How to Choose Your Mortgage Service Provider: A 7 Step Guide

If you have decided to outsource your mortgage services to a third-party vendor, then it is a step in the right direction. Mortgage is a complex process that needs extra set of trained hands, more so after the implementation of strict regulatory rules. However, choosing to outsource mortgage processes is only half the battle won, another half is to find a reliable partner that will synergize with your business goals and objectives.

Finding that service provider is not as hard as it may seem. Just follow this simple 7-step guide to narrow down your search for an ideal outsource partner.

Assess Experience and Knowledge

First things first, before you even consider a service provider to be your counterpart, it is important to ask as many questions as possible about their previous experience in the mortgage industry. Your prospective partner should have adequate experience in addressing all kinds of mortgage issues. You can start by asking them about the kind of workload they handle for their existing clients. Next thing is to assess their knowledge with regards to mortgage processing times, terminology and changing trends. The company resources should be aware about the shifting regulations, existing compliance requirements, upcoming UCD mandate and any other regulatory framework changes that may be in the offing. Assessing a mortgage service provider on their knowledge and experience will ensure that the knowledge transfer is smooth.

Compliance Friendly Process that Drives Accuracy & Efficiency

When choosing a third-party vendor for your mortgage services, most important consideration is their conformity to compliance. With the implementation of new Dodd-Frank act, loan origination process has become lengthier and more complex. BPOs with experience in loan origination and modification can help streamline the process and make it more efficient. However, the vendor should have well trained people to conduct these processes with efficiency, accuracy and well within the regulatory requirements.

Hiring and Training Resources

Even though a lot of manual work in mortgage processing is being replaced by automated systems, there is still need for human intervention throughout loan lifecycle. The resources involved in the process should be trained across all processes because the laws in U.S. vary from state to state. Your success in efficient processing of loans depend directly on the quality of these resources. You should carefully evaluate the team that will work on your project. The talent pool should be qualified to meet the necessary requirements and should be specifically trained and certified to handle complex mortgage needs. The vendor should also be able to offer scalable labor support that can be adjusted as per peak or dull loan seasons.

Evaluate Staff Attrition in Mortgage Processes

The best way to assess a company’s work ethics is by its employee satisfaction. Attrition rates in an organization or similar processes will give you the most comprehensive outlook about the way vendor is doing his business. High attrition rates is a red flag that you should not ignore. Assessing employee attrition will give a good idea about vendor capabilities.

Consider Vendor Portfolio

Don’t simply go by the reputation a vendor has in the market. Never economize on good due diligence process before getting a partner onboard. To get the most accurate and satisfactory evaluation of potential mortgage partner, you should ask them to furnish a list of clients they have serviced in the past. You can validate the vendor claims by speaking to the existing or past clients about their experience working with the service provider. It may seem like an extra step but it goes a long way in establishing a solid ground for long term partnership.

Cost & Quality Assessment

A well-established mortgage BPO service provider will be able to reduce costs by controlling turnaround times and other expenses associated with mortgage processing. These firms also can scale their operations during peak loan seasons. A vendor who can provide you flexibility and affordability that too without compromising the quality of work is the one you should get aboard.

Are you looking to outsource mortgage processes to a reliable BPO service provider? If yes, then you should speak to our experts at Expert Mortgage Assistance today. We have experience of over 10 years in providing mortgage solutions to more than 200 clients. We have 8 delivery centers that can offer you seamless and scalable operations as per your requirements. We also have a team of 150+ qualified underwriters who work round the clock to give you the most accurate and efficient service.