Forward-thinking mortgage companies are continually evaluating ways to effectively reduce and control origination and servicing costs, while consistently delivering a high-quality mortgage experience to their customers. One approach that is ideally suited for the mortgage industry is the Business Process Outsourcing (BPO) model.
BPO is a strategic sourcing arrangement whereby a mortgage company turns over all, or part, of a defined business process to a third-party specialist to manage on their behalf. By outsourcing, mortgage companies can focus on their core competencies, while the BPO provider can focus on all of the details associated with managing the business function. BPO service providers typically have the advantage of process, technology and labor management economies of scale, which allow them to run a more efficient operation. By leveraging BPO, mortgage companies can improve their productivity and results at a lower overall cost.
Service Offerings for the Mortgage Industry
Services range from transactional tasks that require basic processing of documents (images) to more complex functions that require analysis and decision-making skill sets. The types of origination processes that could be outsourced include:
• Inbound/outbound lead generation
• Cross-selling
• Application processing
• Review of compliance & HOI docs
• Analysis of credit/asset/income docs
• Third-party ordering of documents
• Trust/deed agreement review
• Analysis of property/title/closing docs
|
Handling of direct customer interaction (via telephone and email/web) as well as back-office administration related to mortgage servicing operations. Potential areas that could be outsourced include:
• Customer service inquiries
• Welcome calls
• Late payment calls
• Escrow administration
• Tax/insurance management
• Payoffs
• Default processing
• Collections
• Data entry tasks
|
|
|
|
