Biggest Challenges in Mortgage Processing Services and Best Ways to Solve them!

Mortgage industry is suffering at the hands of tight regulatory norms, making it more challenging than it already is. The ever changing rules and regulations of the mortgage landscape makes it necessary for the key stakeholders to exercise exceptional skills to overcome these challenges.

For the lenders to keep their business profitable and to retain customer satisfaction, they often come up with novel ideas to restrain the issues arising out of volatile mortgage policies. Many lenders also prefer to outsource their mortgage tasks as these service providers are better equipped to handle the entire process.

Here are some of the most common challenges faced by the lenders and tips to overcome these issues

Quick and Efficient Processing

Keeping the TAT in control has been one of the biggest challenges faced by mortgage lenders. Regardless of how complicated loan processing may be, the end user always wants quick results. However, title checks and verifications can be very time consuming, especially if there is an unclear title. Lenders are not only required to process the loan quickly, but must also do so within the compliance framework. The best way to keep loan processing efficient is by outsourcing mortgage service provider. These professionals have the right technology, experience and resources to finish the task in timely manner.

Qualified Resources

It can be challenging for lenders to find specialists who can successfully complete the intricate pre- underwriting process. The file risks rejection if the forms are not duly filled or the titles and documents have not been thoroughly verified. Mortgage lenders often depend on outsource mortgage partners to undertake the task of finishing initial processes carefully so that the loan file can move along effortlessly.

Mortgage Automation Solution MSuite Helps to Overcome all Processing Challenges

Automation tool like MSuite can be put to limitless processing uses. These include:

  • Indexing Engine – MSuite’s indexing engine can recognize and index over 350+ types of documents including those with varied formats.
  • Data Extraction – MSuite automates the process of data extraction and guarantees 98+% of data accuracy. It accepts digital data points from various sources (appraisal SSRs, work number, credit data).
  • Rule Engine – MSuite automates QA Reviews as well as other complex tasks (upfront underwriting of files with salaried borrowers) by managing thousands of rules seamlessly.
  • Reporting Engine – MSuite is capable of reporting on almost all the data points in a system. It generates both standard and custom reports.

Scalability of Manpower

Mortgage industry has a lending season when some months are busier than the others. The workforce needs keep changing throughout the year with more resources required during peak times. However, maintaining a large team year round can be expensive for the business, especially when your manpower requirement keeps changing. Therefore, lenders need to devise a plan that will allow them to have a cost-effective scalable team. Seeking help from mortgage service providers during busiest months can come in handy. They have the right number of resources that are experienced in handling complex data entries. Through outsourcing, you will be able to scale resources as per your requirements.

Meeting Compliance Needs

After the implementation of Dodd-Frank Act, mortgaging and loans has become tricky work. The lenders are now required to file mounds of paperwork in various formats to the legal authorities which is a compliance obligation. These formalities can be cumbersome and time consuming if you do not have right resources to complete the task. Taking help from experienced mortgage professionals will ensure that all your paperwork has been filed in time and is 100% compliant.

Focus on Core Competencies

How can a business grow when it is busy trying to stay legal? Lenders have to deal with bulk information day in and day out. Amid all this additional work and regulatory obligations, it is impossible for the lenders to focus on their core competencies. Taking non-core activities to mortgage partners can ease the load and allow the lenders to focus on their customers as well as business expansion.

Mortgage industry has become increasingly challenging and lenders needs a reliable partner now more than ever. Expert Mortgage Assistance has been in the outsource mortgage service business for a decade and is now experienced to handle all kinds of service requirements. We have a team of experts who work closely with our clients to deliver quick and efficient results. If you are looking for a mortgage outsourcing partner, then look no further. Talk to our experts today and let us help you streamline your business.

Get a Quick Quote!