While mortgage applications and volume remain flat, lenders are looking for ways to keep their customers engaged, improve operational efficiency, and lower costs. Many lenders are considering the benefits of outsourcing, especially in light of industry layoffs that could contribute to a 25%-30% decline in overall mortgage industry employment in 2023. According to the 2022 Deloitte Global Outsourcing Survey, 50% of executives believe talent acquisition is their top internal challenge. However, the report points to third-party service providers as one potential solution. "Service providers now supply knowledge, capability, and capacity by providing on-demand access to hard-to-source talent and expertise on technology and transformation that keeps pace with the continuously evolving business environment." Lenders are often reluctant to trust their customer experience and processes to a staff they didn't hire or train. But with the right partner, they can leverage top talent that will help scale their business up or down as the market changes.
We can provide a different approach for every client depending on their goals and overall culture," said Elizabeth Baumeister, Head of Originations at Computershare Loan Services (CLS). "Every organization has worked hard to build its identity, and some clients worry that outsourcing will present too much risk against that identity and brand. We work with our clients to ensure we maintain their values. We recognize that our role is to honor our partner's culture by listening to our clients and offering solutions unique to their needs.
CLS, a global mortgage services provider, delivers complete end-to-end fulfillment services that help lenders manage overhead with highly trained processors, underwriters, and closers. A lender may need more resources in one area of originations but wants to avoid hiring new employees or want to switch from first mortgages to home equity products but need in-house expertise. Clients tap into the strength of CLS for their entire pipeline, from conventional, non-QM, and FHA loans to multiple product types, including HELOCs. They keep a sharp focus on security and compliance as well. One of their core competencies is managing sensitive data. All employees receive information security training and understand that sensitive client information can only be disclosed or modified only when applicable regulatory client requirements are met.
The housing market is cyclical, and as the market fluctuates, outsourcing gives lenders the resources they need to stay competitive and agile. "No matter what the market is doing, we have an opportunity to help lenders visualize how the purchase experience will look for their customers," Baumeister says. "By working with a skillful partner, lenders can create a better customer experience that encourages borrower loyalty."
Whether lenders want to lower their costs or improve their performance, we have the expertise to strengthen a company's operations, no matter the market.