News
 
ayadav_n535041

A loan processor, commonly referred to as a mortgage loan processor or mortgage processor, is a professional that is responsible for handling the administrative tasks and paperwork required to get loans approved. A loan processor plays a significant role in whether a loan application gets approved or not.

The mortgage loan processor will carry out several tasks, which we'll explain in more detail below. Before a loan is submitted to and approved by a loan underwriter, they will prepare the mortgage application file and any other necessary paperwork and then deliver it to the underwriter.

The loan processor usually works closely with a loan officer to ensure that the financials are a good fit for the specific mortgage loan application chosen. Additionally, the loan processor will make sure everything is properly organized, filed, and categorized to ensure maximum efficiency for the loan underwriter.

What Does A Loan Processor Do?

A loan processor carries out several tasks, roles, and responsibilities. They must ensure that the loan underwriter has the right documents and information regarding identity and finances to decide if an applicant qualifies for a particular loan. Listed below are some of the roles of a loan processor:

  • Collects & Reviews Financial Documents – The first task for a loan processor is to double-check financial documents. These documents include W-2 forms, pay stubs, bank statements, and credit report files. The mortgage loan processor will collect, review, and verify the financial documents that the loan officer has already seen on application intake.
  • Checks Credit Report – Checking a loan applicant's credit report is key in the mortgage loan application process. The loan processor may request items such as letters of explanation from a credit report if there are any late payments, collections, old addresses, or any other outstanding information included in a credit report.
  • Verifies Application Information – Verifying that all information is correct on an application is a vital task for loan processors. This ensures that there are no oversights, mistakes, errors, or misinformation listed in the set of documents. The loan processor will usually reach out to employers to verify employment and income or contact the applicant's bank to verify bank account status confidentially.
  • Orders Title Work & Appraisals – Next, the loan processor will order title work and appraisals from a title company to get in-depth information about the property being purchased. If an appraisal is required to buy the real estate, the loan processor will collect a fee and schedule a time with a licensed appraiser.
  • Collaborates With Loan Underwriter – One of the primary responsibilities of a loan processor throughout mortgage loan processing is to collaborate with the loan underwriter. The loan underwriter and processor will work together in the latter stages to take care of any last-minute conditions, action items, outstanding documents, and more.
  • Keeps Track Of Deadlines – Keeping track of deadlines is paramount for successful mortgage loan processing. The mortgage loan processor will have the key contract dates and deadlines communicated. Additionally, the loan processor will ensure that everything runs on schedule so that that are no extension fees.
  • Puts All Documents In One Place – The mortgage loan processor will usually compile the necessary and relevant documents. This includes creating a loan file in the lending application system. By keeping everything together and organized, the underwriter can access everything they need to assess.
  • Orders & Submits Final Loan Documents – Once the loan processor is finished reviewing, verifying, and collecting supplemental loan documents, they oversee the ordering and submitting of the final loan documents to the loan underwriter. The loan processor makes it easier for the underwriter to analyze the risks based on this data.
  • Schedules Closing – The last step for the loan processor in mortgage loan processing is to schedule the final closing. The final mortgage closing is the last step in the loan application process. The loan processor will make sure that a loan file is completely prepared and ready for closing. They will then schedule signing and verify what to bring to pay the down payment and closing costs.

These are some of the roles and responsibilities that a mortgage loan processor must execute. Mortgage BPO is not an easy task, but loan processors make sure that everything runs smoothly. A good loan processing company has a team of loan officers, loan processors, and loan underwriters to make sure everything runs seamlessly.

Loan Processor Vs. Loan Underwriter – What's The Difference?

Loan processors and loan underwriters work closely together; however, they have distinctly different roles and responsibilities. The mortgage loan processor makes sure that applications and application materials are in order and taken care of.

On the other hand, the mortgage loan underwriter is responsible for determining whether or not the applicant is qualified for the loan applied for based on the information and financial documents provided. The loan underwriter also must verify that the home to be purchased is in good working condition.

Loan Processor Vs. Loan Officer – What's The Difference?

It is also essential to understand the difference between a loan processor and a loan officer. The loan officer initiates the loan approval process and carries out tasks for the early stages of mortgage loan processing, similar to a mortgage broker.

The loan officer will intake and review financial documents and recommend a loan accordingly. A loan officer will sometimes recommend a loan that the applicant is preapproved for or recommend a loan that would be a good fit based on their finances. Once the loan officer makes a recommendation, the loan processor can take it from there.

Why Maintaining A Good Relationship With Your Mortgage Loan Processor Is Crucial

When there is a good relationship and transparent communication with a mortgage loan processor, the process will run seamlessly from start to finish. In addition, it's helpful to form a strong relationship with a mortgage loan processor by being available, polite, and patient.

If any challenges or issues arise, a loan processor should find solutions and ensure that the loan gets approved. Without a solid foundation and relationship, they will not be motivated to put in any extra effort or work on the applicant's behalf.

ayadav_n535041

A loan processor, commonly referred to as a mortgage loan processor or mortgage processor, is a professional that is responsible for handling the administrative tasks and paperwork required to get loans approved. A loan processor plays a significant role in whether a loan application gets approved or not.

The mortgage loan processor will carry out several tasks, which we'll explain in more detail below. Before a loan is submitted to and approved by a loan underwriter, they will prepare the mortgage application file and any other necessary paperwork and then deliver it to the underwriter.

The loan processor usually works closely with a loan officer to ensure that the financials are a good fit for the specific mortgage loan application chosen. Additionally, the loan processor will make sure everything is properly organized, filed, and categorized to ensure maximum efficiency for the loan underwriter.

What Does A Loan Processor Do?

A loan processor carries out several tasks, roles, and responsibilities. They must ensure that the loan underwriter has the right documents and information regarding identity and finances to decide if an applicant qualifies for a particular loan. Listed below are some of the roles of a loan processor:

  • Collects & Reviews Financial Documents – The first task for a loan processor is to double-check financial documents. These documents include W-2 forms, pay stubs, bank statements, and credit report files. The mortgage loan processor will collect, review, and verify the financial documents that the loan officer has already seen on application intake.
  • Checks Credit Report – Checking a loan applicant's credit report is key in the mortgage loan application process. The loan processor may request items such as letters of explanation from a credit report if there are any late payments, collections, old addresses, or any other outstanding information included in a credit report.
  • Verifies Application Information – Verifying that all information is correct on an application is a vital task for loan processors. This ensures that there are no oversights, mistakes, errors, or misinformation listed in the set of documents. The loan processor will usually reach out to employers to verify employment and income or contact the applicant's bank to verify bank account status confidentially.
  • Orders Title Work & Appraisals – Next, the loan processor will order title work and appraisals from a title company to get in-depth information about the property being purchased. If an appraisal is required to buy the real estate, the loan processor will collect a fee and schedule a time with a licensed appraiser.
  • Collaborates With Loan Underwriter – One of the primary responsibilities of a loan processor throughout mortgage loan processing is to collaborate with the loan underwriter. The loan underwriter and processor will work together in the latter stages to take care of any last-minute conditions, action items, outstanding documents, and more.
  • Keeps Track Of Deadlines – Keeping track of deadlines is paramount for successful mortgage loan processing. The mortgage loan processor will have the key contract dates and deadlines communicated. Additionally, the loan processor will ensure that everything runs on schedule so that that are no extension fees.
  • Puts All Documents In One Place – The mortgage loan processor will usually compile the necessary and relevant documents. This includes creating a loan file in the lending application system. By keeping everything together and organized, the underwriter can access everything they need to assess.
  • Orders & Submits Final Loan Documents – Once the loan processor is finished reviewing, verifying, and collecting supplemental loan documents, they oversee the ordering and submitting of the final loan documents to the loan underwriter. The loan processor makes it easier for the underwriter to analyze the risks based on this data.
  • Schedules Closing – The last step for the loan processor in mortgage loan processing is to schedule the final closing. The final mortgage closing is the last step in the loan application process. The loan processor will make sure that a loan file is completely prepared and ready for closing. They will then schedule signing and verify what to bring to pay the down payment and closing costs.

