Common Challenges in Mortgage Processing

Being a heavily regulated industry, there are multiple challenges for companies in the mortgage processing industry. Keeping up with changing fed guidelines is no easy task. The mortgage industry requires highly skilled processing teams in addressing and resolving issues in mortgage processing services. Moreover, there is also a truckload of data to be dealt with daily. This is why mortgage processors look for ways to simplify the mortgage processing process. Lenders must consider outsourcing their mortgage processes to mortgage processing service providers to get the necessary support.

Services like mortgage loan application, mortgage underwriting, and mortgage post-closing require highly skilled teams. The biggest challenges that are faced during mortgage loan processing include:

Reducing Turnaround Time

Although loan processing is a time-consuming process, clients expect closure at the earliest. Along with accuracy, speed is an equally important factor in order to deliver a superior borrower experience.

Outsourcing mortgage processing services is one of the most effective ways to improve turnaround times. Mortgage process partners have a highly skilled and qualified team of professionals, the latest technology, and a 24*7 operation to deliver quick TATs.

Document Processing

As part of the loan processing cycle, there are a number of documents that are required to be processed. These documents must be scanned, verified, and processed. A set of skilled individuals are required to prepare loan documents with foreclosure conditions. Mortgage process service providers can help you process these documents accurately and efficiently.

Compliance with Regulations

Compliance scenarios are a critical aspect of mortgage loan processing. Mortgage firms should know and adhere to all regulations in the mortgage industry. Legalities should be carefully controlled and corporate practices should be revised as per legal declarations in order to avoid taxes and other legalities.

Efficiency in Pre-underwriting

Document verification, stacking and indexing loan documents and preparing preliminary mortgage disclosures require both expertise and efficiency. A standardized process is required in order to complete all preparations before the task of underwriting. Deep domain expertise is essential to manage all tasks during the pre-underwriting stage.

Flexibility in the workforce

The mortgage process experiences many ups and downs based on the location, time, and type of loan. Some quarters may require more workforce than others. Due to its lack of consistency, hiring full-time employees may prove expensive during downturns or lean seasons. A highly scalable and cost-effective option is to collaborate with a mortgage processing service provider who can fulfill your mortgage processing and staffing needs.

So how can mortgage lenders solve these mortgage processing challenges?

Through outsourcing. When mortgage processing services are handled by technically skilled and experienced experts, these challenges can be overcome with ease. Orchestrate Mortgage & Title Solutions, LLC, has more than a decade of experience in providing mortgage processing services with quick turnaround times and accurate data. Please call us at 800-232-5130 or write to us at success@orchestrate.com for more information on how we can scale up your mortgage business.