mortgage underwriting

5 Tips to Select the Right Mortgage Underwriting Support Provider

mortgage underwriting Sep 21, 2022

mortgage underwriting

Here’s a compilation of time-tested and new-gen ways to streamline the search for the right underwriting services provider.

1.A Detailed Process Mapping to Weed Out Mortgage Underwriting Process Faults

Errors committed in the mortgage underwriting stage result in a wrongful denial of a loan application. One such error is the failure of the underwriter to calculate bonus income, part-time, and overtime income properly. Even if the error is flagged before the loan denial, it entails loan officers to backtrack to the process of getting additional confirmation on income status from borrowers. This results in loan approval delays.

Such errors stem from the crucial back-office tasks that go behind mortgage underwriting. Ideal mortgage outsourcing companies must be able to create a granular-level detailed process map with inputs from the stakeholders of their clients.

These process maps drill down on steps and benchmarks that were inconsistent or unclear. Stakeholders take swift improvement plans to bring underwriting process improvements.

2.Digital Footprint of Mortgage Outsourcing Companies

Consumers expect an e-commerce-like experience during the entire loan processing lifecycle. Speed is one of the main aspects of this experience. This is why the mortgage underwriting process is adopting digital technologies to bring acceleration to loan processing. Such technologies are lenders’ answers to the burning borrowers’ question “how long does mortgage underwriting take?”

Digital technologies such as mortgage automation tools come in handy for underwriters who have to obtain a specific document in real-time and fast. The tool enables quick decision-making. It also eases loan resubmission that may occur because of loan terms changes or other factors.

Smart digital underwriting processes enable both lenders and borrowers the flexibility to choose how and when to interact with each other at the underwriting stage. This creates a positive impression on the modern borrower who is constantly demanding end-to-end digitization of the lending cycle.

3.The Ability of the Underwriting Mortgage BPO to Minimize OPEX

A common reason why lenders outsource underwriting tasks is to cut down on their operational costs. An underwriting support provider comes with their own talents and infrastructure. This exempts lenders from additional investments in in-house resources. All that a lender needs to do is just monitor the work of the vendor without getting into the real field tasks.

Off-shore mortgage underwriting companies leverage advanced workforce management tools and low-cost but extremely efficient human labor. Both of these factors reduce the client’s costs remarkably. This gives mortgage companies a competitive advantage over their competitors.

4.Compatibility and Collaboration to Remove Mortgage Underwriting Process Frictions

Underwriters often depend on collaboration tools and platforms. This enables better coordination between the stakeholders. Additionally, it facilitates seamless management of the loan lifecycle. This further enables underwriters to provide quotes quicker, thereby increasing the lender’s opportunities for new business.

The underwriter should adopt a more overarching and structured approach for risk assessment, helping lenders with accurate analysis of explicit and implicit risks.

Underwriting companies are increasingly favoring cloud-based solutions for seamless operational collaboration. Effective and synchronous communication lines result in efficient underwriting, meeting the interests of stakeholders, and driving profitability.

5.Operational Flexibility to Scale Up to the Dynamic Mortgage Underwriting Process Requirements

Underwriting service providers must bring in the next generation of professionals. They have the ability and fresh ideas to adjust approaches as per the exposure to the ever-evolving risks in the mortgage underwriting process. The havoc wrecked by the Covid-19 virus has highlighted the risk factors in traditional underwriting methods and the need for new and flexible operational approaches.

The underwriter must curate robust processes to keep a track of the evolving lending factors. This helps the lender to control these shifting risks in real time. Lenders must verify the capability of the firm and ensure that the team has the expertise in resolving complex underwriting cases. Flexible underwriters spend less time consolidating and entering data to focus on understanding risk nuances for the client.


How We Make Your Mortgage Underwriting Process More Efficient

Digital Transformation Experts

As an expert in mortgage underwriting technology, our operations are based on process automation. We leverage technology to automate repetitive and unproductive tasks of manual underwriting mortgage like data compilation and entry. This frees up your employees from routine tasks. It enables them to take on more important responsibilities. We leverage the speed and depth of data enabled by digital tools to make quick and informed decisions, making life easy for both the lender and the borrower.

Appealing Economics

Over the years, we have leveraged unique underwriting tools that reduce the TAT and expenses of all mortgage tasks. We have designed our operations that streamline the mortgage underwriting process with minimal costs. Our unmatched service with 24X7 support adds to the top line of our clients. The digital tools that we use ensure cost-effective and comprehensive underwriting analysis and quality checks for optimal outcomes.

Customer Experience as the Highest Priority

Above all, it’s the customer experience that decides the winner in the lending game. Our services are designed to deliver delightful experiences to all stakeholders. A single point of contact between the client and the underwriting team, and a transparent reporting structure make us a reliable team. Our segment-leading solutions on AI, data analytics, and automated lending platforms remarkably simplify the otherwise complex mortgage underwriting process.

As the mortgage lending market gears up for a rebound in the post-pandemic times, lenders must have well-defined processes in place to provide all types of mortgage services. The experience of a trustworthy underwriting support provider with deep domain expertise and knowledge becomes irreplaceable in such times. The aforementioned tips would help lenders to connect with the right underwriting provider to realize optimum outputs.

Who We Are and What Makes Us an Expert

Expert Mortgage Assistance is a highly trusted mortgage underwriting services partner for industry leaders. With our expert team of mortgage loan underwriters equipped with the most advanced digital tools, we exponentially streamline the backend operations of mortgage companies. Talk to our experts immediately to know how our exceptional services can help your company stay relevant and competitive in the market.

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