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Generating High Quality Mortgage Loans: Why Investing in Good Consultants Matter

Mortgage lending landscape has witnessed a paradigm shift in the Dodd-Frank era. With an increased focus on compliance now more than ever, compliance consultancy is not a luxury, but has become a need of the hour. It is not just about third party vendors anymore, but is required to be integrated into the system the same way a company interacts with its customers. This is why it is important to hire someone who can handle your scope and size of work.

Compliance consultants are not only required to shoulder your burden by keeping the loan file in motion, but to also detect potential flaws and address them before they become big enough to eat into your profits. Early identification of errors not only helps you prevent costly violations but also helps you tighten your business process for a more seamless mortgage loan processing, not to mention the added cost savings by making the process sharper.

Attaining Mortgage Consultancy Perfection

Execution and implementation of compliance monitoring program alone will not make the cut. It is important to use the services of these specialists to educate your in-house staff and empower them with most up-to-date knowledge of the compliance landscape. A business strategist will know that from cost saving point of view, a well trained staff can solve most of the compliance related issues at their respective ends without the need of going back and forth with the outside specialists. This will not only solve most of your problems but will also reduce the expenses associated with enlisting outside help. As a mortgage lender, you should consider training your employees on new regulations and key concepts from time to time.

It is important to note that if you are using a consultant that provides compliance training, then you must also ensure that they provide you with the content that is related to your business process. For example, if the module tackles issues associated with fees, then the regulation should be clearly explained and the employees should be given hands-on practice on the simulated loan origination system (LOS). Without proper learning governance, mortgage training will not deliver desired results.

Why Do Mortgage Consultants Even Matter?

The key to efficiently manage compliance lies in resources and adequate tools that are aligned with proper understanding of the ever-changing regulations. At the same time, it is also imperative to apply this knowledge correctly to the lender’s business process. This is where compliance consultants play an indispensable role. It is especially true for small and medium sized lenders who cannot take advantage of economies of scale that large banks have.

However, when you are in the process of hiring compliance consultant, it is necessary to ensure that they also provide training services. When a single vendor provides both the services, it becomes easier to keep the process under tight control. Needless to say, you must also exercise complete due diligence in your assessment of the service provider. They must have adequate experience to tackle the size and scope of your business. They must also possess sufficient knowledge about the mortgage services and products that you provide to your borrowers. A reliable consultant is the one who can recommend process improvements that can be accomplished through execution of new compliance regulations and by monitoring the existing ones.

Having said that, Expert Mortgage Assistance has experience of over a decade for being the most trustworthy mortgage outsource partner. We offer seamless and scalable operations to our clients from mortgage consultancy to post-closing support. We take immense pride in our organized reporting and escalation channels that allows us to offer complete transparency to our clients. If you are looking to streamline your lending business, then you need to talk to our experts today.


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Common Loan Closing Types

  • Mortgage Closings
  • Refinance Closings
  • Commercial Loan Closings
  • Reverse Mortgage Closings
  • Home Equity Loan Closings
  • FHA Loan Closings
  • Loan Modifications

Loan Closing Features

  • Comprehensive review of closed files
  • Aggressive pre-close review
  • Confirmed Closings within 24 hours
  • HUD settlement statements done within 3 hours
  • Same day closings entertained
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