Mortgage processing companies are an important part of the home buying process in the United States. They help to make the process run smoothly and ensure that all the paperwork is in order. As well as helping clients, they provide a valuable service to lenders. Here’s a look at what mortgage processing companies do and how they operate.
What is a Mortgage Processing Company?
Typically, a mortgage processing company is a third-party organization that provides support to lenders and clients during the buying process. As a mortgage company, you have lots of tedious tasks and paperwork to complete. A processing company can take on some or all these responsibilities, leaving you free to focus on other aspects of the business. While the external company does these mundane tasks, you’re already moving on to the next deal.
With this in mind, a mortgage processing company can provide various services. These usually include:
- Assisting with the application and loan origination process
- Completing a preliminary review of the borrower’s qualifications
- Gathering documentation from the borrower
- Submitting the loan package to an underwriter
- Obtaining loan approvals
- Coordinating the closing
- Reviewing and approving the final loan documents
- Transmitting the loan to the servicing company
A mortgage processing company can be a great asset to your business. By outsourcing this time-consuming work, you’re free to focus on other aspects of your business. In addition, a good mortgage processing company will have a team of experts who are knowledgeable about the latest changes in the industry. Just imagine how much free time your team will have when these tasks have been handed off to experts.
Benefits of Working with a Mortgage Processing Company
Save Time – The most obvious benefit of working with a mortgage processing company is that it will free up your time – all the tasks mentioned above are time-consuming and confusing. StraightSource loan servicing outsourcing will free you of these tasks so that you can work more closely with clients and ensure that they have a positive experience.
Get Expert Help – Another big benefit of outsourcing your mortgage processing is that you’ll have access to a team of experts. They will be able to advise you on the best way to move forward with each client and will have a wealth of experience to draw on. This can be invaluable, particularly if you’re new to the industry.
Improved Accuracy – When you outsource your mortgage processing, you can be sure that the team carrying out the work is highly trained and experienced. This means that they’re less likely to make mistakes, and any errors will be picked up quickly. This contrasts with processing mortgages in-house, where mistakes can be made more easily and may not be spotted until it’s too late. When the dreams of your clients are on the line, you need to be sure that everything is done correctly, and outsourcing can give you this peace of mind.
Faster Turnaround Times – Mortgage processing companies will have a team of people working on your client’s applications, rather than just one or two in-house processors. This means that applications can be processed much faster, and your clients will get their results back sooner.
Better Customer Service – All in all, these benefits combine to create a much better customer service experience for your clients. They will be kept updated throughout the process, and they won’t have to worry about whether their application is being processed correctly.
If you’re looking for a way to improve your mortgage processing, working with a professional company is the way to go!