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How Mortgage Process Outsourcing Gives Mortgage Companies a break

Mortgage Process Outsourcing (MPO) gives firms the break it deserves

Since 2007, the mortgage industry has faced fluctuations and unprecedented trends that mortgage firms, both big and small, struggled to cope with. Firms battle for resources and strive to come up with ideas that will help them grow their business while providing efficient, lawful resources to their mortgage clients.

Mortgage process outsourcing or MPO serves as a solution to the ever-undulating mortgage industry. It may not be the answer to all the problems the industry faces, but it paves the way for other solutions that will not only help mortgage firms stay afloat, but soar despite the ups-and-downs.

Here’s how MPO helps:

MPO takes on tedious, time-consuming tasks. As a result, it gives you extra hours you can dedicate to developing your business.

New loan set-up, credit reports, billing, loan modifications, and lien release are just a few of the mortgage processing tasks you can entrust to an MPO. Imagine taking all of these tasks out of your hands and the hands of your onshore team. You will be able to free up time and redirect resources to marketing and funding.

outsourcing mortgage processing

MPO gives you access to up-to-date technology and infrastructure.

MPO firms pride themselves on the quality of infrastructure and systems they can provide their clients. Technology is one of their foundations and without it, they can’t provide the reliable service they boast of.

If you team up with an MPO, you get access to their technology and infrastructure all at once. You’ll be able to utilize it to streamline your business and deliver faster yet as efficient service to your clients.

MPO gives you the capacity to touch base with clients proactively and frequently.

Tasks like following up documents, double checking-details, sending out collection reminders are time-eaters but these are the little things that help your firm keep it all together. By outsourcing mortgage processing, it will save you from these processes and more.

MPO makes automation possible.

Again, thanks to the technology MPO has access to, MPOs are well-versed in the day-to-day tasks of the mortgage industry and they are experts in identifying areas that can be successfully automated and fully integrating it into your existing in-house workflow.  This will reduce your turnaround time and keep your clients happy. In addition, it increases efficiency while reducing costs.

MPO is flexible.

The mortgage industry has ups-and-downs. You may need high volume now but less later as your mortgage business and the market changes. MPOs are flexible. They can easily scale down or scale up operations to suit your needs. That means you’ll have more control of your expenses.

When you outsource mortgage processing, you free up valuable resources and keep your business fluid. It will also save you money that could be spent growing other aspects of your business. This gives your mortgage company the break it deserves now and in the future.

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Call Center Outsourcing

A Cost-Effective Solution without Sacrificing Customer Service Quality

Business thrives because of customers. They serve as the lifeblood that drives business towards stability, progress, and profit. In other words, success. Taking care of them should be a top priority, and having a call center is an excellent way to keep them happy and satisfied. However, cost is a huge consideration when setting up a call center. On one hand, you want to deliver effective customer support but on the other, you want to keep expenditures low. Fortunately, there’s an answer to it: Call Center Outsourcing.

Moving your call center to a country where your dollar can return more value is the most practical solution. Aside from allowing you to save money on call center operations, quality isn’t sacrificed. In addition, it delivers other benefits your business can capitalize on:

Below are the biggest benefits of call center outsourcing:

Specialized Team

When you outsource, you get a team of trained individuals who are not only knowledgeable about your company’s product and services, but are skilled in handling different types of customers. In reality  customers often call to complain or raise an issue. For this reason, soft-skills are necessary. You need people adept in handling possibly irate customers while providing solutions at the same time.

Management Support

Imagine having your call center in-house. Staffing, training, and people management becomes your responsibility. But when you outsource, these will be taken out of your hands. If something goes awry, you have people to fix the problem for you. As a result, you can keep your focus on the most important thing which is running your business.

Call Center OutsourcingAccess to Infrastructure and Technology

Reputable call center companies come with high-grade Internet, up-to-date software, and top-of-the-line communication hardware, tools that will cost you an arm and leg if you choose to purchase yourself. When you team up with one, these tools are at your disposal and you’re paying only a fraction of the cost.

Room for Growth and Flexibility

Let’s say you want to start small. A team of 10 perhaps. But later on, your needs will change. As your business grows, your need for customer support will grow too. A call center company has the flexibility, as well as the capacity, to accommodate your needs.

Data Gathering, Management, and Analysis

Knowledge is power. Who can give it to you better than your customers themselves? All calls and customer feedback are transformed into quantifiable and qualifiable data. Through analysis, you’ll be able to point out which areas are doing well and which ones you should take action on. This allows you to keep your finger on the pulse of your business. You’ll be able to improve, tie loose ends, and boost customer satisfaction.

American business author Michael LeBoeuf once said, “A satisfied customer is the best business strategy of all.” It sounds simple, but the road to achieving 100% customer satisfaction is paved with smart choices. If you’re thinking of having a call center – outsource. You’ll get all the benefits of an in-house call-center at a lower cost.

At StraightSource, we help you find the right solutions to fit your business and your budget.

What is BPO (Business Process Outsourcing)?

What is BPO?

BPO or Business Process Outsourcing is when a company hires a third party company to perform functional business processes. In most cases, a BPO company is specialized in one or more functions, such as accounting, call center management, recruitment, human resources and more. Some are even more specialized towards a particular industry, such as mortgage process outsourcing, medical coding or medical recruitment.

When a company hires a resource outside of their country, it is called offshore outsourcing, while if it’s a neighboring country, it is nearshore outsourcing.

Business Process Outsourcing first became known as a manufacturing solution, whereby companies would hire factories to perform manufacturing services in a variety of industries, from automotive, to clothing, to electronics and more. In recent years, those solutions have expanded to solve many different business functions in many industries. Additionally, information technology outsourcing (ITO) has grown, especially in India.

With the advancement in technology, the world has truly become a global economy. The countries which are the biggest players in BPO include India, the Philippines and China. There has also been growth in Eastern Europe and Africa in recent years.

In 2017, the outsourcing industry equaled approximately US$88.9 billion, with ITO earning the majority at US$64.3 billion.

There are many reasons why companies decide to go the BPO route. Some of the reasons include:

  1. Streamline repetitive and low skill processes to save money that can be spent on higher level initiatives and talent.
  2. Quickly fill a gap where there is a lack of talent, equipment or technology to perform current functions or fulfill new industry requirements.
  3. Manage headcount for better financial reporting.
  4. Manage budget and overhead during high growth or business lows.

In certain regions, such as Silicon Valley in California, finding technology talent is a constant struggle. While much of the international technological education takes place in top universities in the U.S., many graduates take their education back to their home countries where they hope to improve the lives of their families. Getting work visas in the U.S. has been a continuous struggle for many top graduates and those hoping to immigrate to the U.S. It is also a long, expensive ordeal, and can usually only be done by a sponsoring company willing to foot the legal expenses.

With the talent returning to their countries of origin, the talent gets spread across the globe. A smart BPO company will hire this talent in teams in their countries, and provide these services to U.S. companies.

But it’s not just large corporations which utilize Business Process Outsourcing. Small businesses and start-ups also enjoy the affordability of outsourcing, as well as the flexibility it offers.  Consider a small mortgage operation who requires back office support and mortgage processing. Their loan officers can focus on the customer while the mortgage process outsourcing company focuses on the transaction.

If your company is considering BPO for one or many functions, carefully consider the organization before you sign any contracts. Not every BPO is the same, and not all of them will make the ideal partner for you. No savings in the world can make up for a company that fails you or your customers or eats up a lot of your time to manage them.

At StraightSource, we provide you with top quality service for over 45 different business functions. We work with YOU to determine what you need and what solutions will benefit you the most for the best price.