Advantages & Phases Of Having Mortgage Process Outsourcing

Advantages of mortgage process outsourcing companies 

Our mortgage processing services are being tailored according to your specific needs.

Magellan Solutions provides experienced processing and closing teams. They dedicate themselves to helping you through the whole process.

We have listed the advantages that clients have experienced after working with us:

 

• Streamlining of lengthy and complicated processes

 

Magellan Solutions is a BPO firm with experience in mortgage loan verifications. We are well-equipped to train our people to conduct these processes.

 

• Ability to follow up on repayments and defaults

 

Our agents will examine, investigate, and analyze all relevant documentation for claims.

 

• Use of integrated, automated systems

 

The mortgage industry is undergoing a technological transition. From the standard in-house loan processing arrangements, they move operations by outsourcing.

 

• Increased efficiency and reduced costs

 

Outsourcing allows firms to reduce timelines and costs of mortgage processing.

 

• Mortgage lenders get access to the latest digital technology.

 

As a BPO company, we guarantee to bring expertise in the latest technology. As a result, mortgage lenders can take advantage of digitized infrastructure.

 

• Assurance of information security

 

Significant investments need intense security. We assure you of the benefits of information security through outsourcing.

Initial phase for mortgage processing support services

Mortgage Pre-Approval

Sets you up for a smooth home-buying experience.

Our agents first want to know if you can get a loan for purchase transactions. For the process to start, it is advised to approach us with a lender pre-approval already in hand.

Pre-approvals don’t take much time. They involve a tri-merge. This shows the credit score and credit history as reported by third-party institutions. The lender can see your payment history and will be able to pinpoint the amount for which you qualify.

Mortgage pre-approvals signal to the seller that you’re a serious buyer. Once set up, the following phases will be manageable for you.

Property shopping

Shopping for properties online is convenient, easy, and fun. But there are a few things to consider:

• National real estate portals don’t have accurate home prices.
• Listings on big real estate portals are not always up-to-date.
• Large portals don’t show 100% of the available inventory on the market

Once properties are visited with the agent, it’s time to make an offer.

It will include conditions that must meet requirements before the deal is complete. Here are a few common ones:

• Appraisals must come in close to the loan amount, not lower
• Home inspections do not find significant issues with the property
• Borrowers get funding (final loan approval)

Mortgage loan application

Certain documents are always needed for this. Some would be from phone calls or online. 

• Employment
• Income
• Assets
• Debts
• Property information
• Financial blemishes
• Mortgage type

Information is being gathered and reviewed. The loan officer would then produce the loan estimate.

Loan processing

Agents gather documentation about the borrower and property. They then review the information and organize a complete package for the underwriter. 

Underwriting

The underwriter is the key decision-maker in evaluating the documentation.

• Borrower and property should match the eligibility requirements of the loan product.
• We are reviewing your credit history and capacity to repay the loan.

An underwriter may approve or reject the loan. After an initial approval and before closing, the interest rate for your loan is locked. You and the loan officer will then choose a time to commit.

Closing

Title insurance is being ordered before the closing meeting. This ensures you have the keys to your new home. Documents are printed and sent to the title company or attorney’s office.

One of the documents worth calling attention to is the Closing Disclosure. This document should be able to confirm all the costs. You have the right to review this three days before the closing meeting. Small things in the loan docs, like typos, are allowed to change. But more significant changes will reset the three-day review period.

You have the right to a final walk-through of the property within 24 hours.

Lastly, the closing meeting. It’s time to sign documents and complete your purchase.

Key Closing Documents

• Closing Disclosure (or HUD-1 and TIL in some cases)
• Promissory Note 
• Deed of Trust
• Certificate of Occupancy

Outsource to the best BPO mortgage provider in the Philippines

There is a significant factor that financial institutions look for to meet the inconsistent demands. One of them is the ups and downs of the housing market. As a result, they end up outsourcing services.

MPO companies must adjust their work. We are well aware that processes in the U.S. vary from state to state. As a result, we are constantly re-orienting our platform to target industry-specific processes.

Are you looking for an outsourcing location? Do you need up-to-date technology and a rich talent base? The Philippines could be on your top list!

Fill out the form below to get a free 60-minute consultation.