Outsourcing critical business processes isn't a new concept. Historically driven by cost reductions and efficiencies, outsourcing can positively impact lenders as they expand their operations to compete on a larger scale. When lenders enlist the help of a third-party service provider to handle the complexities of mortgage fulfillment (underwriting, processing, and closing), it frees them up to focus on their customers and develop new ways to increase profitability. It's not only about quantifiable profit. It's about quality of service. You work hard to maintain your customer relationships, so your partners should become an extension of your brand, ensuring the relationship remains intact. That's precisely the type of partnership Computershare Loan Services (CLS) offers. Elizabeth Baumeister, Head of Originations for CLS, says, "We offer a true business solution that augments a client's existing business process, whatever that might be. We listen and make small adjustments so each of our client's priorities, culture, goals, and objectives are met." Financial institutions of all sizes can reap the benefits of outsourcing:
1. Reduce overhead and operational costs
Outsourcing mortgage fulfillment can turn fixed costs into variable costs, helping lenders manage expenses and expand their customer reach. Staffing, including recruiting and retaining talent, takes time and adds significant costs to a lender's bottom line. Outsourced fulfillment places the burden of staffing on a 3rd party, allowing you to drive more originations and continue to build your business. That flexibility can give you a competitive advantage in this cyclical mortgage market.
2. Increase efficiency and capacity
In-house teams can easily be overwhelmed by loan applications, especially in a low-rate environment. With the right partner, backlogs can be avoided, and staff can be allocated appropriately. With CLS' team of mortgage fulfillment experts, leadership-driven training and support, and average employee tenure of 10+ years, a team of highly-trained processors, underwriters, and closers get borrowers to the closing table on time.
CLS' technology platform ensures maximum efficiency, security, and flexibility. Our POS and LOS platforms are workflow-driven with automated rules and tasking, organized document management functions with OCR, and robust decisioning capabilities. Lenders can rest assured the fulfillment process is tightly managed from processing to closing, and volume demands are met with ease as the market fluctuates.
3. Increase revenue
The MBA states that total loan production costs are approximately $9,140 per loan, and personnel expense is $6,185. With origination costs increasing every year, now is the time to consider the benefits of outsourcing. Get an edge on your competition with flexible staffing models and variable pricing, so you only pay for the staff and services you need.
Computershare Loan Services (CLS) has been in the mortgage fulfillment business for more than 20 years. When it comes to trusting your business operations to the experts, CLS is your partner. Contact us to see how we can help you with your strategic growth plans.