5 Benefits of Outsourcing Mortgage Broking Roles and Tasks

As with many companies, expanding your mortgage broking business can be challenging. More so if you are a single operator. That’s because scaling a business means finding ways to sustain workloads while increasing borrower enquiries.

Whether you are a team of one or ten, outsourcing allows you to get the support you need to focus on providing appropriate loan solutions to your clients.

5 Benefits of Outsourcing Mortgage Broking Roles and Tasks

Here’s the thing: The time spent processing a borrower’s documents is not exactly income-generating. However, it is integral in getting a loan approved, which can impact your mortgage broking business’s revenue.

Outsourcing allows you to delegate these administrative tasks so you can spend more time on client acquisition and closing deals.

If you are unsure how outsourcing mortgage broking can benefit you, we have listed six ways it can help your business grow.

1. Access to On-demand Skilled Offshore Staff

When it comes to outsourcing mortgage broking, the Philippines is at the front and center because of the following:

  • English is the formal language used in schools, universities, and businesses. Filipinos speak a high level of English with a neutral accent.
  • Tertiary education in the Philippines is highly valued. More than 2,000 higher education facilities have developed a massive, qualified talent pool.
  • Outsourcing to the Philippines means lower labour costs of up to 70%.
  • Filipinos are known for being caring and friendly. They have also thoroughly embraced the ‘western’ culture, ensuring cultural compatibility between you and your offshore team.
  • The Philippines has economic zones deliberately established to support businesses and initiatives that can help the Business Process Outsourcing industry thrive.

When you work with a Philippine-based BPO company, you can access a high-performing team of Filipinos who can support your mortgage broking business.

2. Reduced Overhead and Turnaround Times

Another benefit of outsourcing is reducing your overhead cost and turnaround time. That’s because you can choose a dedicated offshore team who can work in the comfort of their home. This means you do not necessarily have to pay for office space. Instead, you can allocate that resource to compensate your work-from-home team appropriately.

In addition, working with an outsourcing company means you have access to an ample workforce who can complete relevant tasks on time. Since the mortgage industry is iterative, your offshore team can help streamline your operations while you work on various loan products.

3. Digitalization and Technology

Infrastructure costs can eat your bottom line regardless of the size of your mortgage broking business. Luckily, working with a BPO company means having access to the technologies needed to run your business like a well-oiled machine. They also help ensure productivity and cyber security.

4. Stringent Data and Information Security Policies

While spammy emails asking clients for their financial information is becoming prevalent, an ethical outsourcing company has stringent data and information security policies. This includes following strict compliance standards, system encryption, and limited access control to sensitive information.

5. Customer Satisfaction

Lastly, outsourcing mortgage broking means you can focus on your core functions. This includes devising new product strategies, managing compliance risk, and investor reporting.

Because of the reduced turnaround time, borrowers can immediately know whether their loan application is approved. They also do not have to go back and forth completing the requirements. That’s because an offshore loan processing officer can provide them with a list of what they need to accomplish.

This can lead to client satisfaction, repeat customers, and referrals that can impact your bottom line.

What Mortgage Broking Roles and Tasks can You Outsource

Outsourcing is when you hire a third-party service provider, virtual assistant, or a BPO company to perform certain business functions. That way, you can focus on your core operations.

In the case of mortgage broking, your core function is to connect lenders with the right borrowers. Thus, some of the tasks that you can outsource are the following:

Data Entry

Data entry is entering and updating client information in your system. Hiring an offshore data entry clerk or specialist means that they will be responsible for collecting and recording the following client information:

  • Personal and contact details
  • Employment details
  • Proof of income
  • Assets and liabilities

Also included in the data entry clerk role could be confirming client information, ordering valuations, and submitting pricing requests for clients.

Mortgage Data Processing

A mortgage data or loan processor is responsible for processing a client’s loan application. They help complete the loan application, ensuring all aspects and supporting evidence are complete. Once they’ve confirmed that the documentary requirements are finalised, they can submit them to the loan underwriter.

Your mortgage loan processor could then be a point of contact for the loan underwriter, fulfilling any requests for further information or clarifications regarding the application.

Mortgage Broker Support

A mortgage broker support officer is the one who performs end-to-end administrative tasks involved in a borrower’s loan application. This includes the following functions:

  • Receiving pre-approved sales files from mortgage brokers
  • Ensuring that the files meet the compliance checklist
  • Double-checking that the finance and settlement dates on land contracts are entered into the system
  • Supporting mortgage brokers with loan lodgments and setting appointments

Remember that the tasks you can outsource are not limited to these three roles. Sure, you may have all the right people in your mortgage broking business. Still, you may need help with finance, accounting, or marketing. You can work with a BPO company that will serve as your business’s human resources arm.

Engaging with a BPO ensures that you comply with employment law in your country and where your offshore team is located.

Reap the Benefits of Outsourcing Mortgage Broking with PeoplePartners BPO

Outsourcing can help mortgage brokers in Australia provide the right loan products and connect borrowers to lenders without hassle. It would be helpful to work with a reliable third-party service provider that gives you access to skilled offshore staff and right technologies. They can also ensure information security compliance.

At PeoplePartners BPO, we help mortgage broking businesses build high-performing remote teams. We also boast a simple and transparent pricing model that lets you save up to 70% on labour costs! Contact us today and discover how outsourcing can help you streamline your business processes and boost profitability.