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| Octagon is a leading provider of back-office and voice-based services to the mortgage banking and real estate finance industry. Our services are aimed at all sections of the mortgage and real estate finance ecosystem We work with all the different loan types including:-
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Fixed-rate mortgages |
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Adjustable-rate mortgages (ARM) |
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Non-conforming Loans |
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Hybrid loans |
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No doc or low-doc loan |
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Sub-prime B-C-D loans |
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Jumbo mortgage |
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Conventional loans |
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FHA and VA loans |
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Services include : |
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| [Click below links to view in details. Click again to collapse.] |
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| »Loan Production Services |
We can help you save more than 50% on your loan production cost! Our processors and QC staff have extensive experience processing all loan types. Our state of the art IPLC-based call center ensures that Processors have unlimited telephone access for making and receiving calls. We provide a dedicated loan officer and processor for each file with a backup resource that remains familiar with the file if the primary processor becomes unavailable. Our QC staff has many years of relevant experience in loan origination and processing. They are responsible for tracking each loan file from initiation to completion and for supervising the quality of our processors.
Our services in this area can be categorized as: |
| Loan Officer Services |
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Pre-qualification of borrowers |
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Take a 1003 over the phone or Internet |
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Order and review Credit Report and Appraisal |
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Advise borrower about loan programs |
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Finalize loan program and lock-in/float interest rate |
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Provide RESPA documents and disclosures to borrower by fax or Internet
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| Loan Processor Services |
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Request, receive, and review VOD/VOE, W-2/Income Statements, Asset Documents, Gift Letters, etc. using fax, email or regular mail |
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Review loan application for deficiencies and fully complete it |
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Prepare Transmittal Summary/ Worksheet and submit loan for manual/ automated underwriting |
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Clear underwriting stipulations in association with loan officer |
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Receive a final loan commitment |
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Coordinate loan closing with closing/ settlement agent
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| Post-Closing Services
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Post Closing Review-
Scanned images of loan files are transferred to our offshore center. Our processors review each document for accuracy and the file is checked against the lender’s list of guidelines. |
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Warehouse Banking Back office -
Our capabilities include submission of a warehouse banking package with appropriate collateral including the note endorsed in blank to the warehouse lender within a stipulated period for banking or funding. We can perform for the warehouse lender note receipt and review, collateral allocation, uncommitted and committed sub-limit tracking and reporting.
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GSE Pooling-
Loan files are reviewed and certified for GNMA, FNMA, and FHLMC submission. A schedule of pooled loans is prepared as per investor guidelines. The pool of collateral files and the schedule are then shipped to the custodian in compliance with submission deadlines. Regular reconciliation of pending pool schedules is performed.
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Document Recovery-
Our research department obtains copies or certified true copies of documents through fax Internet. Where necessary, outbound calls are made to counties from our call center to retrieve the documents. |
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| »Title, Closing and Settlement Services |
| We offer the title and settlement industry a cost effective outsourcing solution for the following services:-
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Title Agency Back office Services
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Online, telephone and fax title search |
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Title examination |
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Creation of title abstracts |
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Online, telephone and fax judgment, lien, probate, tax and other public information research |
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Assimilation of data from abstractors or title plants into the title policy system |
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Creation of title commitments
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Closing/ Settlement/ Escrow Agent Back office Services
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Order entry from Sales Contract and Previous Title policy into Settlement system |
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Escrow account management |
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Telephone and fax coordination with lender, mortgage broker, real estate agent, borrower and title agent |
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Reviewing lender instructions and ensuring compliance |
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Creation of HUD-1 settlement statement |
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Title Underwriter Services
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Handling title insurance claims inbound calls |
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Keying completed title policies into title plant
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Title Plant Services
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Keying data from takeoffs |
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Online/telephone/fax research and updating of plant information
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| »Mortgage Servicing |
Loan Servicing is inherently a labour intensive function that can benefit greatly from the cost savings and flexible capacity augmentation advantage provided by offshore outsourcing. We provide back-office support functions for the full range of loan servicing functions. Servicers or sub-servicers can benefit from the capacity and cost savings by outsourcing some or a majority of their back-office functions to us.
