As we draw to a close in 2021, it is time to plan ahead for 2022. Mortgage Banker’s Association is projecting significant growth in purchase volumes, while refinance is expected to see a significant decline through 2022. If lenders want to benefit from these purchase volumes, they should be able to convert these volumes to funded loans. Low closure ratios will only affect them adversely, as this will keep adding to their fixed costs.
If you onboard a borrower loan for processing and take too much time to process their loan, they are most likely going to take an offer from your competition. While doing so, the poor experience that they had, while engaging with your lending firm, is also going to get around through word of mouth, denting your reputation.
Also, while their loans are being processed, providing transparency and constant communication/notifications is an important factor, which helps improve the borrower experience. This transparency can also help you analyze where the delays are happening and take appropriate corrective actions.
What are the Initiatives for Lenders to Improve Closing Ratios and reduce time in loan processing?
The key factors that lead to improving the closing ratios? Turnaround Time and Accuracy.
Lenders are exploring ways to automate their processes and improve upon these areas to close loans faster within compliance guidelines.
PrivoCorp has been helping lenders in these three areas with technology-powered loan processing services. PrivoCorp has been helping lenders close loans faster and offers an improved borrower experience to its borrowers.
Turn-around Time
Leveraging technology, PrivoCorp teams ensure that the borrower information is available in the Origination LOS at the earliest with minimal errors. With the right level of automation and minimal human intervention, the entire process gets completed in a few hours. This enables the processing teams to get the documents ready for an underwriting review faster.
If the borrower file has objections or needs further checking, the file is sent to the backend processing team, which verifies the files and processes them within a few hours. PrivoCorp ensures that pre-underwriting review is well taken care of, and that is a big help to the underwriter in making decisions on the loan file, a lot faster while maintaining accuracy.
Accuracy & Improved Compliance
PrivoCorp also offers pre-underwriting QC services. With years of experience in the mortgage industry, we have created detailed checklists and ensure that only the qualified loan documents pass through to the underwriter. We can also work on the checklist and audit worksheets as approved by the client.
This helps in identifying any errors, maintaining accuracy at all checkpoints. The solution is deployed during the pre-funding QC stage or the post-close QC stage at most lenders.
Summary
PrivoCorp has over 10 years of experience in the mortgage processing domain, and its technology-rich solutions make them an excellent service provider choice.
Several lender clients, PrivoCorp works with have been able to accelerate their loan processing, retain borrowers, limit their costs in origination, and increase their market share. To understand how we can help you, do write to us at tricia@privocorp.com
