A Compelling Strategy: A case for a hybrid approach to outsourcing

March 10, 2021
Mortgage Banker

The mortgage industry is staring down a multitude of challenges in 2021 and beyond – from increasing capacity constraints and talent shortages to changing borrower expectations, growing loan volumes and post-pandemic compliance. The good news? There are multiple strategies that can help lenders and servicers excel in this daunting environment – the most compelling of them being outsourcing, either onshore or offshore. While outsourcing is not new to the industry, the pandemic has accelerated the volume, variety and nature of tasks outsourced. Today, fully licensed outsourcing partners can decouple the entire underwriting value chain from loan setup to final approvals and more. At the same time, a good outsourcing partner can help mortgage companies combine automation with the human touch to elevate the borrower experience while lowering cost of acquisition and servicing. How can you ensure that you partner with the right outsourcing vendor? Consider these two critical aspects. One – ensure that your outsourcing vendor maintains licenses in all 50 states as well as offshore. Two – check if they have the technology maturity to reengineer, automate and globalize work, driving efficiencies while maintaining the highest levels of customer satisfaction.

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