Increase Mortgage Loan Processing Efficiency? "How can I do that?" it might be easier than you think! When a Mortgage Broker or Mortgage Lender starts processing a loan, they probably have a clear idea of when they want to complete the Loan Origination and move on toward the closing. At this point, the most critical member of the team is the Loan Processor. Now, if the Loan Processor is also the broker or lender, they can't devote all of their attention to processing the loan. Let the broker work the sales of the loans! Mortgage Processing needs its own dedicated team, operating at full speed.
The average time it takes to close on a house is anywhere between 30 and 40 days. Now, is that 40 days of you working and waiting for papers and signatures, or do you hand off this process to another associate or a team to usher it through? The correct answer is: You Hand It Off! If you don't have a permanent, full-time processor or processing team, you're leaving money on the table—time to start thinking about partnering with a Mortgage Business Processing firm. Someone not in-house that can handle all of your Contract Mortgage Processing!
While the last two years have been a time of record-breaking sales, prices, and profits, all signs are pointing to a downward trend. And while this is typical in times past, since we hit these peaks, the downward slide will probably be much steeper!
Are you prepared?
How To Boost Productivity And Speed?
As we mentioned earlier, efficiency is critical! And maybe you feel that you're operating at the peak of efficiency! But let's run a checklist and see if that's true.
How can I make the pre-qualification process more streamlined?
Simply put, Automate It! Today's tools are so good. If you've not taken a close look at what's available, chances are you'll be shocked. You can make the pre-qualification so much quicker by taking it online and using readily available tools to complete the process. There's a variety of software tools that can make this happen.
Keep your borrowers in the loop!
Use those same online processes to make your borrowers more plugged in! If you make them a more accurate time and integral part of the pre-qualification process, they'll react to your input needs quicker, more accurately, and more thoroughly.
Implement a LOS that is cloud-based!
Using a cloud-based mortgage loan origination process, you can access the latest technology. This can help you weed out the applicants who are shooting too high in their home-owning aspirations. Not only can this software bring them down to earth, but it will also improve communication for all, yielding a more effective and faster process.
During the closing process, be open and honest.
We don't have to wonder about your honesty, but some of us are better at being straightforward about delivering bad news to a client. Be upfront with them about what they can and can't do, given their financial position.
Start Thinking Of Mortgage Loan Processing With A BPO
So you know what you want. And now you know how to get it. Use the method that thousands of your competitors use: Outsource your Mortgage Loan Processing. You'll quickly see the results. Start shopping for an outsourcing firm with:
Experience in The Industry - Don't let an inexperienced processor ruin your firm's reputation. You'll lose customers. And have wasted one of your long-standing business goals.
Evaluate Their Cost - Will they leave you with part of the job unfinished when they're done? Is their quote too good to be true? That's a red flag; move on to another candidate.
Processing Efficiency - Make sure they get it right the first time. If you need to clean up after them, you're not gaining anything for your trouble.
Talented and Experienced Operators - Your new Contract Loan Processing Services need to be talented enough to overcome unique obstacles without calling you to fix the problem.
Mortgage Compliance - An inexperienced processor can not only make your life more difficult (not the outcome you wanted) but can create problems with regulators.
Choose Carefully!
So as with any other prospective business partner, do your homework. The wrong choice will create a lot of headaches, and the right one will save you money time and increase your firms' productivity. there is no lack of candidates. there are a lot of Mortgage BPO firms out there looking for your business.
As mentioned earlier, the wrong choice of partner can be expensive in a lot of different ways. and not easy to correct. Take your time to make the right choice.
Shrikant G. is a marketing manager sharing knowledge about the mortgage industry.