The mortgage industry is in a precarious situation with the current economic downturn. Mortgage rates are highly volatile. Anticipation of an aggressive interest rate increase by the Federal Reserve and the rampant trade-off of mortgage-backed securities resulted in frequent spikes in mortgage rates. Lenders cannot afford to lose sight of the shifting market trends and improvise their business strategies accordingly….
Mortgage BPO
The mortgage industry is finding it difficult to strike a balance between operational excellence and operating costs. The insurgence of nontraditional lenders such as fintech’s, consumers’ expectations for an E-commerce grade experience during loan processing and decreasing refinance borrowers’ pool are some factors that require lenders to supplement their operations with better resources and better product offerings. The cost of…
Mortgage processing tends to be complicated with the many manual tasks involved. Such tasks include mortgage document management, co-ordination with borrowers regarding their loan application status or information requests, and tasks alike. These “micro-tasks” need a high degree of efficiency. When you have a single employee responsible for all of these duties, the high workload will quickly overwhelm them. Mortgage…