These are some of the roles and responsibilities that a mortgage loan processor must execute. Mortgage BPO is not an easy task, but loan processors make sure that everything runs smoothly. A good loan processing company has a team of loan officers, loan processors, and loan underwriters to make sure everything runs seamlessly.

Loan Processor Vs. Loan Underwriter – What's The Difference?

Loan processors and loan underwriters work closely together; however, they have distinctly different roles and responsibilities. The mortgage loan processor makes sure that applications and application materials are in order and taken care of.

On the other hand, the mortgage loan underwriter is responsible for determining whether or not the applicant is qualified for the loan applied for based on the information and financial documents provided. The loan underwriter also must verify that the home to be purchased is in good working condition.

Loan Processor Vs. Loan Officer – What's The Difference?

It is also essential to understand the difference between a loan processor and a loan officer. The loan officer initiates the loan approval process and carries out tasks for the early stages of mortgage loan processing, similar to a mortgage broker.

The loan officer will intake and review financial documents and recommend a loan accordingly. A loan officer will sometimes recommend a loan that the applicant is preapproved for or recommend a loan that would be a good fit based on their finances. Once the loan officer makes a recommendation, the loan processor can take it from there.

Why Maintaining A Good Relationship With Your Mortgage Loan Processor Is Crucial

When there is a good relationship and transparent communication with a mortgage loan processor, the process will run seamlessly from start to finish. In addition, it's helpful to form a strong relationship with a mortgage loan processor by being available, polite, and patient.

If any challenges or issues arise, a loan processor should find solutions and ensure that the loan gets approved. Without a solid foundation and relationship, they will not be motivated to put in any extra effort or work on the applicant's behalf.

ayadav_n535041

COVID-19 has brought several data-related challenges, questions, and issues to the surface. The pandemic requires data to be entered, used, and shared globally like never before. Data entry services in the COVID-19 era must be accurate, efficient, and secure at all times.

Throughout the pandemic, we have seen several errors in data entry with catastrophic results. For example, in Idaho, a mistake in data entry caused hundreds of COVID-19 cases to be classified incorrectly.

In early March 2021, there was a discrepancy between the number of cases on record with Boise's Central District Health and the Idaho Department of Health and Welfare. Central District Health reported 39,529 confirmed cases and 7,603 probable cases in Ada County. Meanwhile, the state department showed 39,988 confirmed cases and 7,165 potential cases.

According to a district spokesperson, a data entry error occurred where probable cases were entered as confirmed cases on the state's system. The team is currently working to rectify the issue by updating the system with accurate numbers.

Fortunately, the misclassification of these cases accounted for less than one percent of the reported numbers. Consequently, it shouldn't have any significant effects on decision-making; however, it does speak to the need to improve data entry methods.

This occurrence is just of several data entry issues related to COVID-19. Because of this, data entry in the COVID-19 era stands out as an area in need of improvement and advancement. Additionally, there is an ongoing investigation into the accuracy of data entry in Texas regarding how nursing homes and assisted living facilities report COVID as the cause of death.

In September of 2020, it was reported that just under 4,500 people passed away from COVID-19 in these facilities since the beginning of the pandemic. These numbers are surprisingly low. One individual's mother contracted and passed away from COVID-19 in a nursing home; however, the facility reports zero cases and zero deaths.

The facility claimed that this inaccuracy was due to a data entry error. Because we're in a global pandemic, it is understandable that errors in data entry in the time of COVID-19 would occur. However, urgency should never take precedent over accuracy.

Ultimately, decision-makers and leaders rely on data to be accurate to make smart, informed choices that promote all people's health and safety. Lives quite literally hinge on data entry. Therefore, data entry in the COVID-19 era must be accurate, credible, and reliable.

What Are The Main Priorities For Data Entry In The Time Of COVID-19?

Data entry is not as easy as it seems. Data entry requires state-of-the-art technology, software, programming, and storage. Experts in data entry are highly trained, skilled, and experienced in this line of work.

COVID-19's impact on data entry has an entirely new phenomenon. We have never before had such urgency or the technology to inform the general public about this kind of data. Data entry must be conducted properly to keep everyone safe, informed, and healthy. In the future, the three main priorities for data entry in the time of COVID-19 should be:

  • Accuracy- Accuracy is the most crucial aspect of data entry at the time of COVID-19. Data about COVID-19 is the driving factor in several high-stakes decisions. Inaccurate data can cause decision-makers to make poor choices. Therefore, organizations must enlist skilled professionals and teams with the best tools and resources.
  • Privacy & Security - COVID-19 data must be publicly available to the average person so that everyone can stay informed and up-to-date. However, certain aspects of data, like identity-sensitive data, must be kept private and secure. Intensive security measures should be in place to protect this data.
  • Speed - Data entry in the COVID-19 era must be fast, as we are dealing with a crisis. Although we've been in a similar predicament for over a year, we must maintain urgency. Decisions to enter new phases, open up, or shut down are made quickly, so the data must be entered promptly without any errors or mistakes.

 

What Data Should Be Entered For COVID-19?

COVID-19 comes with a plethora of data. These numbers are essential for health experts and government officials to make intelligent, well-informed decisions, recommendations, and guidelines that promote all people's health and well-being. Listed below are some of the main COVID-19 data aspects that should be entered and reported:

  • Confirmed Cases - The number of confirmed cases of COVID-19 in any given area needs to be entered with the utmost accuracy and efficiency. These areas have concrete insight into how well they are minimizing the spread of COVID.
  • Probable Cases - Probable cases refer to individuals who have not tested positive for COVID-19 but have either a positive antigen test or close contact with a confirmed case. These cases are essential to keep track of because they show the bigger picture without demanding laboratory evidence.
  • Vaccines Administered - The number of vaccines administered is a good indicator of progress made. From the number of vaccines administered, we can tell what percentage of the population in a particular area can get somewhat back to normal without the risk of spreading the virus.
  • Hospitalizations - Hospitalizations due to COVID-19 have been a critical indicator for officials to make decisions about phases. If areas are going to open up or loosen regulations, they must make sure that their hospitals have enough beds available if there is a surge in confirmed cases.
  • Deaths - COVID-19 deaths must be recorded accurately and promptly. For example, Texas' error in classifying a woman's death at an assisted living facility suggested that the residence had zero deaths due to COVID when in fact, they had at least one. The failure to report this correctly looks like they could be trying to hide something.

