Mortgage processing is a high-valued business service that requires ample time, effort and expertise. It involves much documentation, verifications and validations, title checking, credit score checking and other processes that are not only cumbersome but also critical. Since the mortgage business would prefer to concentrate on marketing and operations, they appoint a reputed and experienced Mortgage And Foreclosure Service provider as their outsourcing partner for mortgage processing services. But with so many big and small firms providing similar services, how do they choose the right outsourcing partner for their business? That’s the million-dollar question! Here is an amazing 7-step guide to choosing the right mortgage BPO service provider:
Pre-Qualification – Lets your firm establish legally!
If you are establishing your new mortgage firm, you need to submit all required documents and title details to the local governing body to get a valid license to operate in the locality. An experienced and competent mortgage outsourcing firm will help you establish as their services start from the pre-qualification period.
Pre-Processing – Lets you verify whether the client/property qualifies for mortgage
When dealing with mortgage loans, you will come across many clients and properties that will not qualify for availing a mortgage loan due to low credit score or invalid documents. The Offshore Outsourcing Services provider will collect the basic information regarding the client and the property to check whether they both qualify for the mortgage loan. Or else, it will be rejected right away. This saves the mortgage firm considerable efforts.
Mortgage Processing – The entire process
The outsourcing firm will collect all required documents, review, verify and validate them and complete the processing part for the mortgage firm. The parent company can rest assured that only the qualified applications are presented along with complete documentation which makes sanctioning the loan a simpler process.
Underwriting the Mortgages
Underwriting is an important process involved in Offshore Mortgage Processing. The outsourcing firm will have the right resources for completing the underwriting process efficiently.
Appraisal and Title Services
The property needs to be valued accurately and the title documents need to be verified and confirmed. This is another challenging aspect of mortgage processing.
Mortgage Closing – All’s well that ends well!
The mortgage firm should invest as much effort in closing the loan as it does while opening. This is essential so that the client will have a smooth experience which will make sure that they come back for future business too. The mortgage entry services are checked against the closure application and once the formalities are met with, the closure application is forwarded to the parent company. They just need to process it in their system and return the documents after updating the mortgage closure.
Post-closing – There’s more to do!
The closed mortgage documents are archived for accounting, audits, and future references. All this information must be maintained properly in the database so that they can be retrieved whenever required. This information is compiled while submitting to the federal authorities for taxation purposes. It also helps the management understand how smooth the client’s transactions have been and for various other analysis and comparisons.