefully scrutinizing a wide variety of documents to authenticate an applicant’s financial status and the value of the proposed property. With our new solution, this document capturing is performed by electronic means either via fax or document scanning. Our new process ensures increased underwriting efficiency. 

The application process starts from filling out the application, signing of various forms, authorizing the lender to process the loan and delivering the documentation requirements.

The documentation goes to the processor for verification upon receipt. Thorough information validation is carried out before the processor verifies the lender loan requirements. The complete package is then delivered to our underwriting department. Our team of underwriters reviews the loan package to ensure its conformity to all the guidelines required for that loan product. The appraisal and title report is also reviewed by us. Additional validation of employment, mortgage payments, and credit may also be done in addition to anything else we feel is necessary to document the loan. The ultimate decision making authority is held by our client regarding the approval of loan.

Automated Underwriting:

You also have a choice of automated underwriting as a preferred choice for many lenders today. Lenders chose it as it speeds up the process by virtue of lesser documentation. The decision to approve or refuse is made by computer software. The Client (underwriter) only reviews the appraisal and supporting documents. However, a disadvantage of this system is that if any information is inaccurate, missing or not compatible, the loan gets refused. In that case, the documentation requirements are met or the loan gets turned down or resubmitted. The process is quick but not full proof.