Five Reasons to Partner with a BPO on Mortgage Process Services
Ever consider a partnership with a Business Process Outsourcing Company as a solution for the increased operating expenses the mortgage sector is experiencing? A top-ranked, professional BPO that spec…
Ever consider a partnership with a Business Process Outsourcing Company as a solution for the increased operating expenses the mortgage sector is experiencing? A top-ranked, professional BPO that specializes in Mortgage Process Outsourcing can take the following high-volume, time-consuming tasks off your plate:
- Background investigation
- Property assessment
- Document examination
- Title ordering
Think for a moment what outsourcing these tasks can mean to your mortgage firms’ profitability. This could be the difference in success or failure in this hyper-competitive financial sector.
In 2019 the average US borrower makes a 5% down payment for their home purchase.
Ten years ago, someone with a down payment that small probably couldn’t get a mortgage at all!
So, lenders today are taking on more risk in a highly charged, competitive market! What does this do to their business model?
After the recovery from the great recession, mortgage lenders faced a new reality. These lenders need to find a way to reduce costs and become more efficient. With reduced profits, how can mortgage services remain in operation? What are the best tools to help firms in this battered financial sector succeed? Keep in mind that the pressures are increasing.
Here’s Five Big Reasons Mortgage Services Outsourcing has risen to meet the challenge.
- A BPO team has the latest tech and IT practices available. That means constant hardware and software upgrades, migration to the latest servers, world-wide access, cloud services, continuing maintenance, and full support for your in-house staff. And while the service is outsourced, all the information is available to you 24/7. In this age of the Hacker, a BPO can offer cutting edge security practices to keep your information safe and private. It seems every day the headlines are filled with news of a new data breach. Look for a BPO that has never had a data breach, never lost any information, never suffered a devastating server crash. And if they have suffered one of these disasters, how did they recover?
- No matter what size your business, a BPO can help you become more profitable. Often new customers will start a conversation with: “my operation isn’t large enough to outsource these services”. Actually, you’re probably just the right size to benefit from BPOs scalable services. Small bank or multi-national lender, you’ll be a good fit.
- Customer satisfaction scores are off the chart! BPOs have been engaged in customer service- related functions for years, and it all started with building customer trust and confidence. Quality BPOs engage in constant training in customer relations practices with their representatives, so your hard-won customers will stay happy with both your products and your services.
- Mortgage service outsourcing can deliver access to the latest in big data analytics, which in turn gives your firm the ability to use up to the minute information about pricing models, optimum number of loans to have outstanding, loss mitigation and best practices. Big Data can allow your business decisions to be the best informed possible.
- Cut that overhead. A BPO will provide a professional, highly trained staff ready to go. At a fraction of your current cost. Let your core staff do the things they do best. Let your key players do their thing. Let a BPO do everything else.
The right BPO will be a professional operation delivering on time and on budget. And they should be completely transparent so you know exactly what kind of job they’re doing.
Rely Services leads the industry incompetence and transparency. We’ve thrived in the Mortgage Services sector and we can bring that expertise to your operation! Contact Rely Services today for a no-cost evaluation of your business and how we can help. Call us at 847.310.8750.
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Mortgage Process Outsourcing