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07 Oct,2021 Read MoreWelcome MAX BPO
Welcome MAX BPO
Posted by maxbpoblog Jul 13,2021
Mortgage Underwriting is an important part of mortgage processing. This is the phase of the mortgage process when a mortgage loan underwriter verifies the credit worthiness of the loan applicant by checking his income, assets, credits, debits and other liabilities as well as collaterals.
The year 2020 with its pandemic situation has brought in some challenges and changes in Mortgage underwriting.
Mortgage Underwriting Challenges and Changes in Pandemic
The pandemic situation of 2020 has resulted in following challenges and changes in underwriting:
With the challenges and changes coming in, lending organizations are finding it difficult to complete the mortgage underwriting process by themselves and are opting for hiring mortgage processing outsourcing companies.
Benefits of outsourcing mortgage underwriting
Hiring mortgage outsourcing companies for underwriting can be beneficial for lending companies in the year 2021 because of following reasons:
Use of Technology
As the world has become virtual, manual underwriting, where the mortgage loan underwriter used to do everything offline, has become effective. To cope up with the changing world, mortgage process outsourcing companies have invested in automation tools and software. These tools and softwares can automatically approve the loan and put the process on a faster track.
Human expertise
Although software can make the process faster, human intervention is still required. There may be situations that something in the loan application falls outside the criteria of automatic approval and the expertise of the underwriter is required to identify the borrower’s financial strength in other areas to compensate for the gap identified. Mortgage processing outsourcing companies have a team of experts who have the experience of manual underwriting. They make use of the software and add their own inputs to complete the underwriting.
Speed & Accuracy of Processing
As the underwriting process is now a blend of automated approval along with a referral to manual underwriting, technology has made the process faster while a combination of technology and human intervention has resulted in increased accuracy level.
Better Customer Retention
As outsourced mortgage processing companies are being able to complete the Underwriting process at a faster pace with higher level of accuracy, it has resulted in an improved customer satisfaction. A happy customer is the best advocate for any company. Hence lender organizations are being benefited by this.
Higher Scalability
With a mortgage loan processing company as partner, lending organizations are now being able to take in more work resulting in an increase of profitability.
Cost Effective
The lending organizations are finding hiring the mortgage underwriting services to be cost effective as they are not having to spend on hiring expert manpower and invest in expensive software and infrastructure.
Conclusion
Year 2020 has seen a leap in use of technology and the mortgage underwriting process has also changed from its earlier manual state to its current automated state. Lending organizations are embracing this technological advancement by opting for outsourcing mortgage underwriting processes.
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I know that now we can rely on Max BPO to provide helpful advice that makes a meaningful difference to our business. Our operating model used to be stressful & was something we avoided. Max BPO provide Medical Coding, Billing, Collection, Records Indexing, Pre-Authorization & Charge Entry Services which enrich resource allocation, boost financial performance & increase the effectiveness of our business. Max BPO is part of our business now & a great asset.
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Good Luck!
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Medical Billing Experts that you can trust :)
Max BPO was established in 1997, with one and only vision: Highest quality business process outsourcing services at an attractive price. We enable our clients to build feasible business models through outsourcing solution that upgrade competitiveness.
259-B, Pocket-1, Mayur Vihar Phase-1, Delhi, India, 110091
+91 9818776784
Info@maxbpooutsourcing.com