COVID-19'S Impact On Data Entry Going Forward

As more and more people are given the vaccine, many are optimistic about overcoming COVID-19 for good. However, COVID-19's impact on data entry and other fields will last for a long time.

COVID's emergence has been entirely unprecedented. Almost every industry and sector was unprepared for the rapid spread and intensity on a global scale. COVID-19 has taught many lessons in the importance of preparedness.

In terms of data entry, COVID-19 has pushed us to improve data entry technology, tools, programs, software, and hardware quicker than ever before. Companies that specialize in data entry should allocate resources to amp up their systems to contribute to public health efforts.

While the circumstances for improving data entry are most unfortunate, COVID-19's impact on data entry has proved it to be a worthy investment. Data entry should continue to reduce errors, improve accuracy, and increase speed in the coming years.

About Us - Rely Services

Rely Services is a global business process outsourcing company that specializes in data entry. We have offered our data entry services to companies, businesses, and facilities in need throughout the pandemic.

At Rely Services, we have seen firsthand how data entry errors in the COVID-19 era can have catastrophic repercussions. We have excelled in data entry for the last two decades to help businesses achieve success. COVID-19's impact on data entry has proven that this field must prioritize accuracy, speed, and security.

To learn more about data entry in the time of COVID-19, please reach out to us. Our experts are always happy to answer questions and provide more information. Call us at (847) 310-8750 today!

ayadav_n535041

Business process outsourcing has changed, advanced, and grown this year, and 2021 is already rapidly approaching. BPO companies should take note of the expected top BPO trends for 2021 to adapt successfully. The top BPO trends for 2021 are as follows:

  • Emerging Technology
  • Social Media Management
  • Cloud Computing Investments
  • Advanced Skills for BPO Professionals
  • Startups as BPO Customers
  • Omnichannel Communication
  • Transparency
  • Continued Growth in India, Malaysia, &The Philippines
  • The emergence of BPO In Bulgaria, Romania, Egypt, Mexica, & Colombia

These are the main BPO trends that are predicted to take shape in 2021. BPO companies that take an active approach to these top BPO trends for 2021 will have a significant competitive advantage. We will explain each trend in more detail below.

Emerging BPO Technology: Robotic Process Automation

BPO is heavily dependent on cutting-edge technology to accomplish processes efficiently and accurately. Because of this, BPO companies are continually adapting to utilize emerging technology. One of the top BPO trends for 2021 in the tech category is the use of robotic process automation or RPA.

RPA refers to the use of automated systems and robots to accomplish repetitive and tedious business processes. RPA allows BPO companies to achieve more work at a faster rate for a fraction of the price.

There are several different RPA software choices and technology to choose from, depending on your company's needs. One of the great things about RPA is that it can be easily integrated into your workforce's existing technology without disruption or invasion.

RPA is crucial for BPO companies to implement if they want to increase their efficiency, profit, and capacity. Because of this, RPA stands out as the leader in emerging BPO technology and one of the top BPO trends for 2021.

BPO's New Use of Social Media Management

Social media stands out as one of the most lucrative and influential business tools. Social media offers invaluable consumer data and insight to understand how people engage with your brand.

Creating a distinct and eye-catching presence on social media is a large undertaking and hiring experienced social media experts is not cheap. However, BPO has recently started to offer social media management, which gives businesses a more cost-efficient and effective way to improve social media use.

Business process outsourcing has been serving the customer service industry since its inception. In the past, BPO has served this sector mainly through call centers. BPO has recently adopted social media management tools and capabilities to help companies properly utilize social media at a low cost.

Social media management is a brand-new area of BPO that both BPO service providers and BPO customers should take advantage of in 2021. As technology continues to advance and provide valuable consumer insights, BPO companies should offer a range of services in social media, including but not limited to:

  • Interactive Voice Response/Live Chatting
  • Social Media Monitoring
  • Business Intelligence
  • Consumer Insights
  • Customer Service Responses
  • Online Review Management

BPO companies that offer social media management can provide their clients with more comprehensive services and solutions in BPO. Fortunately, social media platforms are designed for easy usability, which means that BPO companies can quickly and easily learn the ins and outs of social media.

More Investing in Cloud Computing

Cloud computing refers to using the internet for computing resources, like databases, networking, storage, servers, and more. Cloud infrastructure allows businesses to carry out critical functions like data management and communication entirely online.

Cloud computing allows BPO service providers to maximize speed, efficiency, security, flexibility, and accessibility. Consequently, companies have increased their cloud computing investments in recent years, which is expected to continue in 2021.

Advancing Skills for BPO Professionals

As BPO services are advancing, BPO professionals are doing the same. BPO professionals must be highly trained and adept at carrying out a wide range of business processes to succeed in the industry.

BPO professionals that can effectively and efficiently learn new skills will stand out in the hiring and promotion processes. The three top BPO skills that will be in high demand for BPO companies in 2021 are:

  • Robotic Process Automation (RPA)
  • Big Data Analytics
  • Artificial Intelligence/Machine Learning

Experience in these areas is a huge asset for any BPO professional. With this experience and expertise, BPO professionals can make significant contributions to the BPO company that they work for, and they can take on leadership roles.

Startup Companies: The New BPO Customer

Creating a new business is not an easy feat. Startup companies have countless decisions to make about how to operate, function, and profit. Fortunately, business process outsourcing offers several significant opportunities for startup companies to take advantage of.

When startup companies utilize BPO services, they can focus on core business functions, while expert professionals take care of non-core business functions. This partnership allows startups to delegate tasks, consult different perspectives, expand their network, and, most importantly, save money.

2020 has been a roller coaster of an economic year, and startups are at risk in the future. BPO offers startups an affordable way to execute all operations without wasting any time, money, energy, or resources.

Stronger Communication Tools & Omnichannel Communication

Additionally, one of the top BPO trends for 2021 is stronger communication tools, including omnichannel communication. Omnichannel communication technology allows for unified communication across all channels.

The utilization of omnichannel communication benefits both employees and consumers, as they have a singular and seamless communication experience. BPO companies can utilize omnichannel communication for their company's work as well as offer omnichannel communication to clients and consumers to improve the user experience.

The Importance of Transparency in BPO Relations

Transparency in business has become quite the buzzword. Consumers and corporations crave transparency from every purchase, negotiation, and partnership, and the BPO industry follows suit.

Transparency is one of the top BPO trends for 2021 concerning pricing, policies, and contracts. BPO service providers must be transparent with their clients to gain their trust and ensure satisfaction.

BPO is all about trust. As outsourcing involves bringing a third-party organization into your business's crucial matters, companies only want to work with BPO companies that they can trust. One of the best ways to gain trust is to be transparent and up-front from the start. BPO companies that are transparent will be successful in 2021.

