The challenges of selling a home loan have evolved dramatically during the past decade. Today, loan officers must generate adequate real estate leads, convert the ones that come their way, build relationship, and maintain the database of prospects in order to close a mortgage loan on time. Added to this is the ever-changing mortgage requirements, that demand them to be on their toes at all times. Consequently, loan officers can easily become mired down by the routine activities required in dealing with each of these regulations.

There are many crucial responsibilities on a loan officer’s to-do list that cannot be neglected but can divert their attention away from the duties that must be completed first. This is a problem for independent loan officers who find it hard to recruit full-time support staff. Such loan officers will find remote mortgage virtual assistant (VA) of great use. In the mortgage industry, it is now customary to hire virtual assistants who can take up tasks from a remote location, handling these hard to manage but vital duties while providing you with the elbow room you need to undertake core work.

Here’s a step guide on how to hire a Mortgage Virtual Assistant:

virtual assistant services for mortgage

Step 1: Set your Virtual Assistant’s Duties

Almost any task can be performed with the help of a mortgage virtual assistant. Customer interaction, mortgage process support, and calendar management are all things that VAs can perform. Your mortgage virtual assistant should be aware of the task at hand from the outset. It will be impossible to find the correct person if this does not happen.

A lot of virtual assistants will market themselves as general VA’s and specialist VA’s. A generic virtual assistant will be able to help you stay organized with planning, tracking, canceling, rescheduling, and reorganizing meetings with new prospects; transcribing audio from meetings or typing up meeting notes; schedule follow-ups and create a list of action items if that is all you require. But if you require help in a certain area such as the Mortgage process support, you’ll want to employ a specialized VA.

Step 2: Decide on a Budget

Some duties, including customer interaction and mortgage process, support, maybe too expensive to delegate to a virtual assistant (VA). As a starting point, focus on a few monotonous tasks, such as filling an application, and keying in data in Form 1003 in the LOS; working with borrowers to collect initial documents; indexing documents in the LOS and entering data as needed; assisting processors in collecting supporting documents to clear underwriting conditions.

To calculate how many jobs you can afford to outsource, you must first determine how much a virtual assistant will cost. Unfortunately, there is no simple answer – it depends on a variety of criteria, including the sort of services provided, the number of years of experience the VA has, and whether you hire from within the country or abroad. Try to assign a monetary value to each task you need in order to determine the maximum you can pay a virtual assistant (VA). Keep in mind that you’ll have to pay extra for higher-quality services. In other cases, though, you can save money by hiring a mortgage virtual assistant who is just starting out but has relevant experience.

Step 3: Start with a Trial Run

An interview and quick test can only tell you so much. It’s a good idea to engage the mortgage virtual assistant for a short trial period before committing to a long-term contract. For example, if you have a restricted amount of work, a week may be enough. Your long-term success will be determined by how well you work together in the short term. Also, neither of you will be committed to continuing once the trial has over.

In the case of an agency that provides virtual assistance, a trial run is particularly simple. A mortgage virtual assistant may be hired by an agency to help with certain tasks, such as staying in touch with prospects, communicating with borrowers about the status of their files, making proactive outbound calls, receiving incoming phone calls, and following up with prospects from marketing lists. Someone else is always available if you’re not happy with the results. But if you use a freelance platform or a job site to find a recruit, you’ll be back at square one.

Step 4: Set Realistic Goals

Be realistic about your expectations after hiring a mortgage VA. Initially, the VA will need time to adapt to your working style. After a few weeks or months of getting the job, it should be near-perfect. Consider hiring an inexperienced virtual assistant in order to save money, but be aware that tasks will take longer and the quality will be inferior. The best mortgage virtual assistants cost a lot. Your expectations may need to be tempered in the event you can only afford a few bucks an hour.

In spite of this, it is acceptable to anticipate your VA to perform with minimal guidance when a period of time has passed. Do not renew the contract if the quality of the work continues to be poor.

Step 5: Delegate the Right Work

There are some small business owners that engage one virtual assistant after another, but nothing ever seems to work out. Think about whether there is something you should change in these instances. First, think about the instructions you’re giving to others. If so, is it crystal clear in your mind what and how you want it done? Specificity is key. But if you don’t, even the best virtual assistant will be lost.

And how do you communicate? First, you’ll probably need to check in frequently — through messaging and perhaps the occasional video call — during the first week. After that, it’s time to tone it down. No need to set up a chat if you have nothing to say. You should, however, ensure that you provide feedback each time the VA completes work for you. If everything appears to be in order, a simple “thank you” may do. Think about your deadlines. A tight schedule may make your VA unable to keep up, resulting in subpar performance. 

Final Thoughts

To be successful with a hiring mortgage virtual assistant, it’s important to pay attention to every step of the recruitment process. You need to be clear about what you’re looking for, and you need to ask the correct questions to screen candidates. Create a conducive environment for your virtual assistant to thrive. Then your VA will become a vital member of your team, putting your firm on the road to growth.

Who We Are and What Makes Us an Expert?

This article is brought to you by Expert Mortgage Assistance a pioneer in mortgage BPO services. We have a decade long experience of providing a range of specialized back-office support services to lenders based in the US. One of the services we specialize in is providing qualified and competent mortgage virtual assistants to loan officers. If you wish to know more about our services get in touch with our experts now.