How to Choose a Mortgage Outsourcing Company?

mortgage process Jan 23, 2013

This article reviews several tips for helping you determine the best mortgage processing company to outsource your work to. This is an important decision and worth some time and effort on your part to compare your options and choose a reputable company.

Your Needs Matched with Their Abilities

If you’re processing a large volume of mortgage applications on a constant basis, you should work with a company that’s prepared to handle that volume effectively and efficiently. Draw up a shortlist of your needs and question the company’s representatives on how they feel this additional contract would fit into their current workflow and structure.

Another important fact to consider is the type of tools the company is used to working with. What software do they use? Do they have backup systems in place? How do they protect their data?

You don’t want to discover too late that the company is not prepared to handle your volume or the kind of applications you’ll be submitting.

Their Expertise and Skill Level

How much training do the employees receive on the various terms and features of a mortgage application? What is the structure of the supervisors if employees face challenges or have questions? If something is handled inappropriately, what recourse do you have? All of these are important questions to ask about the employees who will be managing your mortgage processing. Not only will you have a better understanding of what the relationship will be like, but you’ll know who to contact if you have questions about performance.

Ask about how many employees they have and whether their company is growing. These are indicators of what you’ll be able to expect from them and about the level of attention you will receive while in a working relationship with them.

It’s important to learn about who will be handling your business and the experience of those employees.

Track Record and Communication

How many other companies are partnered with this mortgage underwriting processor at this time? How do they manage all of the paperwork and make your job easier? Every company should be able to provide you with several references of other companies they have worked with. Do not rely solely on their own word (such as a testimonial page from their website). Every company is going to have positive comments about their work ethic and customer service on their site, so you need to look a little deeper to find other proof.

Ask for references that you can contact to discuss their performance. If you’ll be expecting regular reports, ask for a sample report so that you are positive they are able to demonstrate the data you need. If there are indeed issues, will the owners or senior management team members be able to speak with you? Learn as much as you can about the different communication they use to handle projects, too.

Terms and Conditions

What are the specific terms and conditions they operate with? What are their expectations of their own employees? Learning about the small print is important because it will outline what they are expected to do and what they expect from you. Should there be a problem in the future, it’s extremely helpful if you have documented information about expectations and contracted agreements. The contract will have the detailed information about your relationship.