Experience
When considering a company to partner with for your mortgage processing, ask questions about their prior experience in the field. How many other companies have they worked with? What kind of workload are they currently managing? What does a typical day look like for the employees of the company? You want to know how well versed they are in the terminology and processing times of the industry and how much training, if any, you’ll need to do before the team is up and running.
The company should be able to provide you with a few examples of the kind of companies they have worked for in the past and how long they have been partnered with those companies. The longer the tenure, the more likely the U.S.-based company is pleased with the service and processing.
- Experience is a good indicator of how seamlessly you’ll be able to transition into working with an outsourcing company.
Background
Try to obtain as much information as possible about the businesses registrations. You’ll want to know how long they have been in business and whether they have a positive history of results. Also, verify whether they can sign with a US entity, since this will give the customer the ability to sue and/or hold the outsource company accountable.
Don’t trust the website’s own testimonials, as these can be fake and placed there simply to fool you into selecting that company. Dig deeper and ask for a phone number of a company you can call to discuss the outsourced businesses performance with regard to mortgage processing.
- Don’t always believe what you see if it’s placed on the website of the mortgage processing outsource company. Try to uncover more details to learn about their history and employment performance.
Cost
You might initially be attracted to a company that’s offering a great savings on your bottom line. Sometimes, however, “too low” can flag for issues that are problematic. For example, a company with very poor service might undercut their prices in an attempt to be in line with their competitors. Like many other industries and products in life, extremely low prices can be associated with extremely poor quality. If it looks too good to be true, it probably is.
A company with prices well below the industry standard will not survive for long, anyways, and you’ll just be investing more time trying to find someone else a few months down the road.
Communication
You can get a sense of how strong a company is with their communication just based on your conversations about possibly working with them. Do they reply to your emails quickly? Answer voice mails promptly? Are the responses to your questions and concerns answered appropriately and efficiently? You can learn a great deal about your own future interaction with a company by considering the effort they make to work with you before any contracts are signed or funds are exchanged. A strong company will be responsive.
Communication is the key. If problems arise, you’ll want to know you’re working with a team that will address them right away.
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