There are multiple challenges for today’s firms in the Mortgage Industry. There are tests of increasing costs of a Mortgage Loan Process, with tighter profit margins, escalating personnel costs, and retention problems. More players on the field are making this sector very competitive. Consider Mortgage Business Process Outsourcing – Mortgage BPO Services as a solution.
All of these challenges force the question: How do you scale up your enterprise while cutting costs, trying to remain viable in a cutthroat Mortgage Market?
The Mortgage Process is a multi-faceted, hyper-detailed set of responsibilities. Many different “micro-tasks” that require precise knowledge to complete. If one person on your staff is handling all of the different functions involved in Loan Origination – Background Investigation, Property Assessment, Accounting, Financial Checking, Document Examination, Mortgage Underwriting… not only are they crazy busy, but the workload will soon crush them. And before it does, there will be plenty of mistakes to clean up.
How did Mortgage Process Outsourcing rise to meet the challenge? The really successful ones partner with a professional, experienced offshore firm.
Mortgage Process Outsourcing Benefits
While the Mortgage Crises of 2006, and The Great Recession of 2009 was a body blow to the U.S. Mortgage Industry, the recovery has created new opportunities. The survivors have found new ways to remain profitable in the Brave New World of the Mortgage Process.
Leading lenders are turning to offshore firms for Mortgage Processing Services. Mortgage Process Outsourcing is the most popular method to reduce costs and increase efficiency in this sector. Studies show that lenders using Mortgage Outsourcing are saving as much as 40% over their competition. And they’re not sacrificing features by taking these services to offshore vendors, just look at what they gain:
- Access to Latest Software
Most offshore teams have the latest tech and IT practices available. This means constant hardware and software upgrades, migration to the latest servers, world-wide access, cloud services, continuing maintenance, and full support for your in-house staff.
In this age of the Hacker, this BPOs can offer cutting edge security practices to keep your information safe and private. It seems every day the headlines are filled with news of a new data breach. Since it’s vital that all your data will be backed up and secure, this is a crucial factor in picking your Outsource Partner
- Reduction in Errors
With extensive training, and investment in hardware and software, these offshore firms can deliver access to the latest in big data analytics, which in turn gives your firm the ability to use up-to-the-minute information about pricing models, the optimum number of loans to have outstanding, loss mitigation and best practices. No matter what the size of your operation, big data can allow your business decisions to be the best informed possible.
- Minimal Overhead
Cut Costs. Mortgage Process Outsourcing can provide a professional, highly trained staff ready to go, at a fraction of your current cost. This will mean huge savings in overhead
- Customer Satisfaction
Since these BPOs have been engaged in customer service- related functions for years, and it all started with building customer trust and confidence. Team members engage in constant training in customer relation practices, so your hard-won customers will stay happy with both your products and your services
- Focus on Core Services
Let your core staff do the things they do best. Let your key players do their thing. Let a quality Offshore Mortgage Processor do everything else.
- Beneficial For Both Small and Big Organizations
Bring a professional, highly trained staff on board from Day 1. No matter what size your business, a BPO can help you become more profitable. Often new customers will start a conversation with: “my operation isn’t large enough to outsource these services”. Actually, you’re probably just the right size to benefit from BPOs’ scalable services. Small mortgage broker bank or multi-national lender, you’ll be a good fit
- Less Turn Around Time
While the service is outsourced, that doesn’t mean it’s not at your fingertips. Your information can be quickly input and is available to you 24/7.
- Eliminate Hiring Costs
Today’s BPOs are professional operations delivering on time and on budget. The best is completely transparent so you know exactly what kind of job they’re doing. Their team works for you and has your success as a top priority.
Mortgage Process Outsourcing: Choose the Best Partner
It’s hard to know exactly how much help you need. In some industries, you can hire one employee to perform multiple tasks; however, in the Mortgage Industry, it’s specialized nature makes it hard to double-dip with employees. For example, a mortgage processor has a different skill set than an underwriter and vice versa.
It might not be an issue when you know you need a full-time employee in a specific area. But what happens when you aren’t sure? You’ll have to choose between hiring or understaffing. Neither option is optimal given the time, cost, and effort involved in the hiring process.
A Rely Services Mortgage Processing team has the latest tech and IT practices available. That means constant hardware and software upgrades, migration to the latest servers, world-wide access, cloud services, top-notch security, continuing maintenance, and full support for your in-house staff. And while the service is outsourced, we have 24/7 Customer Support, all the information is available to you anytime day or night.
Tired of risking your Data? The choice to Outsource Mortgage Processing can offer the Latest Technology and cutting edge security practices that will keep your information safe and private. Rely Services has never had a data breach, never lost any information, and never suffered a devastating server crash. Since it’s vital that all your data will be backed up and secure, this is a crucial factor.
Small Bank or Realty firm, Multi-National Lender, or Independent Broker. No matter what size your business, Third Party Mortgage Processing can help you become more profitable.
BPOs have been engaged in customer service related functions for years, and it all started with building customer trust and confidence. Our Loan Processing Services engage in constant training in customer relations practices with their representatives, so your hard-won customers will stay happy with your services.
Outsourced Third Party Mortgage Processing Services can deliver access to the latest in big data analytics, which in turn gives your firm the ability to use up-to-the-minute information about pricing models, the optimum number of loans to have outstanding, loss mitigation, and best practices. Big data can allow your business decisions to be the best informed possible.
Let your core staff do the things they do best. Let your key players do their thing. Let Our Experienced Professionals do everything else.
Cut that overhead. We will provide a professional, highly trained staff ready to go. At a fraction of your current cost. This can mean huge savings in overhead.