With current interest rates sinking ever lower, mortgage lenders and brokers are busier than ever. Volumes have gone up, and back-office teams are under immense pressure to process loans while maintaining quality and turnaround time. More often than not, they are missing closing deadlines because of backed-up pipelines. This is the right time to look for an external Mortgage Processing service provider. While this sounds like the best course of action, the biggest concern would be in transitioning the work to an outsourced service provider, given the time constraints in training external staffers.
Fortunately, many mortgage processing service providers who have been serving the industry for years are well aware of the loan processing cycle and the Federal and state guidelines that must be observed. Hence they are ready to get started at short notice and without any difficulty. Due to the established systems and processes these service providers possess, outsourcing your loan processing work has been made easy. They work with all the major Loan Originating Systems (LOS) in the market, and are well versed with all the documents that they need to deal with.
Here are a few simple steps you need to take to outsource your complex and time-consuming back office operations:
Define the scope of work:
This is as simple as making a phone call to the outsourcing partner and letting them know of the tasks that the outsourced team needs to get done. Send them a process manual or checklist that your in-house team follows for these tasks, and they will figure out the rest by themselves. If the instructions are not clear, the external team will send their queries to their point of contact for further clarification.
Specify Escalation and Contact Points:
The outsourced team should have a contact point in case they have to deal with something unusual. Though they are capable of handling these special cases, it is always good to get a clarification.
Provide Access to your LOS:
Thanks to the no paper/ no storage work environment, your data does not leave your servers, ensuring 100% data security. Create access credentials for your outsourced team so that they can login to your LOS and access the tasks they are supposed to work on.
Go Live:
Once they have access to your LOS, they are good to get started. Their productivity might be a bit lower than your in-house team’s for the first few days or weeks. However you can expect them to catch up very soon.
While the steps above work very well for small and mid-size projects, large projects require a more systematic approach. Please refer to the link below for a more systematic approach to transitioning large projects.
Contact ExpertMortgageAssistance for comprehensive and cost effective solutions for your Mortgage Processing needs.
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