In a highly competitive mortgage landscape, a reduction in the turnaround time can become a major differentiator in the business performance and in staying ahead of the competition. Now more than ever, mortgage lenders need to be diligent about implementing ways to streamline operations considering the unpredictable nature of today’s mortgage industry. It is imperative to opt for more cost-cutting solutions that save time, promote flexibility and reduce risk while improving service.
Most lenders believe in a fragmented approach while assigning processing work to external parties. However, this fragmented approach involves coordinating with multiple vendors which leads to delay in processing. More and more lenders and brokers are discovering the benefits of working with Contract Mortgage Processing Companies to deliver a better customer experience. In fact, by hiring a Contract Mortgage Processing Company, it is possible for lenders to reduce their mortgage processing time by almost 50%.
Associating with the right Contract Mortgage Processing Companies will empower lenders and their businesses to achieve bigger goals by providing them with access to a team of experienced and dedicated loan processors. Full-service contract processing is the need of the hour in the mortgage industry today.
Here’s how contract mortgage processing companies expedite the mortgage process:
One of the most common reasons for delays in the mortgage process and the closing date is the submission of incomplete documents or documents that are not legible. This is where experts from the contract mortgage processing company team step in to ensure that all contract documents are fully executed. With proficiency in the process, they scan all the documents for missing information, signatures, or initials and get them filled up, at the earliest to complete the file. This reduces any delay due to missing information at a later stage of processing.
Time is of great essence in an industry like a mortgage. Even when volumes are high, a professional contract mortgage processing company is adept at handling the lot since its team of processors generally has a broader scope of knowledge than most in-house processors. Such companies maintain a thorough track of the timeline and ensure they complete the work on or before the given timeline. They specialize in providing professional mortgage processing and are constantly focused on providing the highest level of service to clients through automation and effective management systems. Since they are domain experts, they know how to streamline the entire process flow to boost efficiency and to reduce the TAT.
In fact, the experienced teams also pick up on red flag situations earlier causing fewer delays and faster turn times. All of this results in greater customer satisfaction and increased business.
Use of Technology:
Contract mortgage processing companies are known to use state-of-the-art technology to make the process faster. Through the mortgage process, borrowers always look for speed and ease, which requires moving from paper-based processes to digital transactions and servicing capabilities. The role of technology is paramount in order to bring in a balance between borrower expectations and compliance requirements. The technology offered by these expert partners also helps in identically processing every document, resulting in more reliable and higher quality results. With automation, the hands-on time is reduced which also leads to a reduction in overall cost per loan.
Well-Designed Loan Process:
Since contract mortgage processing companies have expert teams to handle the mortgage loan processing, they have streamlined processes that can be completed within a reduced turnaround time. In general, the entire mortgage lending process is filled with several procedures that can be tedious. There are multiple rounds of documentation as well as huge resources and efforts involved. Associating with the right contract mortgage processing companies helps ensure that back-office tasks are taken care of so that lenders can focus on ways to strengthen their relationship with customers. The professional touch that partners bring in will result in expedited processing, minimal errors, and enhanced customer satisfaction.
How PrivoCorp can help:
PrivoCorp is among the few leading full-service contract mortgage loan processing companies. We offer processing support that covers a gamut of services from origination to post-close. We implement strategic tools and process transformation to address the mortgage industry’s operational and customer experience challenges. Our multi-state footprint, self-motivated teams, automated workflows, intelligence powered by RPA and AI technologies, and digital compliance ensure operational efficiency and customer satisfaction for our clients.
Get in touch with us today to benefit from our full-service contract processing which is widely needed in the mortgage industry today. You can reach us at email@example.com