Revolutionize Your Mortgage Broker Business with Loan Processing Outsourcing in Australia

In the competitive world of mortgage brokering, consider the advantages of outsourcing loan processing and mortgage services. Discover how mortgage process outsourcing can streamline your operations and drive business growth.

Introduction

As a mortgage broker, your primary focus should be on building relationships with clients and delivering home loan solutions. However, various administrative tasks can divert your attention from these essential activities. Consider the benefits of loan processing outsourcing in Australia, which can help you maintain a steady pipeline of clients and avoid substantial upfront and ongoing investments.

Understanding the Distinction: Loan Processor Outsourcing vs. Mortgage Process Outsourcing

It’s essential to clarify the distinction between loan processor outsourcing and mortgage process outsourcing before diving into the benefits of these services.

Loan Processor Outsourcing

Loan processor outsourcing involves contracting with another company to provide support for collecting client documents, organising property valuations, and preparing mortgage applications. This approach offers several advantages over in-house processing, such as cost savings and efficiency.

Mortgage Process Outsourcing

Mortgage process outsourcing encompasses a broader range of services. It includes loan processing and other crucial aspects of the mortgage brokering business. This comprehensive outsourcing solution can significantly benefit your operations.

Onshore vs. Offshore Mortgage Processing Support

While offshoring may seem cost-effective initially, the detailed considerations reveal a different picture. Operating in countries like Nepal, the Philippines, Vietnam, and China may appear to lower costs significantly. However, it requires a strong commitment to training and maintaining high standards. Costs can escalate to the point where hiring Australian staff would have been a more prudent choice. The advantage of outsourcing loan processing in Australia is that the service provider has already established efficient systems, saving you time and resources.

Why You Need Loan Processing Outsourcing

Mortgage brokering involves many non-productive activities, such as paperwork, waiting on hold with banks, and resolving issues with various parties involved. With loan processing outsourcing in Australia, you can:

1. Increase Sales: By reducing time spent on administration and data entry, you can focus on client interactions and closing deals.
2. Expand Capabilities: Utilize existing training and coaching systems to onboard new staff who meet the specific requirements of the mortgage industry. This allows you to grow your loan book effectively.
3. Low Risk: Business process outsourcing (BPO) providers specialise in developing systems, training programs, and hiring suitable candidates for the job, minimising risk.

Benefits of Mortgage Process Outsourcing

Outsourcing offers numerous benefits for your mortgage broker business:

1. Cost-Effectiveness: Lower setup, operational, infrastructure, and technology costs.
2. Short-Term Project Flexibility: Outsource staff can provide additional support for short-term projects, enhancing flexibility in your operations.
3. Increased Efficiency: Specialized offshore staff can handle different aspects of loan processing, increasing efficiency and delivering top-quality service to your clients.
4. Skilled Expertise: Outsourcing companies are managed by industry specialists. By associating with the right company, you get access to the processes and expertise that will add tremendous value to your business.

How Mortgage Process Outsourcing Works

Mortgage process outsourcing complements your existing home loan approval process. It doesn’t alter the initial assessment and document collection process, but it shines in the following areas:

• Document Collection: A support team member manages the collection of missing client documents, arranges property valuations, and prepares mortgage applications for submission.
• Quality Check: You review the application before submission.
• Ongoing Communication: After submission, outsourcing takes care of all customer communication, saving you valuable time.

This streamlined approach saves the time saved in securing approvals and acquiring new clients.

Tasks Handled by Outsourced Broker Support

Outsourced broker support can efficiently handle various tasks for you, including:

• Collecting documents for application lodgment
• Ordering upfront property valuations
• Assisting clients with First Home Owner Grant (FHOG) applications
• Pricing negotiations with banks
• Lender and borrower follow-ups
• Processing applications in ApplyOnline with document uploads
• Providing phone support after Australian Eastern Standard (AES) hours
• Post-settlement services, including loan book management, lead generation, construction loans management, and more

Cost Considerations

The expense associated with outsourcing varies based on the chosen destination country and the specific skill set required. For instance, if the annual cost of hiring a support team member in Australia amounts to approximately AUD 70,000, becoming a member with hai money can offer substantial savings, eliminating the need for outsourcing.

Doing so can redirect your attention to your core strengths, which involve cultivating client relationships and delivering tailored home loan solutions. Reach out to Hai Money to discover how our services can significantly enhance your mortgage brokering business.