Continued Growth in India, Malaysia, & The Philippines

India has been at the center of outsourcing since it began as an industry. According to the National Association of Software and Service Companies (NASSCOM), 40% of India's BPO workforce, mainly in IT, will upgrade their skills as BPO continues to grow in the next 5 years.

Malaysia is also expected to continue growing in the BPO industry, as it boasts an extremely stable business environment, especially compared to India and China. This makes Malaysia a desirable and competitive country for BPO services, and their success is predicted to continue in 2021.

The Philippines' growth is also one of the top BPO trends for 2021. In the Philippines, BPO services are predicted to cover 15% of the global outsourcing market by 2022. India, Malaysia, and the Philippines have been outsourcing powerhouses for a while now, and their growth should continue as one of the top BPO trends for 2021.

Emerging Companies for BPO Success: Bulgaria, Romania, Egypt, Mexico, & Colombia

In addition to the continued growth in established BPO countries, new countries are emerging with BPO services each day. Bulgaria, Romania, Egypt, Mexico, and Colombia are advancing and growing in the BPO industry.

Bulgaria and Romania stand out from other outsourcing destinations because they are part of the EU, which means most professionals speak all major European languages and have technical expertise.

In Latin America, internet usage has soared exponentially in the past two decades, which has unveiled considerable talent. Mexico’s political and economic stability has caused over 500,000 people to become professionals in the BPO sector. Additionally, Colombia’s government sponsors technical training, which is a huge asset.

About Us - Rely Services

Rely Services is a global business process outsourcing company. We are passionate about helping businesses grow sustainably with the exceptional services that we offer.

As a company, we have been in the BPO industry for over 20 years, and we look forward to the future of BPO. Contact Us Hereto learn even more about the top BPO trends for 2021!

ayadav_n535041
Pin on Pinterest

Data Entry Outsourcing, or "have you ever seen a business drown?"

Not in the water, or debt, or unfulfilled orders, or uncollected receipts payable.

No, drowning In a paper.

Before the turn of this century, most businesses were drowning in paper. Every document generated by any business was printed on paper, sometimes multiple copies for distribution, read off of paper, filed on paper, and eventually stored on paper. The ubiquitous file cabinets grew larger and larger. Entire industries developed to handle the printing, distribution, and storage of paper documents. Entire forests perished for these documents. FedEx was founded on the idea of getting paper to and from customers overnight! Entire mega-sized warehouses existed to store nothing but paper. Looking at that period in business history from today's vantage point makes the practices seem wildly inefficient.

And they are. But replacing that paper was and is a painful process. Hopefully, you've already made that transition. Regardless if you have or haven't, read on.

If you've already gone digital, you are still confronted daily with gigabytes of digital data – most of it vital information that can contain data to help you determine logistical needs, sales projections, profit margins, basically the keys needed to make an enterprise successful. That data needs to be quickly and accurately entered, stored, cataloged, and be searchable with any number of criteria.

Paper still exists, and all your paper documents need to be accounted for as well. With the advent of digital technology, it is now possible to convert physical documents like newspapers, periodicals, books, images, texts, and other business paperwork into a digitized version such as pdf, doc, Xls, XML, jpeg, gif, HTML, CD, tape, or Zip disk.

Enter data entry services, or more specifically:

Data Entry Outsourcing

You can imagine the staff and equipment needed to accomplish all of this! If you can partner with a Data Entry Outsourcing Company, THEY supply the entire process, so you don't have to hire and train the staff, buy the infrastructure, acquire the office space, handle the HR requirements, and keep tabs on their work. In other words, if you choose to Data Entry Services, that giant task becomes manageable.

"OK, This Sounds Like A Good Idea,

But I Could Do Data Entry In-House!"

Sure you can, but then you have the additional headache of facing the most common manual data entry challenges:

  • Spike in error rate - since you've hired and trained your data entry department, it's going to take a while to get them up to speed. During that time, you'll see an error rate that you'll never have to suffer through if you had outsourced the work to a team of experienced, trained professionals
  • Long turn-around time - new data entry workers start slow – they'll make mistakes as noted earlier, but they'll also be slow to find and correct the errors. Data entry outsourcing with specialists with years of experience is both fast and accurate. And as a bonus, since they are usually on the other side of the world, the work you assign them at the end of your day is completed and waiting for you when you come in in the morning.
  • Quality control - if you're still using a new in-house team, you're going to suffer some growing pains that stem from their inexperience. Chief among them is QC. It will take them longer to check their work, submit it, make the corrections, and resubmit it before it is approved. Not the case with an experienced Data Entry Outsourcing team.
  • Unclear fields and formatting - again, if you're starting from scratch, part of getting up to speed is finding a formatting style that suits your needs. No matter if it's an Excel document or a PowerPoint presentation, there will be some confusion as to just how everything must look and work. With an outsourced data entry team, you won't have to do this on your own. They will listen to your needs and present you with a time-tested plan tailored just for you, eliminating weeks of trial and error.
  • Increasing workload - as your business grows, you'll probably have to bring on new staff, training them, or at the least show them your stylebook. With outsourcing, you can scale your team to the size that fits, adding personnel in busy times and shedding them in slack time. The size of your team will always be exactly right.
  • Distraction from your core functions - no successful enterprise ever made it to the top on data entry alone. Data entry is an essential back-office function, but it is a back-office function. Concentrate on your core business process, and let an outsourced data entry partner handle the rest.

 

What Exactly Can Outsourcing Do To Overcome Data Entry Challenges?

  • Since your staff doesn't need to do the data entry, they can hone other skills, the skills you probably hired them for. At first, doing some of those back-office tasks with your existing staff might seem the right move, both from an economical and efficient standpoint. But that's a false illusion, as many new businesses find out the hard way.
  • With back-office functions out of sight, suddenly, the office is more energized. Your team is all focused on the same goal - making your venture a success. If you follow sports, it’s not uncommon to see successful teams not repeat a championship. The best players often get a better deal elsewhere after winning it all. It's a good way to “team build” when everyone is focused on tangible success. Keep your best players on the field and hire another team to handle the back-office.
  • You can expand your data entry to fit your needs. And scale it back if you need to. And with outsourcing, you only pay for what you use. This is one of the prime attractions for partnering with a BPO. To be able to use, and pay for, only the resources you need RIGHT NOW is a luxury not often seen in business. It’s the reason the smart money in all business sectors is more and more turning to BPOs for their back-office functions.
  • Since you're not paying for the hardware and the software, your outsourcing partner will handle all the upgrades in tech. “Buy or Lease?” is a question that is more and more pertinent in today's business world. For enterprises of all sizes, today's answer is “lease”. Skip the hardware race that may see you having to upgrade every year in order to run the newest, faster software that is released every year. It’s a never-ending cycle that you can avoid by having someone else make the capital investment in the latest tech gear. The key to all these gains in efficiency is “Outsourcing Data Entry”! Moving all of those “Back-Office” Data Entry activities to a third-party partner. Someone who has years of experience, a highly trained workforce, and the best of tech, makes everything in your operation run faster, more accurately, and with a huge saving in cost. They handle the continuing training, all of the personnel problems, all of the upgrades to systems, networks, and servers. They will be responsible for the network security and can deliver whatever you need them to do.

