10 Questions Mortgage Brokers Should Consider Before Signing Up With an Outsourcing Company

Outsourcing has become an increasingly popular option for businesses looking to streamline operations, reduce costs, and focus on core competencies. However, when it comes to outsourcing to an offshore staffing solutions provider, it is essential to ensure that the company is the right fit for your business. Asking the right questions can help you determine if the company has the necessary expertise, resources, and commitment to quality to meet your needs. In this context, we have compiled a list of ten essential questions to ask when considering outsourcing with an offshore staffing solutions company in the mortgage broking industry. These questions cover a range of topics, from the specific services offered, to the company’s pricing model, quality control measures, and scalability. By asking these questions, you can make an informed decision about whether the company is the right fit for your business needs.

It is important to know if the outsourcing company can provide the specific services that your business requires. In addition, it’s essential to check if they have experience in the industry. This question helps ensure that the outsourcing company can meet your business needs and that they have the necessary experience to do so.

The number of years an outsourcing company has been in the mortgage broking industry is an important factor to consider. It indicates their level of experience and expertise. Asking for specific experience in the field helps you evaluate their ability to meet your business needs and ensure quality service delivery.

This question is crucial because data security is paramount. The outsourcing company should have robust policies, procedures and practices in place to protect your sensitive data from security breaches or theft. You need to know the measures they have in place to prevent data loss and ensure compliance with regulations.

Effective communication and collaboration are crucial to the success of any outsourcing project. This question helps ensure that the outsourcing company has a structured communication process in place. It is important to know the tools they use for communication, how they track productivity and the frequency of updates.

Knowing whether a BPO company offers task/deal-based outsourcing or dedicated staff-based outsourcing is important to align with your needs and expectations. Task/deal-based outsourcing is routinely used for short-term projects or ‘overflow’ (e.g. processing 5 loans this month because you were busier than expected), while dedicated staff-based outsourcing provides more control and collaboration over long-term operations, because the staff member will work exclusively in your business full-time, getting to know you plus your business operations intimately. It is crucial to consider factors such as the nature of the work and the level of control required before choosing an outsourcing model that suits you.

This question helps you evaluate the outsourcing company’s pricing model and ensure that it aligns with your budget. Understanding how their pricing model compares with other BPO companies helps you make an informed decision. Additionally, asking about factors that determine their rates helps you identify any hidden costs.

Asking for references from other mortgage brokers that the outsourcing company has worked with helps you evaluate their track record. Inquiring about how they addressed any challenges during those projects helps you understand their problem-solving abilities and how they can address similar challenges that may arise during your project.

This question helps you understand the outsourcing company’s approach to talent acquisition and how they screen candidates to ensure they meet your specific standards. You need to know if they have a rigorous screening process in place that ensures they provide candidates that align with your business objectives.

Asking what sets an outsourcing company apart helps you evaluate their unique selling proposition and what they can offer your business that others cannot. Additionally, understanding how they continuously improve their services helps you ensure that they can stay competitive and meet your evolving business needs.

The onboarding process for a staff member to work in your business can vary depending on the BPO outsourcing company. It is important to ask this question to ensure that you have a clear understanding of the timeline and can plan accordingly. A faster onboarding process may be desirable, but it is also important to ensure that the BPO company does not compromise on the quality of their hiring process. Ultimately, the goal is to find a balance between a timely onboarding process and thorough candidate screening to ensure that the staff member is qualified and properly trained to work in your business.

PeoplePartners Inc offers comprehensive services to mortgage brokers and with our years of experience in the industry, commitment to quality, and competitive pricing, we are a trusted partner for businesses seeking to streamline operations and reduce costs. Our dedication to data security, compliance with regulations, and efficient communication ensures seamless collaboration with our clients. Choosing PeoplePartners Inc as your offshore staffing partner means choosing a company that has the expertise, resources, and commitment to quality necessary to help your business succeed in the mortgage broking industry.