As a mortgage lender, you cannot find the success you are looking for when you spend so much time working in your business that you have little time left to work on your business. If, as a lender, you are managing your loans progress throughout the life of the loan, you cannot turn your focuses to marketing your business or development business growth strategies. Without new clients and expansion, you cannot possibly gain capital for growth and, Without the capital to increase personnel or internal resources, you will be stuck in a cycle of trying to keep your head above water without reaping the benefits of your hard work.
Loan origination requires multiple steps. There are processing requirements, compliance concerns, post-closing and fulfillment issues and bundling and investor considerations. Small lenders often do not have the in-house resources to manage the life of a loan from origination to the secondary market, nor the capital or infrastructure to add these services to their existing business models. Additionally, with the lending industry facing the challenges of reduced originations and the subprime fallout, and many small lenders having to close their doors, it is unfeasible for small and mid-sized lenders to increase their overhead with additional staff, software platforms or other infrastructure expansion. This increases the amount of work left for the lenders and their small support teams, and forces them in many cases to be jacks of all trades and masters of none. Add to the pile an every changing amount of investor and regulatory compliance considerations, and you have a situation in which speed and efficiency can’t possibly be a reality because there is just too much to manage with a skeleton team.
So what is the best solution for small to mid-sized lenders who need reliable management of their origination flow, fulfillment and post closing operations?
Finding an expert provider of mortgage fulfillment and mortgage processing solutions. Lenders need an outsource variable cost solution alternative that will not only streamline their processes and enable them to shift their focus to filling their pipelines, but that will also enable them to reduce risk, errors and overhead in their mortgage operations, while remaining responsive to fluctuations in their loan closing pipeline.
Lenders outsourcing their back office operations to a third party management vendor can gain access to a wealth of services and benefits, including having multiple document system, fraud, compliance choices available to them that would not be practically managed or financially feasible to maintain under an in-house model. Industry leading outsource fulfillment providers engage in partnership and cross-pollination with respected specialty vendors in the mortgage industry, allowing them to customize processes to reflect lenders’ unique business practices. By helping them to meet the requirements of their investors and warehouse line providers, these vendors can ensure the best possible salability turn times for lenders.
“Titan Lenders Corp. is founded on the principle that mortgage lenders should aggressively focus on their front-end profit generator – origination, rather than attempt to become experts in executing detailed back office operations,” says Mary Kladde, CEO of Denver based mortgage fulfillment and outsourced closing and post closing services provider Titan Lenders Corp. “Our outsource solution reflects decades of experience in mapping and perfecting mortgage fulfillment processes, as well as our co-development of an intelligent technology that facilitates lenders’ distinct business objectives.”
A good provider of outsourced mortgage solutions will be able to offer completely customizable systems that are tailored and optimized to integrate with your current preferred business processes and compliment your business model to increase efficiency, productivity and, most importantly, profitability.
Additionally, expert providers will maintain current knowledge on all investor and regulatory compliance issues so that lenders can build their pipeline and bundle their loans with confidence, and trust their crucial compliance issues to experts who are on the pulse of industry and regulatory changes.
Smart lenders know that in order to succeed against the big names and to survive in an industry that becomes more competitive and regulated each day, they need to partner with expert third party outsource mortgage services providers to increase their loan security and compliance, streamline their processes and increase their productivity and growth.