Lenders' Steps To Make The Mortgage Refinance Process Simple

By: Michael Tetrick May 02, 2022

Make Mortgage Refinance Easy? Well, not easy, but easier. Mortgage Refinancing, on its face, seems like an excellent way for homeowners to take advantage of their homes' accrued value. A lender will lend some cash in return for a new mortgage on the home that includes the loan amount. Usually, this will be an entirely new mortgage, with one big exception. The Mortgage Loan Process is not as exhaustive as the original mortgage. In fact, the Mortgage Refinance Process is super-streamlined.

Yes, the process is quicker, but it's more expensive than it used to be. Why? Because, like almost all other aspects of a real estate transaction, the housing financial crisis of 2008 -2009 triggered a flood of new government protection, which was put in place by – you guessed it – more government regulations. More regulations equal more costs, which means a smaller profit margin, which means… less money for you! So while the market is more stable (a good thing), both buyers and lenders have more protection (also a good thing) your per sale income has decreased (a bad thing).

This current state of affairs doesn't mean you have to trade in your Mercedes. It means you must find another way to make your business more profitable.

Have you considered Mortgage Outsourcing? More specifically, partnering with a Mortgage Business Process Outsourcing (Mortgage BPO) firm?

How Does Mortgage BPO Save Your Money?

And time! Well, first of all, outsourcing the mortgage loan processing means you can move on to the next sale sooner. But there are plenty of other reasons:

  • You suddenly have a well-trained, full-time, dedicated team to handle the loan processing.
  • That translates into superior service for your customers.
  • You'll be able to offer lower costs as well.
  • They're entirely transparent, so you know their every move. They'll take over the entire processing, so you can concentrate on selling that next loan! Decrease the total time to close.
  • From Qualifying to Closing, they handle it all.
  • Order and initiate a quality appraisal.
  • Take care of the post-closing file.

Increase The Happiness Of Your Satisfied Customers!

You've already got a lot of happy, repeat customers who trust you and like you. They refer you to their friends. They send you holiday cards.

Now imagine how much happier they'll be when you can move their refi to closing even quicker, with less fuss and back and forth of paperwork.

Mortgage BPOs, with hundreds or thousands of customers, have access to resources out of reach for most lenders or brokers. Things like software that uses AI to extract data and fill out forms. Software that can comb through reams of paper in seconds to make the refi process completely automatic. It can query the borrowers with questions if needed, it can access essential data on its own, and maybe best of all, do it faster and more accurately than a human can.

Make The Mortgage Refinance Easy

The reasons to refi are many. Some of the most popular ones are:

  • Refinancing is a good option for many homeowners because it allows them to get a new mortgage with a lower interest rate.
  • And if they want to make some home improvements, they can take out some cash and do those.
  • Maybe they need to bolster a child's college fund, and this is probably the lowest interest rate available.
  • And since the interest rate is lower, the borrowers can also pay off the principal quicker if they increase their payment amount.
  • If the homeowner is still recovering from the chaos of the Pandemic, the extra cash may help with their financial recovery.

Refinancing usually works out for the better in the long run, and everybody walks away from a winner. Even with mortgage rates on the rise, they're still low and certainly won't be lower in the foreseeable future.

Let A Mortgage BPO Your Partner.

A mortgage BPO makes sense at so many levels. You'll save time, and money, increase customer loyalty, put systems in place to further profits, take advantage of the latest technology, and position yourself to surge ahead of your competition.

Processing refi applications is a critical element of your workflow and needs to be done accurately. So why not outsource this task to someone who knows how to do it quickly and accurately? Especially since doing so allows your motivated staff to do more creative and productive work?

  • Standardized Data Structure - Whatever state your enterprise is in, a quality Mortgage BPO will have just the tools they need to take your refi processing over the finish line.
  • Skilled And Dedicated Team - Outsourcing firms are specialists in providing the quickest, most accurate results to their clients. The teams constantly train and refine their skills to deliver the best service possible.
  • Security And Confidentially - BPOs routinely upgrade and test their threat prevention protocols to keep their clients' data safe from cyber-attacks.
  • Competitive Pricing - Because of their economy of scale and the highly competitive field of outsourcing, they can offer the best work at the best price. Period.
  • Quick Processing Time - As we've mentioned before, Mortgage Process Outsourcing can drastically reduce the time it takes to start and complete a refi. Input, processing, compilation, indexing, storage, to completion and closing.
  • Sate of the Art Technology - Don't dump money into the hardware and software needed to speed refi processing. Let your outsourcing partner do it!&
  • 24 / 7 Support - Call, Text, or Email. They'll respond! Your team is available 24 hours a day, seven days a week.

So seriously, take a hard look at using a Mortgage BPO today.

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