Outsourcing critical business processes isn't a new concept. Historically driven by cost reductions and efficiencies, outsourcing can positively impact lenders as they expand or contract their operations. When lenders enlist the help of a third-party service provider to handle the complexities of mortgage fulfillment (underwriting, processing, closing, and post-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 full menu of originations fulfillment solutions. Whatever the market, we can augment a client's existing process, enabling them to shift with their opportunities. Our job is to listen to each client and leverage our tenured staff across the country to support the clients' priorities and culture as we work to achieve their production & financial goals." Through outsourcing, lenders of all sizes can benefit from:
1. Reduced costs
The MBA's 2023 Q1 Quarterly Mortgage Bankers Performance Report states that total loan production costs have exceeded $13,000 per loan, and personnel expenses have surpassed $8,000 on average. Now is the time to turn soaring fixed costs into controllable, variable expenses. By outsourcing, you gain the power to reduce recruitment, training, and retention costs and POS & LOS maintenance costs. CLS recruited the industry's best talent and implemented best-in-class technology to ensure our clients have everything they need to reach their goals.
2. Increased flexibility
Get exactly what you need—when you need it. Outsource all, or a portion of, your originations functions, leverage a third party's POS & LOS or yours, and increase/reduce staff according to your volume forecasts. With this versatility, you can adapt quickly to the market. Whether rates are up or down, or if you're introducing new products or opening in a new region, you can capitalize on every opportunity and meet borrower demands as the market fluctuates.
3. Improved Compliance
With CLS, your loans are tightly managed from processing to post-closing, and technology is always well-maintained and compliant. But there's more to consider. By outsourcing fulfillment to CLS, you tap into a culture of control with a robust compliance program. Our compliance structure includes three lines of airtight defense, and our teams will develop, implement, and maintain policies & procedures that align with your specific organization.