Characteristics of a Great Third Party Mortgage Processing Companies

A blog banner by Magellan Solutions titled Characteristics of a Great Third Party Mortgage Processing Companies

Characteristics of a Great Third Party Mortgage Processing Companies

What to Look for Third Party Mortgage Processing Companies?

Third party mortgage processing companies provide important benefits for businesses. It makes the service faster while saving so much money. Furthermore, training a team to do this can cost you more time. Besides that, hiring employees requires more HR-related tasks.

With this in mind, a lot of mortgage loaners and brokers outsourcing loan processes. It will reduce the time and effort you are exerting. It will also double your efficiency and accuracy in gathering information.

When looking outsourcing company, there are some things you have to consider:


This is the main reason why you will look for a third party provider. Outsourcing any services can lessen the budget for manpower. Offshore companies provide affordable pricing compared to local employees. Additionally, you do not have to worry about the payroll system as they will do it for you too.

Data Privacy

People that provide information for loan application requires data security. When looking for a BPO company they must have a strict safety implementation. Furthermore, your clients will trust you when their information is safe with you. Your credibility will surely bring more loan applicants.

Expert Manpower

Your company is as good as the agents representing you. Thus, you must outsource to a BPO company with excellent employees. This will make the process efficient and accurate. Having a skilled loan processor can save you from tons of fraud applicants.

Advanced Technology

Aside from expert manpower, advanced software is also essential in operation. It helps centralize the data. With this in mind, it will easier to organize files. This will reduce the processing time of the loan. Besides that, loan organization software lessens errors in data gathering. It also provides real-time business transactions through auditing.


Steps in Outsource Mortgage Processing

The loan process can be a complicated operation. However, third party originator organized a procedure to make it fast and efficient. Not all BPO company has the same system. But, here are the most common steps:

  • Mortgage Pre-Approval
  • House Shopping
  • Mortgage Loan Application
  • Loan Processing
  • Underwriting
  • Closing

This process ensures that every transaction is legitimate. It also brings down the approved fraudulent cases. This is due to the sophisticated background checking for every loan applicant.

Besides that, loan software also helps in determining which loan should you approve. There is a database when you can see if the applicant has an unpaid loan from another company. With this in mind, you can easily eliminate this kind of prospect.


How Much is Mortgage Origination Outsourcing?

The real question is, is outsourcing cost you less than an in-house team? Yes! It is a proven and tested fact. In a recent study, a financial corporation will have to spend $312 for in-house servicing. Yet, you can narrow it down to $75 but outsourcing. Now that is a 78% cost reduction.

Furthermore, you can only save money from diminishing back-office-related work. There is also no need to worry about the payroll and benefits. The third party originator will provide it to their agents. All you need to do is to process all the approved loans.


Mortgage Outsourcing Companies in Philippines

Generally speaking, Magellan Solutions has the best mortgage outsourcing processes in the Philippines. We offer services for banks and lending firms. For first-timers, we have Implementation Managers to assist you with your needs. They can determine your KPI and the estimated manpower you need.

We have the most updated loan software to monitor your every transaction. Besides that, our skilled loan processors and agents can work on numerous files every day. Rest assured that everything is under control when you partner with us.

We guarantee that your borrowers get the excellent quality service that they deserve. Contact us today and get a free 60 minutes consultation. Please fill out the contact us form below.


Contact us today for more information.