Advantages of a Loan Processing BPO
Live Chat Outsourcing Pros and Cons
What to Look for in Third-Party Mortgage Processing Companies?
Third-party mortgage processing companies provide essential 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, many mortgage loaners and brokers outsource 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:
Affordability
This is why you will look for a third-party provider. Outsourcing any services can lessen the budget for the workforce. Offshoworkforcenies provide affordable pricing compared to local employees. You do not have to worry about the payroll system, as they will do it for you.
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 fraudulent applicants.
Advanced Technology
Aside from an expert workforce, advanced software is also essential in operation. It helps centralize the data. With this in mind, it will be 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 originators 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 determine which loan you should approve. There is a database to see if the applicant has an unpaid loan from another company. With this in mind, you can easily eliminate quickly kind of prospects.
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 must 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 provides it to their agents. All you need to do is to 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 every transaction. Besides that, our skilled loan processors and agents can 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 that they deserve. Contact us today and get a free 60 minutes consultation. Please fill out the contact us form below.
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