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…
Every business is ambitious to grow and expand. However, few are equipped to handle even a 50% increase in the volume that they currently deal with. It gets even tougher for players in the mortgage industry, as they already have to deal with cyclical fluctuations of 20–30%. Hiring new resources and training them on tasks like loan processing can be…
Challenges Faced during Mortgage Processing Loan processors can get overwhelmed with following up on different documents from multiple sources (including 3rd-party service providers) that are required to close a loan. They need to interact with loan officers, underwriters, borrowers and 3rd-party service providers to be able to fulfill conditions on a loan application before it is cleared for the final…