- July 5, 2017
- Posted by: vmayo
- Categories: Loan Processing Support, Mortgage Loan Processing
Loan processors can get overwhelm with following up on different documents from multiple sources (including 3rd-party service providers) that are require to close a mortgage loan processing. They need to interact with loan officers, underwriters, borrowers and 3rd-party service providers to be able to fulfill conditions on a loan application before it is clear for the final underwriter’s decision.
Mortgage Loan Processing
Tracking all this communication and responding to each one on time is tedious and time consuming. With their busy schedules, it is easy for loan processors to miss follow-ups, which causes further delays in closing loans. Longer closing cycles are always a reason to worry for lenders and brokers, as it directly affects both their top line and bottom line.
Eliminating some of the time consuming tasks that your processing team currently handles will make them more efficient and shorten the time to closing. Title binders, appraisals, HOIs and VOEs are some of the most time consuming tasks for a loan processor, and they require constant follow-up with 3rd parties. These tasks can be perform by a dedicated offshore team, letting your processors focus on their core tasks.
Mortgage loan processing offer dedicated teams that can take care of all the processing work that you currently handle in-house. Imagine a team working on your behalf—ordering, following up, receiving and reviewing title documentation, appraisal reports and HOI paperwork for all the loans you process. This would mean a reduction of about 30% of your processing team’s workload.
Supporting your processors with the help of a specialize mortgage service provider can help your firm achieve higher quality and faster turnaround. What’s more, in mortgage loan processing letting a dedicate external team handle your tedious processing tasks also allows you to have tighter control in the event of new updates or changes in regulations.
Mortgage service providers
Get to work on their tasks immediately after a loan is ready to be process. In most cases, they are able to sign off on title, appraisal, and HOI within a week, so that you can quickly move a loan to final underwriting. Their services can be handy right after origination, as they are capable of handling the entire loan process.
They have resources training and specialize in specific tasks (QC, Title, Appraisal, Income and Asset, Purchase Contract), hence you can expect better quality of work by mortgage loan processing, while the offshore model gives you tremendous cost savings.