What have YOU heard about Mortgage Processing Outsourcing (MPO)?
Loan officers, mortgage processors, underwriters, insurers and other professionals involved in mortgage industry all know too well how tedious and time-consuming processes can be. It seems like the industry is an intricate fabric, each thread representing a task that needs to be done or else everything unravels.
Mortgage process outsourcing aims to take the bulk of that. And it has for countless firms across the globe. But why is that some companies are still hesitant to outsource?
Even though outsourcing has been around for decades the negative myths surrounding it still ring true for some. It shouldn’t. Here are top myths that cloud over MPO:
Myth #1: MPO providers don’t have the ability to meet standard regulations and HOEPA compliance.
Your MPO may operate on the other side of the globe but it shouldn’t mean they lack the knowledge needed to for you to stay compliant. Knowledge is not contained as a best kept secret. It is available for anyone willing to learn.
A trustworthy MPO invests in extensive training, ensuring they are equipped with the skills and knowledge required before they work with a client. Aside from that, your MPO knows that mortgage rules and regulations vary from state to state, and keep up with ever-changing requirements.
Myth #2: You’ll have little or no control at all with the process.
Top mortgage outsourcing partners realize that your relationship is exactly that – a partnership. They set their procedures based upon YOUR work flow. They will work with you to develop the proper channel for communication and keep a scorecard to make sure they are performing according to your standards. Consider it an extension of your own office – you indirectly manage all of it, while enjoying less pressure, overhead and manpower issues. An MPO’s goal is to deliver fast, efficient, reliable service in a cost-effective manner.
Myth #3: There’s only so much you can outsource.
MPO is versatile and it can cover a wide array of back-office processes that eat up your time. Just to name a handful, your MPO can help you out with:
- Loan Pre-processing
- Loan Modification
- Post-Closing Follow-ups
- Title Checks
- Credit Checks and Scoring
- Statement Preparation
- Asset Management
- Overdue collections
- Compliance Review
By utilizing outsourcing, your team is freed up to focus on client building and client relationships. It’s a win-win for all involved.
Myth #4: Working with an MPO can make your clients doubt your effectiveness and trustworthiness as a business.
There was a time when outsourcing wasn’t seen as the revolutionary solution as it is today. But those days are gone. With our evolving global economy and the ability to communicate 24/7, outsourcing has come a long way and is now widely accepted. The business world has change and outsourcing, including MPOs, BPOs, and all its subsets, are changing the way business is done.
By adding MPO to your team, you are able to serve more people, and grow your business while cutting costs at the same time.
Want an advantage over your competitors? Learn more about the benefits of outsourcing by reading this article. Contact us today and let us discuss your mortgage process outsourcing needs.