 

Data Entry Outsourcing. You Deserve The Best!

Using Rely Services as your data entry partner will save you more than time and money. Since they are continually refining their business methods, their constant pursuit of perfection will benefit your operational practices. Contact them today for a detailed evaluation of the many ways they can make your business more successful.

ayadav_n535041
Pin on Pinterest

When an enterprise begins to experience success, increasing the workload of existing staff, expansion is a tempting solution. And depending on the nature of your business, increased pressure on data entry may be the first sign of the cost of that success. But wait! Why burden your most valuable, critical workers with increased duties? After all, since it takes long hours and complete commitment to launch a venture, they're part of the reason for your initial success. Don't crush them with additional duties, especially since Data Entry Services is not glamorous or stimulating. It’s repetitive grunt work. It's vital but tedious. So now, you have to reach into the labor pool and add to your core staff for office support. That can be a daunting prospect.

What about the expense and time of increasing the number of your employees? And finding the space and equipment for them? And the whole hiring process will suck valuable time from your money-making activities.

What if you had someone else handle all your Data Entry Services? And cut your costs by 40% or more?

Now that you know that you can save big money, what other Benefits of Outsourcing Data Entry Services are there?

For many ventures, the smart move is to turn to a Data Entry Outsourcing Company. Sure, you've known about Business Process Outsourcing, but maybe you didn't think it was right for you- your venture is too small, it;'s too new, outsourcing is too expensive for start-ups, it's a pain to find the right partner, there are lots of problems with communication, or BPOs aren't flexible enough.

Let's look at some of what Outsourcing has to offer.

 

  • - Cost-Effective
  • The cost of doing business will dramatically decrease. Say goodbye to paying for:
  • Payroll expenses
  • Advertising for open positions
  • Interviewing candidatesVettingTrainingBuying new equipment
  • Increasing office space
  • Employee benefits
  • Health insurance
  • Profit-sharing
  • - Time Savings
  • Overnight project turnaround
  • - Access to Talented Resources
  • Trained, experienced operators from day 1
  • Highly educated, fluent English-speaking staff
  • Acclimatized to Western Cultural norms
  • Friendly demeanor and professional presence
  • - Focus on Core Activities
  • Do what you do best- make your business grow
  • Boost morale - eliminate the tedious work
  • Increase profits by being more productive
  • - Improved Work Efficiency
  • Less office space required
  • Less equipment needed
  • Fewer desks, chairs, and computers
  • Smaller payrollFewer benefits
  • - Superior Data Management
  • Always the latest hardware
  • The latest in software
  • State of the art security systems
  • Latest servers and networks
  • - Flexible Business Model
  • Scale workforce as needed
  • Use computer time when needed
  • Never pay for too many team members
  • - Potential for Expansion
  • Outsourcing can provide the resources you need when you need them
  • Peak Season- expansion, slow season- reduction

 

In the last two decades, the ability to Outsource Data Entry Services has emerged as a powerful business tool. These services require qualified, experienced professionals to process and maintain those huge amounts of data. For such time-consuming work, outsourcing these services makes total sense.

Rely Services is a leading Back Office Outsourcing Service provider in the USA. Our professional staff is simply brilliant. Let us show you how partnering with us can improve your customer base and profitability. Contact Rely Services for a no-cost, no-risk evaluation today!

ayadav_n535041
Pin on Pinterest

A mortgage revolution is approaching, and preparation is crucial for success. Preparing for the mortgage revolution of 2021 requires companies in the mortgage industry to take an active approach to embrace the current trends.

There are several aspects of how the mortgage industry is changing for good, and most have been a direct result of the pandemic. Covid-19 has significantly impacted the mortgage industry, and these revolutionary shifts are expected to have lasting effects.

Companies that take advantage of these trends can foster considerable growth. Below is a list of the three stand-out mortgage industry trends and changes that can help in preparing for the mortgage revolution of 2021:

  • New Technology – Advancing technology is practically the driving factor for this new mortgage revolution. Preparing for the mortgage revolution of 2021 requires the adoption and mastery of this new technology to make the most of it. Mortgage lenders that utilize new technology can more easily interact with and serve their borrowers successfully.
  • Data Accuracy – As technology advances, the mortgage industry's reliance on data increases as well. Therefore, one of the main aspects of getting ready for the next mortgage revolution is implementing data accuracy systems. With accurate and streamlined data, mortgage lenders can minimize risk and error.
  • Partnerships For Success – One of the most revolutionary mortgage industry trends and changes that are occurring currently is the rise in partnerships created. Companies that build strong partnerships with other companies and service providers are actively preparing for the mortgage revolution of 2021.

 

These stand out as the main 3 mortgage industry trends and changes at the moment. Companies that embrace these mortgage industry trends and changes are preparing for the mortgage revolution of 2021, and we'll discuss each of the trends in more detail.

 

How The Mortgage Industry Is Changing For Good With New Technology

Digital technology has practically changed the face of the mortgage industry as we know it, and this is especially true of the post-Covid-19 world. As the pandemic caused businesses in almost every industry to go virtual, technology needed to advance to keep up.

Covid-19 has permanently altered the way people use technology, which is a significant change for the mortgage industry. Because of the pandemic, people got used to doing everything from home, including buying property, applying for mortgages, and refinancing their homes.

One of the main ways the mortgage industry is changing for good is using new online tools for mortgage borrowing and lending. As a result, most people looking for a mortgage are exclusively seeking out mortgage lenders that can complete their mortgage BPO entirely online.

Consequently, mortgage lenders must adopt digital technology to stand out, remain competitive, and be desirable in the eyes of borrowers. An overwhelming 99% of mortgage lenders believe that technology and digitization can significantly improve the mortgage application process. The benefits driving this shift include, but are not limited to:

  • Simplified & Streamlined Process – Shifting previously non-digital operations to digital platforms automatically simplifies and streamlines processes, especially if you're using good technology. With the perfect digital platforms, you can streamline operations for your company, which will increase efficiency and productivity.
  • Reduced Closing Time – All processes are completed faster and more efficiently with automated programs and machine learning. Adding automated technology to your operations means you don't have to waste any time. As a result, you can reach closing earlier than ever before, which means that you can take on and serve more borrowers.
  • Minimized Data Entry – Data entry is imperative for mortgage lenders to complete accurately and efficiently. Carrying out mortgage operations digitally can reduce the required data entry by integrating and connecting systems. Good technology will complete functions while entering and storing data for maximum efficiency.

Why Data Accuracy Is Imperative In The Mortgage Industry

Data accuracy is a must if you want to know how to get ready for the next mortgage revolution. Data must be accurate to ensure that your systems are correctly underwriting, sourcing, processing, and closing mortgages.

Technology advancements stand out as one of the biggest mortgage industry trends and changes for 2021, and data is at the center of all tech. These systems need high-quality, accurate data to function properly. Without accurate data, this state-of-the-art technology is useless.

Consequently, preparing for the mortgage revolution of 2021 requires mortgage lenders to implement additional measures that maintain data accuracy. As a result, not only are borrowers more likely to choose a mortgage lending company that features online mortgage application capabilities, but they also expect a seamless transaction from start to finish.

