Without doubt, one of the most important components of your company's loan origination process is the mortgage underwriting piece of your operations. Your company's overall success depends greatly on the quality of your underwriting staff and how easily each file flows through your company's individual loan origination system. Speed and accuracy is the key, yet quality and integrity can never be compromised. Proper underwriting is the necessary underpinning that provides the "checks and balances" for a healthy mortgage market, insures long-term company success, and guarantees complete satisfaction to your customers.
The secret to achieving efficient mortgage underwriting lies in your firms' ability to hire, train, and manage a pool of competent, experienced, and motivated mortgage underwriters. In this age of Automated Underwriting Decisions (AU), one might underestimate the value of an experienced mortgage underwriter. However, no automated underwriting system can replace a well-trained loan underwriter.
An expert underwriter must be knowledgeable and up-to-date about all types of government and conventional loan products. Additionally, he/she must also understand the expectations of stakeholders and investors, institutional and secondary lenders, as well as being acquainted with the needs and requirements of mortgage insurance companies, credit bureaus, and escrow, and title companies. While working on a loan file the loan underwriter must seamlessly reflect the marketing image, values proposed by your company's marketing/sales team and the orientation towards customer service.
Lack of quality underwriting can potentially lead to significant losses caused by miscalculated risks, which can further lead to borrower default. Moreover, poorly underwritten loans can open the doors to ongoing liability in the form of legal recourse, or loan repurchase demands from investors, government agencies, and even borrowers.
Therefore, it is critical for your business to outsource your company's mortgage loan underwriting to a reliable mortgage underwriting support company, as quality underwriting is vitally important for your company to grow and succeed in the competitive industry.
By choosing to outsource your mortgage loan origination underwriting process to Outsource2india, your company will gain unlimited access to a battery of well-trained, knowledgeable, and motivated underwriters. You can rest assured that each of your important loan files are in capable and experienced hands. Our top down management approach insures that all pertinent underwriting policies and regulations are applied uniformly and consistently over each loan file processed. Also, our seasoned underwriting staff members are aware of which details are important for making good loans, thereby making your job easier.
We can seamlessly merge with your Loan Origination Software (LOS) with real-time feedback and interaction on every loan. Correct interpretation of the qualifying data submitted combined with strict attention to input accuracy makes for a better end-result. Our philosophy is to make sure that each step of the process is done right at the first time, so that all parties involved "touch the file" as little as possible with the goal of reaching the desired loan decision at the earliest.
The best part about outsourcing your underwriting needs to us is that you can control the cost of maintaining your optimal pool of experienced underwriters according to your firm's cyclical needs and pipeline demands. No more wild swings of "feast-or-famine" as market demand ebbs and flows with disappointing turns on one month and underutilized staff on another. Mortgage origination outsourcing will empower your ability to better manage your firm's valuable resources, while concentrating only on the rewarding ones.
Outsourcing mortgage underwriting tasks will allow your mortgage company to scale up or down effortlessly at any time without the difficulty and expense of dealing with too little or too much office space and complicated human resource issues associated with a permanent "in-house" staff.
At outsource2india, we have employed a sizable team of underwriters, which allow us to serve all sizes of mortgage loan origination centers, from single operator to bulk operations. A knowledgeable representative is ready any time to customize an underwriting contract for your firm.
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