Outsourcing, if handled well, can be a competitive advantage for your business, as it helps you overcome several operational shortcomings and realize substantial cost savings. For an industry that has to comply with several federal and state guidelines (which keep changing periodically), the idea of outsourcing seems challenging. However, the benefits of outsourcing make it a compelling factor to be considered by top management. Thankfully, there are a few mortgage service providers who keep up with aupdates, and offer quality and affordable back office solutions for Lenders and Brokers. In spite of all the great services the mortgage services providers offer, Lenders and Brokers need to keep a few things in mind to ensure that outsourcing works for them.
Here are a few important points to be considered while taking the outsourced services route:
Choose an experienced outsourcing partner
You will get proposals from several companies that offer offshored resources at a lower cost, however not all of them can help you take care of your operational challenges. Prospective partners must have extensive knowledge and experience of the mortgage industry in order to understand your pain points and come up with a solution for each one. Their prior experience should help you set best practices for quality, turnaround and efficiency throughout the complete loan cycle. Moreover, prospective partners must specialize in the mortgage industry and keep themselves updated with regulatory changes.
Start with simple and easy processes
Transitioning is the key to success for any outsourced project, hence the first process to be outsourced should always be something simple. It is much easier to transition a simple task, as that reduces the occurrence of mistakes and misunderstandings. Once you have successfully transitioned a couple of easy tasks, you will be ready to handle the transition of bigger and more complex tasks. By that time, there should be a bond between your outsourcing partner and your in-house team, hence they should be able to communicate more effectively and efficiently.
Stick to written instructions as much as possible
It’s always easy to pick up the phone and talk to someone about something that you wish to get changed or updated. However, when it comes to important instructions, written communication is the way to go. The chances of misunderstanding a word or sentence while on the phone are greater than while conveying the same information in an email or document. Written instructions are always clear and precise for implementation, hence all important instructions should be sent in writing.
Conduct periodic reviews and provide open feedback
Remember, your outsourced partner is an integral part of your team, hence it is important to monitor them as you would your in-house employees. A periodic review of the operation helps identify issues at an early stage and resolve them before they become major problems. Providing frank and open feedback to your outsourced partner will help them improve the quality of service they have to offer. Feedback is easier to implement than escalation of issues, as it is usually received on a positive note.
Apart from these points, do ask for a free trial. A company which is not confident about the quality of its services will usually try to avoid trials and demonstrations of their capabilities. If you do find an outsourced partner who is ready to offer a free trial, your search is almost over.
Contact ExpertmortgageAssistance to outsource your mortgage processing needs.