Outsourced Mortgage Processing: (Easier)

Easier

Turning this laborious process over to a qualified processor frees up valuable time for the Loan originator to go out and develop new business. Outsourcing this service will allow Sales Managers to do what they do best, and that is, manage and develop their Loan Officers. Why manage two job functions, when you can concentrate on the one that generates income, while delegating the processing to a specialized company? Outsourcing loan processing will cut a mortgage companies overhead, by reducing guaranteed salaries and benefits, and also help it become more productive by streamlining their daily operations.

Just because you’re giving the workload to someone outside of your physical office doesn’t mean you’re giving up control of the process. Thanks to advancements in technology and the proliferation of the internet, mortgage companies are still able to oversee their entire loan pipeline and get up-to-the-minute statuses on every loan in-process at any given time. Choosing the right outsourced processing company means finding a company that employs experienced processors, who have access to these types of technologies. Having the right web-based technology allows for true collaboration on all loan files, giving all parties involved anywhere, anytime access to all pertinent loan information directly from a computer. Outsourced processing companies should have the ability to maintain a completely paperless loan file, in a secure hosted environment, that can be accessed any time, through a website. Today’s processing and document management software allow outsourced processing companies the ability to maintain a completely paperless loan file, in a secure hosted environment, that can be accessed any time, through a website. These software technologies allow for tracking of documents in and out of the system, changes in loan data, changes in loan statuses, and much more.

The global economy has created an environment that demands increased competition. With this competition comes increased value. Borrowers can shop around for the best deals on rate, program, etc., and so can Loan Officers. With the internet, mortgage companies are no longer restricted to only do business locally. They can shop for the best processors all over the country. A mortgage broker in California or New York can have their loan processed digitally in Louisiana or Florida, and vice versa.

So, times have changed and they’ll continue to change. But thankfully, they are good changes. Outsource Processing is not the future; it’s the here and now. The right processing company, using the right technology, can drive the efficiencies that allow mortgage companies to more easily respond to the ebb and flow of our industry. And like everything else, this economic downturn will pass and we’ll emerge leaner, more efficient and more dynamic, better able to compete in the global economy, and ready for the next real estate heyday.

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