How to Evaluate A Mortgage BPO Service Company

Let’s imagine, you own an enormous 4 BHK apartment. An erratic work schedule leaves you with little to no time to clean and organize it. So, you outsource the job to a housekeeping agency once every fortnight. It’s not rocket science to figure out why you do it—outsourcing housecleaning lets you focus on the more important task at hand, which is to earn a livelihood.

Now, the outsourcing agency lets you choose service time preference and what services you’d like the staff to specialize in; laundry, vacuuming, ironing, closet organizing, carpet cleaning and so on. They also let you choose between base (less-experienced) and premium (highly-experienced) workers—you can check reviews and ratings on their website. The agency gives you all these choices for the best service experience.

Likewise, you may seek something specific in a third-party service provider when planning to outsource your mortgage loan processes. That’s why it becomes important to evaluate their capacity. Unfortunately, the job isn’t as easy as outsourcing your housecleaning service.

Mortgage loans is a rather complicated process involving several tasks like document handling and verification, client co-ordination and updating application status. Each of these tasks need high precision and skills. These ‘micro tasks’ can quickly overwhelm your in-house team given they have to also look after core functions such as loan originations and business expansion.

Mortgage outsourcing companies have the latest technologies coupled with the right resources, at their disposal, allowing them to efficiently process microtasks. Outsourcing providers take care of your backend mortgage processes by handling tasks such as verifying the borrower’s background and proof of income. As a result, your loan officers and underwriters can focus on more important activities like property evaluation and risk mitigation.

Cutting edge technology like AI are instrumental in reducing the dependency on manual work. It also increases the processing accuracy manifold.

Irrespective of the size of your mortgage business, an outsourcing provider can help you reduce costs, offer high-quality services and streamline processes.

Choosing a Mortgage BPO Company: Things to Consider

The key to ensuring success for your mortgage business is to select the right outsourcing partner. We understand it can be a challenging process. That’s why we have put together this handy guide on how to choose a mortgage BPO company.

Certification to Ensure Quality and Performance

Mortgage outsourcing providers maintain certain standards with regards to service quality and performance. The International Organization for Standardization (ISO) provides a set of guidelines to businesses in their respective domains to help comply with global standards.

Outsourcing providers acquire ISO certifications to ensure they deliver accurate and high-quality services to clients—these certifications are a commitment to keep up with the best service standards. That’s how a mortgage BPO company helps you achieve your own business goals.

Customer Reviews to Ensure Credibility

You may also want to look up previous and existing customers’ feedback while choosing a mortgage BPO company. They will help you determine the capability of the outsourcing provider in managing your mortgage operations. You can also use it to find out the clientele that the provider has previously serviced.

The reviews will help you analyze the provider’s willingness to customize services to fit the unique needs of your mortgage business. You can also check how innovative they can get while customizing services to attract new customers.

Consistent Communication to Improve Customer Experience

Mortgage outsourcing providers need to fulfill borrower expectations to stay relevant in the industry. Applicants expect your in-house team to respond quickly to queries and grievances. They also expect to speak to your representatives at their convenience.

Mortgage outsourcing partners offer 24X7 operations and customer support to your customers. Their trained staff communicate with applicants round the clock. They relay information about changes in compliance and regulations to you when needed. It helps your team avoid confusion and errors in loan processing. The outsourcing team also helps applicants at each step of mortgage processing by explaining the tasks and requisites in detail—it helps in trust building and fosters a positive relationship for you, with your clients.

Mortgage outsourcing companies can also increase or decrease the number of outsourcing staff based on the inflow of customer queries and loan applications.

We hope these tips will help get you started on your outsourcing journey and answer all your questions about how to choose a mortgage BPO company.

HelioNext offers everyday mortgage process management services to small bankers, lenders and brokers across the US. We help you deliver quality mortgage services through a mix of people, data and technology.

Scale your business, reduce costs and streamline processes. Get in touch with us today.