The key to making this process seamless is accurate data. Mortgage lenders can choose from a wide range of resources, tools, systems, and programs to keep their data accurate, high-quality, and safe. One of the most popular methods for the mortgage industry to ensure data accuracy is to use an outsourcing provider to handle data management and/or information technology.

Mortgage companies prioritizing data accuracy is one of the main aspects of the mortgage industry changing for good, which is a mutually beneficial advancement. Additionally, the need for data accuracy in mortgage software, programs, tools, systems, and applications will prompt further technological progress.

Creating Partnerships Is Key For How To Get Ready For The Next Mortgage Revolution

One of the biggest mortgage industry trends and changes that was prompted by the pandemic was historically low interest rates. This caused homeowners worldwide to want to refinance their homes, which meant a massive rise in demand for mortgage lending services.

As demand increased, mortgage lenders needed to embrace innovation to take on more borrowers without compromising the quality of service provided. Consequently, one of the keys for getting ready for the next mortgage revolution is for mortgage lenders to create strategic, strong, and beneficial partnerships with other organizations.

For example, partnering with an outsourcing company is a great way for mortgage companies to get ahead. Outsourcing has stood out as an incredible opportunity for several industries to take advantage of throughout the pandemic. Creating a partnership with another company, like an outsourcing provider, allows businesses to advance, succeed, and excel.

In the mortgage industry, outsourcing can help lenders better serve their borrowers and increase the number of borrowers that they have. Listed below are some of the services that the mortgage industry can outsource to a third-party service provider:

  • Loan ProcessingAccountingUnderwritingFinancial CheckingDocument ExaminationPre-Closing & Post-ClosingTitle OrderingProperty AssessmentBackground InvestigationData Entry, Processing, Storage, & ManagementDocument Retrieval

These are some primary services that the mortgage industry can enlist from an outsourcing company, but there are more. With the help of a great outsourcing company, you have the resources, tools, technology, and expertise to get ready for the next mortgage revolution.

About Us - Rely Services

Rely Services is a premier outsourcing company that specializes in business process outsourcing services in the mortgage industry. At Rely Services, we have served the mortgage industry with our expertise in data and technology for over twenty years.

Rely Services knows that preparing for the mortgage revolution of 2021 will not be easy, but we can help. If you want to learn more about how the mortgage industry is changing for good and how to get ready for the next mortgage revolution, Contact Us Here today!

ayadav_n535041

Understanding the Six Essential Steps of the Mortgage Application Process

In general, the mortgage loan process involves Application Acceptance, Offer for Property, Loan Application, Loan Processing, Underwriting of the Loan, and Release of the Loan Amount, or Closing. There"s more to it, and we"ll get to that in a minute. 

Every lender has its unique way of operating the Mortgage Loan Process. It's important that all the "boxes are checked" so the process can move forward without errors. It's a critical process for customers as well.

For the first time buyer, the process is filled with confusing and arcane terms and procedures. Even experienced buyers can be confused by the complexity of it all. For most applicants, there is a lot riding on a Mortgage Application Process, it can be a tense time for them and that adds extra pressure for accuracy. From the broker"s perspective, not being clear or complete on all the terms of the deal and the mortgage usually means that the deal falls through.

But a buyer, armed with the knowledge of the Mortgage Process because they were willing to do the homework, stands a good chance of getting a better deal on a purchase than an uninformed buyer who walks into the market like a lamb to the slaughter.

Learn and understand the Mortgage Loan Processing Steps. Avoid being one of those "lambs".

Mortgage Process Steps:

  1. Mortgage Pre-Approval
  2. Home Hunting and Offer
  3. Loan Application
  4. Loan Processing
  5. Mortgage Underwriting
  6. Mortgage Closing

 

Surviving the Mortgage Loan Process

The Steps to Getting a Mortgage are pretty straightforward, but they"re couched in sometimes confusing language and in intricate actions. And from the Initial Mortgage Loan Application to The Closing, there is a huge amount of paper (and digital) records and forms and "sign this and sign that" involved in the Mortgage Timeline Process. With a little bit of preparation, your path to ownership can be a little less painful. Some early steps in The Mortgage Approval Process should be handled even before you begin talking to an agent about looking for a home or a lender about how to qualify for a Mortgage Loan.

 

Mortgage Pre-Approval

 

  • Getting preapproved for a mortgage is an important first step in a Housing Loan Proposal. You and your agent will talk with a lender, or lenders, and make a choice based on financing terms and fees. Then you will provide the lender proof of income, previous and current debt, and other financial information
  • Expect lenders to investigate and confirm all of your financial life so they are confident you will repay your mortgage. It"s important for you to know what a mortgage preapproval does and how to increase your chances of getting one.
  • Credit history
  • Credit score
  • Debt-to-income ratio
  • Employment history
  • Income
  • Assets and liabilities
  • Getting a preapproval letter gives you the chance to discuss loan options and budgeting with the lender, which will help you focus on your budget and the monthly mortgage payment you can handle. Potential buyers should be careful to estimate their comfort level with a given house payment rather than immediately aim for the top of their spending limit.

 

Home Hunting and Offer

  • Once pre-approved, start looking for a home that will fit your needs and your budget. Your pre-approval will probably include a cap on the amount of your loan. When you find the right house, make an offer
  • The seller could:
  • Accept the offer
  • Decline the offer. if your offer wasn't high enough to negotiate
  • Counter-offer. The seller makes you an offer lower than the original price
  • You can negotiate back and forth until you reach an agreement 
  • Once your offer is accepted, you sign the purchase agreement. You"re now under contract. 
  • Contingencies should be in the written offer. These are things you state must happen before the process continues. Some are that the deal hinges upon you obtaining financing within a specified time. Another may require the completion of a home inspection or certain repairs. But including too many may scare the seller away from your offer

 

Loan Application

  • This step requires you to produce information or records about employment, education, income, spending, debt, installment payments, rent, or a previous mortgage. All the things that will be considered to grant you a loan. Closing a mortgage transaction takes about 45 days on average, so preparation is key because after your purchase offer is accepted, the clock is ticking. All mortgage applications, in one way or another, follow the format of the Uniform Residential Loan Application, with five pages of questions regarding your finances, debts, assets, employment, the loan, and the property. Since you"ve been pre-approved, you can take a look at the actual application then, so there should be no surprise then it"s time to choose the type of loan
  • A 30-year fixed-rate mortgage is a home loan with an interest rate set for the entire 30-year term 
  • A 15-year fixed-rate has a lower interest rate and higher monthly payments
  • An adjustable-rate mortgage has an initial rate that"s fixed for a period of time, then adjusts periodically

 

