10 Mar

How Outsourcing is Changing the Dynamics of the Mortgage Industry? Volume-II

How Outsourcing is Changing the Dynamics of the Mortgage Industry? Volume-II

Mortgage industry in the United States is going through a distinct boom and 2016 might well be a banner year as mortgage originations for the first time are expected to surpass the highs recorded in 2007. As a direct consequence, many large and small players are finding it highly lucrative to outsource key mortgage processes in order to cut costs, shorten time to the market and improve productivity and overall efficiency. This is a continuation of the blog “How Outsourcing is Changing the Dynamics of the Mortgage Industry? Volume-I

Thus Mortgage Process Outsourcing (MPO) is growing by leaps and bounds with service providers proffering end-to-end solutions tailor-made to the requirements of the business. With the right mix of highly talented personnel and cutting-edge technology deployment, the mortgage service providers are rightly poised to change the dynamics of the mortgage industry for good.

Global Outsourcing Survey

Streamlining complex processes with progressive solutions

The entire business of mortgage is going through a lot of changes and technology is having a big impact on the way things are accomplished. There is too much pressure from competitors and the customers are also getting hugely demanding. In such a scenario managing all the processes in-house might prove counterproductive. An outsourcing partner can help to bring about a welcome change and reduce business complexities and help pursue newer opportunities and markets alike.

Orchestrate Technologies, LLC is a proficient and certified mortgage process outsourcing partner that has extensive experience in addressing the needs of mortgage lenders, brokers, title companies, service providers and other stakeholders in the mortgage industry.

Some of the industry-leading, best of breed services that Orchestrate provide puts clients firmly in the driver’s seat by leveraging technology and global best practices thus boosting profitability. Here are the services from Orchestrate that can hugely benefit the mortgage industry clients:

  • Loan Processing Services
  • Underwriting support
  • Appraisal / Collateral Review
  • Title Services
  • Closing & Post closing Services
  • Post-closing Quality Assurance

US Commercial and Multifamily Mortgage

Loan verification is a big and critical part of the mortgage process, and outsourcing can help to benefit from the skills of the highly competent workforce and advanced technologies that the service provider brings to the table. Today loan modifications are also a major part of the industry and it needs the right expertise to avoid foreclosure, defaults, and such other untoward eventualities.

Keeping a close watch on the repayments processes and detecting any pattern of delinquency early on in the process can help to save millions of dollars for the mortgage company. The right partner can help to examine and analyze all the various facets and angles with the help of trained personnel and predictive analytics to come up with a solution that is hugely beneficial to the mortgage industry players in today’s fast-paced world. All the relevant documents, the customer claims have to be rigorously vetted and verified and only then can it be sent to the legal team for further processing.

Investing in all the costly technological back office processes and automation tools can be a drain on the resources of the mortgage company. Thus the outsourcing partners can help with all this and more and reduce the time to market while cutting down costs and bringing about a chain of innovative ideas and practices to help leapfrog the competition. Also, scalability is a big advantage when the mortgage processes are outsourced since during peak loan periods the service provider can just jack up the resources dedicated and absorb the extra work and provide expected results all without a hitch.

US Mortgage Industry

Key Takeaway: Mortgage process outsourcing is an indispensable part of the mortgage business in order to tackle all the complexities, regulatory compliance, and staying on top of market dynamics. Thus all this can conveniently ensure that the mortgage companies need not have to worry about the tedious mortgage processes and instead concentrate on doing what they do best like develop the business, set the right marketing plans, and fund the loans that are being approved.