Loan Doc Preparation for Private Mortgage LoansThis page has a list of companies that provide Loan Document Preparation services to private money and hard money mortgage lenders in the United States.
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Thousands of loans are issued per day. It can get very difficult for lenders to manage all loans, especially because they also have to take care of existing loans.
Fortunately, there are ways to make the process easier. Lenders can hire the services of a loan doc preparation company to ease the burden and get more done in less time.
What Does a Loan Doc Preparation Agency Do?
As the name suggests, the job of a loan doc preparation agency is to take care of all documents related to a loan.
The job involves preparing all loan and collateral documentation for not only new but also renewed loans, including loans that may have complicated collateral requirements or loan structure, ensuring that all compliance and legal requirements are met.
Why Should I Not Prepare My Own Documents?
We don’t always discourage lenders from taking things into their own hands but remember that it can turn out to be a costly experience.
There’s a lot of paperwork involved and since lenders are usually managing multiple accounts at the same time, there’s a high risk of errors and mistakes that can cost businesses millions and take even more time and money to rectify.
You get to save both time and money by hiring someone who is experienced in the preparation of loan documents. Moreover, working with a professional can also help reduce the risk of legal issues as they’re fully aware of compliance standards and can take care of this aspect of document preparation.
Loan Doc Preparation: What’s the Process?
The process differs from company to company but most follow the same route:
- Get in touch with a company and request the documents that you need.
- The business will offer you a quote. Most companies don’t negotiate the price but you might be able to get a discount if you intend to sign a long-term deal.
- Finalize the deal and provide the information requested by the company. Make sure to be clear about your requirements including your deadline.
- Receive the document, review it, and continue your process.
Make sure to ask any questions you may have about a firm before you sign on the dotted lines.
Frequently Asked Questions
Here are some of the most commonly asked questions about loan doc preparation.
How long does it take the agency to prepare loan documents?
It depends on a number of factors; however, most companies offer to return documents within 24-48 hours.
If you’re in a hurry, you might even be able to request same day service for additional charges. But, remember that there might be delays if there are missing documents or incorrect information. Hence, make sure to provide the preparation company all they need to create loan papers.
Are these services only for old lenders?
No, these services are for both new and old lenders including individuals and corporations.
Contrary to popular belief, new lenders can benefit from these services as having support in the form of a loan doc preparation company would allow new lenders to concentrate on finding new clients and building long-term relationships.
Will I have to review documents prepared by an agency?
While not mandatory, it might be a good idea to pay a glance at the documents to ensure there are no missing documents or errors. Consider building trust before you begin to stop reviewing documents altogether.
Check reviews and read the fine print before you choose a loan document preparation company. We have selected some of the best for you to pick from. Scroll above and have a look.
Can I use a loan document preparation software instead?
If you search the web, you will come across several loan document preparation software that promise to help you save time. While some software are good at what they do, they might not always be suitable.
This is because most loan document preparation software can be very costly to buy and some even have limitations on the number of computers or accounts a license can support.
This means you will have to pay more if you intend to distribute the tool to multiple employees. Plus, they can be hard to operate and you may have to hire a person to manage the tool, which can end up being more costly in the long-run.
Working with a loan document preparation agency seems to be the best option.
At Private Lender Link, we aim to help you make the right decision. We have covered some of the best firms above. Compare your options and make sure to pick one that meets your standards and requirements.