Loan Processing

  • The lender takes the application and thoroughly examines it for clarity, and correctness then verifies all documents necessary to prepare the loan file for underwriting. These documents provide the lender with everything that they need to know about the borrower and the property you" refinancing. As the loan processing continues, the application passes through more and more scrutiny During The Mortgage Document Processing, the lender begins verifying assets, income, and employment. They"ll open a file and get the wheels in motion. The documentation requested by underwriting routinely includes:
  • Evidence of Earnest Money
  • Asset Verification
  • Borrower Letter of Explanation
  • Gift Letter
  • Copy of Note
  • Source Large Deposits
  • Verification of Employment
  • Fully Executed Sales Contract
  • Loan processors gather documentation about the borrower and property and review all information in the loan 
  • Order credit report (if not already pulled for a pre-approval)
  • Start verifying employment (VOE) and bank deposits (VOD)
  • Order property inspection if required
  • Order property appraisal
  • Order title search
  • Orders a home appraisal to determine the value of the property 

 

Mortgage Underwriting

  • Mortgage Underwriting Process Steps is the method a lender uses to determine if the risk of offering a mortgage loan to a particular borrower under certain parameters is acceptable. However, it is always up to the underwriter to make the final decision on whether to approve or decline a loan. To help the underwriter assess the quality of the loan, banks and lenders create guidelines and even computer models that analyze the various aspects of the mortgage and provide recommendations regarding the risks involved. Automated underwriting guidelines are a crucial determinant of whether a mortgage will be made and at what price. Not all loans are the same. Certain aspects of the loan may compensate for a lack in other areas. For example, a high Loan to Value can negate the presence of a large number of assets. Low LTV can offset a borrower with high debt to income ratio, and excellent credit can overcome the lack of assets.

Mortgage Closing

  • The mortgage closing is a complex process where the lender is to provide a closing disclosure document that details the entire transaction, including a breakdown of the closing costs and fees. The following may be present:
  • Your real estate agent or realtor
  • Your title insurance company
  • An escrow company
  • Your attorney 
  • The seller"s attorney
  • When purchasing a home with a loan, the closing of your loan (the time when your loan becomes final and the funds are distributed) and the closing of your home purchase (when you become the owner of your new home) typically happen at the same time. Once the closing is complete, you are legally required to repay the mortgage Mortgage Closing will include documents and statements regarding Title insurance, Mortgage commitment, Amortization schedule, Title search, Survey deed, and the closing statement. Depending on what state you live in, all the parties may sit around a table and sign all the documents at once. Or the closing could take several weeks as the signatures of each party are collected separately. 

 

How to Tame the Mortgage Process

 

The Mortgage Process is a multi-faceted hyper-detailed set of responsibilities. Many different "micro-tasks" requires precise knowledge to complete. If one person on your staff is handling all of the different functions involved in Loan Origination - Background Investigation, Property Assessment, Accounting, Financial Checking, Document Examination, Mortgage Underwriting, and so on, not only are they crazy busy, but the workload will soon crush them. And before it does, there will be plenty of mistakes to clean up.

While the Mortgage Crises of 2006, and the crash of Mortgage-backed Securities in 2008, and The Great Recession of 2009 was a devastating blow to the U.S. Mortgage Industry, the recovery has created new opportunities. The survivors have found new ways to remain profitable in the Brave New World of Mortgage lending. 

For lenders, the complexity of the process makes an experienced, professional staff a key element in continuing, successful operation. But the job market is a highly competitive and volatile one, with the best producers commanding higher and higher wages and other compensation.

All of these challenges force the question: How do you scale up your enterprise while cutting costs, trying to remain viable in a cutthroat Mortgage Market?

Ever consider Mortgage Outsourcing Services (a Mortgage BPO) as a solution? A firm like Rely Services?

We will provide a professional, highly trained staff ready to go. At a fraction of your current cost. This can mean huge savings in overhead.

When you chose Rely Services as a partner, you"ll be profiting from a professional operation delivering on time and on budget. We don"t just offer Employment Verification and Verification of Documents for your clients, we offer you clear documentation of our performance. 

Rely Services leads the industry to incompetence and transparency. Our experienced professionals offer high-confidence accuracy, superb data security, quick processing times, efficiency, and flexibility at a cost we think you will find amazing.

We"ve thrived in the Mortgage Services sector and we can bring that expertise to your operation today!

ayadav_n535041
Pin on Pinterest

Mortgage lending is complicated, challenging, and competitive work, but outsourcing mortgage operations can help. Outsourcing the mortgage process allows mortgage lenders, especially small and mid-size, to improve their services and acquire more borrowers.

Outsourcing is a profitable resource for companies in several industries to enlist, and this is especially true in the mortgage industry right now. We are currently experiencing a booming purchase market, which is a great opportunity for mortgage companies to expand their offerings; however, they have to keep up with the rising numbers of borrowers to do so.

As more people are buying homes currently, homeowners are looking for the perfect mortgage lender for their specific needs. However, competition among lenders is steep, and mortgage operations outsourcing can make a lender stand out from the rest.

What Are The Benefits Of Mortgage Service Outsourcing?

Mortgage processes are not easy to execute, but outsourcing can provide a huge help. Outsourcing the mortgage process is a worthwhile endeavor because of the benefits that it provides. The benefits of outsourcing mortgage operations include:

  • Profitability - One of the most significant benefits of outsourcing mortgage operations is that it increases profitability. Outsourcing the mortgage process allows you to substantially cut overhead costs, which increases profits considerably.
  • Scale - Another main benefit of mortgage service outsourcing is that it makes lenders more scalable. Small and mid-size lenders can seamlessly scale their operations to expand their reach. Additionally, large-scale lenders can use outsourcing to exceptionally tend to every borrower.
  • Competitive Edge - Outsourcing the mortgage process gives your establishment a competitive advantage. If you want to stand out for your exceptional services, outsourcing allows you to do so.
  • Time & Efficiency - Mortgage operations take a long time, and outsourcing can help speed these processes up. A mortgage BPO company helps lenders maximize efficiency by taking over time-consuming, repetitive tasks. The outsourcing provider will handle these operations so that the lender has time to work with more borrowers.
  • Resources - Access to additional resources is another one of the main benefits of mortgage service outsourcing. The mortgage processing company will lend their extensive resources like digital technology, data analytics, and more, to their clients to make use of them.
  • Convenience - Convenience is critical for customer satisfaction, making it one of the main benefits of mortgage service outsourcing. With a third-party mortgage processing company, you can provide your customers with quick and convenient services.
  • Simplicity - A mortgage process outsourcing company simplifies and streamlines the mortgage lending process from start to finish. With skilled professionals and advanced programs taking care of mortgage lending processes, everything will run smoothly.
  • Customer Satisfaction - Mortgage lending is notorious for lacking customer satisfaction, but this doesn't have to be the case. One of the benefits of outsourcing mortgage operations is that you can greatly improve customer satisfaction. As the outsourcing provider takes care of processes, you can focus on pleasing customers.
  • Consistency - The market is never consistent, but that doesn't mean mortgage lending processes have to be inconsistent. Outsourcing the mortgage process ensures that all operations are consistent, reliable, and stable at all times.
  • Security - It might seem counter-intuitive that a third-party service provider can increase protection and security, but it is true with a good provider. A good outsourcing provider will have state-of-the-art security measures in place to make sure all of your customer's data are safe and private throughout every phase.

 

 

Why Outsourcing The Mortgage Process Is So Beneficial Right Now

Currently, the market is doing great, which makes outsourcing the mortgage process more beneficial than ever before. In today's purchase market, community leaders have a great opportunity to grow and advance.

