Reasons Why Lenders Should Outsource Post Closing Services
Checking whether you as a lender should go about outsourcing post closing services is never an easy question. With the real estate and mortgage market, however going through a seismic shift and the trend set to continue over the next few years lenders need to be flexible in their operations. Flexibility ranging from title support to the post closing phase allows for easier handling of buyers, and ensures that the mortgage process is smooth for all involved. Continue reading to see how lenders have been outsourcing post closing services to enhance their relationships with borrowers.
Brings about Increased Operational Efficiency
With companies that deal with the outsourcing of post-closing services capable of finishing the process within a short time span, lenders do not have to worry about a drawn own procedure. This means that lenders can quickly move onto processing the next loan.
Allows for Handling Higher Loan volume
With the aid of outsourced post-closing services, lenders can process a higher volume of mortgages without increasing staff headcount. This allows for mortgages to be handled effectively and for staff to take full advantage of business opportunities as soon as they arise.
Allows for Better Regulatory Compliance
Handing off the post-closing part to an outsourcing service provider means that checking of documents during the phase is done efficiently and accurately. This drastically reduces the chance of errors or deficient paperwork during the loan process being overlooked. Other tasks that can be outsourced include verification of owner occupancy, and the addressing of concerns marked by the underwriter.
Saves Time for Revenue Generating Activities
Post closing services provided by lenders can eat into employee time even though no revenue is being actively generated as specifics tasks are handled. This often results in less time being spent on the actual loan approval process, and the lender losing their advantage when it comes to delivering the best possible service to borrowers during the mortgage process. Outsourcing post closing services allows employees to devote time to revenue generating activities such as mortgage processing and ensure it is completed faster.
Provides Access to State of the Art Software and Technology
With software and technology changing at a rapid pace lenders often cannot keep up, which can result in shortfalls when using dated software. Partners who provide outsourcing can overcome this by registering loans once approved with Mortgage Electronic Registration System (MERS) allowing for easy assignment in future. Using the best in class software also means that data security remains high and cannot be compromised which can result in the exposure of client information to hackers.
Results in Reduction of Fixed Costs
Costs associated with post loan closing can be reduced and they can also be transformed into a pre-loan cost. Additionally offshore business partners who specialize in the outsourcing of post closing services, ensure that the costs associated with it are much less and are only a fraction of what the lender normally has to bear.
Bringing onboard a partner to outsource mortgage post-closing services does not have to be a long drawn out process, as there are several providers that specialize in delivering a wide variety. These service providers can also get a post closing service up and running within a short time span. At Expert Mortgage Assistance we have over a decade of experience in post closing and other services. We also provide 24x7 outsourcing and can meet demands of lenders from global delivery centers that are spread over eight locations.
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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