We are in the process of looking for efficiencies in our post closing department and I'm reaching out for best practice, insight from others in the field.
Our post closing process requires every loan file be reviewed. Over the past few years, the review has morphed from a credit review to a full file audit - beginning with early disclosures all the way to correct input onto the system. Needless to say, reviewing even the simplest consumer file is time consuming!
We need to scale this back and leave certain items to the fate of the normal loan credit / compliance audit functions. I have gone through the checklist and eliminated most of the compliance items except for confirming flood was pulled & insurance obtained if applicable, confirming the pfc is accurate, & GFE/HUD compliance. I think we need to stay focused on the underwriting and collateral securitization.
Appreciate anyone who is willing to share their loan review checklists or provide insight!