As the world grapples with the Coronavirus pandemic, businesses everywhere are finding ways to deal with uncertain times. The mortgage sector is no exception. Lenders now must find various ways to avoid delays in loan processing.
Across organizations, employees are increasingly skeptical and hesitant about traveling to work. because of coronavirus concerns.
At this moment, there is not enough clarity on when the situation will improve. With a lesser number of employees reporting to work, the chances of loan files that remain pending are very high. How are companies mitigating this risk? The mortgage process is human-intensive and time-consuming. It is also a multi-level process that includes pre-approval, mortgage application, loan processing, underwriting, and closing. Besides, loan processes call for a plethora of documents including proof of employment, 1040’s bank statements or balance sheets, etc. that determine the borrower’s creditworthiness. Acquiring them from borrowers requires ongoing commitment and dedicated man-power.
In the current times, mortgage lenders may face issues to manage the workforce required to handle loan files. Pending loan files naturally mean financial losses as well as the risk of tarnishing the reputation of the lender. Moreover, even though loan processing is a complicated process, customers always look for quick results. Lenders are expected to process the loans fast and do so within the compliance framework.
Mortgage lenders, therefore, need to explore various options that will ensure continued processing of loan files and avoid delays in loan processing. This is one of the best times for lenders to invest in a smart processing partner who can offer faster loan processing and a better experience for mortgage borrowers. A strong processing partner can offer a host of varied mortgage-related services including pre-underwriting, closing, post-closing, loan processing, title ordering, appraisal, title insurance, and title examination, etc.
One of the major benefits of partnering with a loan processing company is that such companies have a team of experts and a vast store of knowledge on the mortgage industry. These highly qualified individuals take care of all the tasks related to the mortgage process including arranging for the array of necessary documents. Additionally, even if there are fewer employees attending work at the lender’s office, it will not halt the loan process since mortgage processing partners will handle the paperwork required for verifying and processing. They will also handle tasks like preparing loan papers with foreclosure conditions and sending initial mortgage disclosure forms while ensuring that the process is not stuck.
Mortgage processing partners also help with another big challenge lenders face – i.e. keeping the turn-around time in control. Outsourcing the mortgage process is one of the best ways to keep loan processing efficient. Mortgage processing services companies have a skilled team of experts, the right technology and resources to accomplish the task in time. Since they can take care of the mortgage process, lenders can focus on their core business. Reduced turn-around time can also lead to enhanced customer experience.
Companies like PrivoCorp are leading mortgage processing partners who are offering expert services and capabilities in loan setup and Indexing at a time when lenders may face a manpower crunch. Outsourcing to companies like PrivoCorp can help avoid delays in loan processing at a time when we are struggling with the Covid-19 pandemic.
With the COVID-19 pandemic bringing so much uncertainty to business, it’s the best time to invest in a mortgage processing partner. PrivoCorp is a company that can enhance the mortgage process through efficiency, consistency, timeliness and customer satisfaction, helping avoid delays in loan processing. Talk to us today!