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Characteristics of a Great Third Party Mortgage Processing Companies

By Magellan Solutions

Updated on June 3, 2024

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What to Look for in Third-Party Mortgage Processing Companies?

Third-party mortgage processing companies provide essential benefits for businesses. They speed up the service while saving businesses money. Furthermore, training a team to do this can take more time. Hiring employees requires more HR-related tasks.

With this in mind, many mortgage loaners and brokers outsource loan processes. This will reduce the time and effort you spend on them and double your efficiency and accuracy in gathering information.

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


This is why you will look for a third-party provider. Outsourcing any services can lessen the workforce’s budget. Offshoworkforcenies provide affordable pricing compared to local employees. You do not have to worry about the payroll system; they will do it for you.

Data Privacy

People who provide information for loan applications require data security. When looking for a BPO company, they must implement strict safety measures. Furthermore, your clients will trust you when their information is safe with you. Your credibility will surely attract more loan applicants.

Expert Manpower

Your company is only as good as the agents representing it. 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 also prevent you from having too many fraudulent applicants.

Advanced Technology

Aside from an expert workforce, advanced software is also essential in operation. It helps centralize the data, making it easier to organize files. This will reduce the loan’s processing time. 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 originators organized a procedure to make it fast and efficient. Not all BPO companies have 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 and reduces the number of approved fraudulent cases. This is due to the sophisticated background checking for every loan applicant.

Loan software also helps determine which loan you should approve. It has a database to see if the applicant has an unpaid loan from another company. With this in mind, you can easily eliminate prospects quickly.


How Much is Mortgage Origination Outsourcing?

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

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


Mortgage Outsourcing Companies in the 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 workforce you need.

We have the most updated loan software to monitor your transactions. Our skilled loan processors and agents can also work on numerous files daily. Rest assured that everything is under control when you partner with us.

We guarantee that your borrowers get the excellent-quality service they deserve. Contact us today for a free 60-minute consultation. Please fill out the Contact Us form below.


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