Today's average homebuyer is looking for a more personal, service-driven relationship with their mortgage lender than they have in the past. Because of this, mortgage lenders should focus on connecting with their customers, clients, and community, and mortgage operations outsourcing offers an easy and cost-efficient way to do so.

This is especially beneficial for small and mid-size mortgage lenders, as they do not have the extensive resources and advanced technology to compete with larger mortgage companies. Outsourcing the mortgage process allows these smaller lenders to access state-of-the-art programs, technology, and automation to meet the demands of today's borrowers.

With a third-party service provider expertly taking over some of the more tedious processes and operations, mortgage lenders can focus their customer satisfaction and acquisition efforts. Additionally, outsourcing the mortgage process allows these lenders to save money which is highly beneficial in the long run.

Ramping up technology is not easy for companies of this size, but it is imperative if lenders want to advance. The cost of developing, improving, and acquiring technology and resources is prohibitive, but an outsourcing provider can lend their resources for a low cost.

Competition in mortgage lending is fierce, and outsourcing the mortgage process is a lucrative opportunity for lenders to take advantage of. As the mortgage operations outsourcing company skillfully takes care of processes at an affordable rate, team members can focus on growth.

How To Choose The Perfect Outsourcing Provider For Mortgage Operations

Outsourcing is an incredible resource that businesses in almost every industry can utilize. However, not all outsourcing providers function the same, so it's essential to carefully choose the right outsourcing provider for your specific needs and goals.

One of the main risks of outsourcing the mortgage process is that it brings an outside company into your operations. Many companies are afraid to allow a third party to control any aspect of their business, but they can lose even more business by not enlisting outsourcing.

Consequently, mortgage lending companies should be diligent in the search for the right outsourcing partner. This partnership is vital for your success, so you must carefully vet every potential outsourcing service provider. Listed below are some tips for what to look for in an outsourcing provider:

 

  • Experience & Expertise – Fortunately, there are countless outsourcing providers to choose from. However, it would help if you choose an outsourcing provider with expertise and experience in mortgage operations specifically. Be sure that the company you choose specializes in mortgage operations outsourcing.
  • Technology – Advanced technology is one of the main benefits of outsourcing mortgage operations. You'll want to ensure that your outsourcing provider has great, high-speed, and modern technology that will work for your processes. This includes artificial intelligence, automation, data analytics, online systems, programs, and more.
  • Availability – Because borrowers want convenient and fast service, you should look for an outsourcing company that offers availability during off-hours. This could mean virtual mortgage processing that is available at all times online, or it could mean 24/7 support.
  • Quick Turnaround – If you want to improve your efficiency and reach new customers, a quick turnaround from your outsourcing provider is a must. A good outsourcing company will efficiently complete all tasks within a given timeline and without any errors.

 

About Us - Rely Services: A Mortgage Operations Outsourcing Provider

Rely Services is a global business process outsourcing company that specializes in mortgage operations outsourcing. If you want to learn more about the benefits of outsourcing mortgage operations or our services, please Contact Us today!

ayadav_n535041

Best Third-Party Loan Processing Company In Maine? Lean on Rely Services. For 23 years, they've offered substantial savings to their clients on all types of back-office functions, including Mortgage BPO, and now Rely Services is offering the Best Deals In Mortgage Loan Processing Services in Maine! And yes, we're new to the state, but we're not new to the business or good deals!

And to prove we mean business in Maine, we have an offer on the table too good to pass up!

 

1 FREE Mortgage Loan Application Processed! End To End! A Rely Services Exclusive!

 

Rely Services (a premier Loan Processing Company), for a limited time, is offering to process 1 of your mortgage loan applications - 1003 form to closing - absolutely FREE, at no risk to you! Rely Services is coming to Maine in a big way! We want to be your Third-Party Loan Processing Company In Maine!

Known for its natural beauty and New England charm, Maine has long been a desirable location for both work and play. And when Americans started to exit large urban areas during the Covid 19 Pandemic, Maine became a relocation destination for people from all across the country.

Maine real estate markets benefited from the Covid 19 buying boom of late 2020 and early 2021. And now, many analysts predict that the boom will return. Are you willing to ride that roller coaster again? You know, one day, not enough loan processors, and the next too many? Let Rely Services be your Loan Processing Company In Maine and your go-to source for all your loan processing needs! We're quick, accurate, professional, and of course, ultra-affordable!

 

A To Z. Rely Services Offers Mortgage Process Solutions. Today.

 

An entire division of Rely Services is ready to take on your Mortgage Processing workflow. And when you partner with us, we take your trust seriously. That begins with a dedicated team to handle your processing needs and a point person reporting directly to you.

 

  • Mortgage Loan Processing Services - Rely Services can offer short turnaround, total accuracy, and the most complete Mortgage Loan Processing Services you can find. We'll walk all of the paperwork through the process and do the heavy lifting so you can increase your revenue with a slight increase in costs.
  • Mortgage Appraisal Support Services - We have a team of local experts who know your market inside out and will produce a detailed appraisal report lenders will love. From the initial contact to a completed and verified property appraisal, Rely Services will deliver.
  • Mortgage Underwriting Services - "Follow The Money"! A famous phrase often quoted in different circumstances will verify all income, assets, debt, and property details, so the loan gets final approval. And it will be complete and accurate. If it isn't, you don't owe us a dime.
  • Mortgage Title Services - One more step in our pursuit of perfection, Rely Services will get the title verified and make sure there are no outstanding liens that have not, or will not, be satisfied by the sale. We'll also check and re-check to ensure that the owner has the legal right to sell the property.

 

Why Rely Services? Our Goal Is To Be The Best Loan Processing Company In Maine. Period.

And how do we do that? Simple. We'll give you the quality of service you'd expect if you did it yourself. And at a price, you might think it's impossible.

 

  • Enhance Efficiency - With Rely Services handling the back office; you'll have more time for your key staff members to build relationships and attract new business. We'll also continue to maximize your operations' turnaround time and accuracy, giving your firm the advantage over your competition.
  • Improved Client Satisfaction - If you've ever felt that customer relationships are suffering because you and your staff are crazy busy doing your work, it's a new day that will improve your clients' attitude. And a happy client is more likely to sing your praises to colleagues. Seriously, we can open up a new world of opportunity!
  • Adapt To Your Needs - One unique feature of doing business with Rely Services is our ability to match your staff with your need for them. It's called scalability, and we're masters of making your assets efficient. Plus, your team offers 24/7 accessibility and quick response to whatever comes up.

 

Need Loan Processing Services In Maine? Turn To Rely Services. The Ultimate Outsource Machine.

We're new to Maine, but not to Mortgage Processing. We've partnered with many mortgage brokers and independent lenders, gathered many positive reviews from our clients, and we want to bring that expertise to the great state of Maine! Rely Services has the pros, the motivation, the abilities, and the enthusiasm mortgage processing needs. So, inject some of our love of doing the job right into your workflow! Try us today! Contact Rely Services for 1 FREE Mortgage Loan Application Processed! End To End!