The financial meltdown in the U.S. may have affected many outsourcing firms. But this did not stop them. They decided to find new opportunities in Mortgage Process Outsourcing (MPO).
Key advantages that MPO provide:
Magellan Solutions is a BPO firm with experience of mortgage loan verifications. We are well-equipped to train our people to conduct these processes.
Our agents will examine, investigate and analyze all relevant documentation for claims.
The mortgage industry is undergoing a technological transition. From the standard in-house loan processing arrangements, they move operations by outsourcing.
Outsourcing allows firms to reduce timelines and costs with regard to mortgage processing.
As a BPO company, we guarantee to bring expertise in the latest technology. As a result, mortgage lenders can take advantage of digitized infrastructure.
Large investments need intense security. We assure you of the benefits of information security through outsourcing.
Listed are some documents to get a loan file through underwriting. Loan officers will discuss which are not needed. Meanwhile, they will also tell you of the ones that are priorities.
This from various consumer credit reporting agencies. It shows how you paid back the companies you borrowed money from. Furthermore, it shows how you met other financial obligations.
VA loans will need proof of military service. The VA provides a Certificate of Eligibility (COE). The lender will then be able to pull it for you.
Documentations from above are being compiled together to produce your loan estimate . This describes the terms and predicts the costs of your loan. By law, you must receive it within three days of your application.
A loan estimate is a statement of the terms and estimated fees. It does not mean that you’re approved nor denied a loan. It’s like getting a sense of the work that is being done and how much it’ll cost.
Outsourcing your loan processing for mortgage provides a lot of benefits. Here are the benefits that awaits you if you choose to outsource in the Philippines.
Customers are the primary beneficiaries when you improve your services. Mortgage lending is a tedious task and requires a lot of documentation, resources, and effort from employees. Outsourcing back-office tasks involved in loan processing helps you accelerate the paperwork, minimize errors, and increase your overall productivity. These all lead to better customer service delivery and satisfaction.
The mortgage industry is a volatile landscape that pushes industry leaders to be creative in their product offerings in the market. The mortgage process involves several steps wherein the possibility for a borrower to back out is always possible.
Mortgage outsourcing minimizes or entirely eliminates such possibilities. As it provides your business a faster decision-making process which reduces borrowers to bail out. Faster turnaround time means you meet your client quota, deliver accurate paperwork, and meet ROI.
The mortgage process involves payment processing, investor and customer relationship management, tax monitoring, accounting, and mortgage underwriting. These tasks are often time-consuming and require attention and supervision from the core management group of your business.
Outsourcing such repetitive and tedious tasks from a reliable BPO company frees up your management to focus on the creation of new products, strategies, managing compliance risks, employee engagement, and overall business development.
There is a major factor that financial institutions look for to meet the inconsistent demands. One of them is the ups and downs of the housing market. As a result, they end up outsourcing services.
It is important that MPO companies adjust their work. We are well aware that processes in the U.S. vary from state to state. As a result, we are constantly re-orienting our platform to target industry-specific processes.
Looking for an outsourcing location? Do you need up-to-date technology and a rich talent base? The Philippines could be on your top list!
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