Service Offerings |
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Customer Service
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New Loan Setup-
New loans from bulk or flow acquisitions are setup in the servicing system using images of loan documents. Escrow setup is done for servicer escrowed loans. Data loaded from the originator or previous servicers system is double checked for accuracy using a checklist.
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Payoff Processing-
Our services in this area include generation of estoppel letters, preparation of a lien release with data input from mortgage documents and recordation and tracking of releases. |
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Assumptions Processing-
Assumption statements are generated and loan assumptions are coordinated with various other departments. |
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Telephone/ Email Customer Service -
Telephone customer queries are answered by our inbound call center in India. Questions needing specialized assistance can be call transferred to a supervisor. Email inquiries are handled by our dedicated email response unit. Priority response processing and escalation can be done by a specialized team of customer service agents. Outbound “welcome” and “goodbye” calls can also be initiated by our customer service center. |
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Research Unit-
The research unit performs various research tasks on an ongoing or as needed basis. Some examples are reconciliation of suspense accounts, Year end processing: 1098,1099 generation, etc. |
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Data Control-
Periodic updating of customer information such as telephone number and email address from customer contact points or white pages search.
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Escrow Administration
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Tax Services-
Telephone and internet research of current taxes is performed. The servicing system is updated with the most current information. Delinquency reports are generated for non-escrow accounts with unpaid taxes.
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Insurance Services -
Hazard, flood, optional insurance, PMI reporting and research is performed using the telephone and internet. Force placement warning letters are generated and the purchase of force placed insurance is coordinated with a third party vendor. |
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Escrow Analysis -
Quarterly or annual analysis of escrow accounts and reporting is performed in accordance with investor requirements, local regulations and latest legislative rules. |
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Accounting
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Investor Accounting -
Investor accounting reports are generated and timely investor payments coordinated.
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Cashiering -
Payment processing is done by double entry from images of checks received. Special processing is initiated for checks unaccompanied by statement or coupon stubs. |
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Bank Reconciliation -
Bank reconciliation of ACH, wire, credit card or electronically deposited funds is performed.
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Quality Control
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Due Diligence and Compliance Audits -
Staffing support is provided for research and reporting needed for due diligence and compliance audits.
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Default Administration
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Collection Calls -
Outbound collection calls can be initiated by our call center
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Loss Mitigation -
Our default administrators can help negotiate modifications, deed in lieu, foreclosure and other loss mitigation scenarios to minimize default related losses. |
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| »Commercial Mortgage Services |
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Financial Statement Analysis - OCTAGON accounting services include high volume analysis and classification of borrower and corporate financial statements for securitized and balance sheet loans. |
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Lease Abstracting - OCTAGON deploys large teams of highly trained analysts to review and abstract key provisions in lease and mortgage documentation. OCTAGON's analysis provides a complete description of critical legal and financial information to support institutional asset management and acquisition professionals. |
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Insurance Abstracts and Review - Using proprietary technology and a large team of insurance analysts, OCTAGON abstracts client insurance requirements from mortgage documents and provides ongoing surveillance to ensure compliance with loan terms. |
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Commercial Real Estate Market Information Management - OCTAGON delivers a customized, searchable web platform that maintains all in-house and subscription-based market information as well as all current news and market reports sourced daily from 400+ sites. To this portal, clients may elect for OCTAGON to add periodically updated tenant and market overviews, information such as sales comps and property level data abstracted from third-party reports, as well as warehouse electronic copies of third-party reports. Additionally, OCTAGON delivers customized research solutions and reports to support clients' internal portfolio monitoring and/or investment requirements. |
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Document Imaging / Indexing - Our dedicated imaging / indexing team has completed hundreds of imaging projects and tens of millions of scanned / indexed pages using state-of-the-practice hardware, software, and project management. OCTAGON's document imaging services offer a unique combination in an otherwise commoditized industry, efficient use of onshore / offshore resources; expertise in real estate, legal, and financial services domains to ensure quality images and accurate index information. |
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