How To Choose A Reliable Mortgage Outsourcing Services Company?

You have decided to outsource mortgage services to, but are unsure about finding the right service provider? What should you look for in a potential mortgage service provider? Should you go by their experience, cost, background or QA processes? Read on to find out some helpful tips while narrowing down your search for the ideal mortgage services vendor:

1. Look for experience

Before you consider a mortgage company to partner with, do ask questions about their prior experience in addressing mortgage issues. How many companies have they served? What kind of workload are they handling at present? What is the experience level of their employees? How much training is provided before the team works on a project? You may also need to find out how fluent they are mortgage terminology and mortgage processing time. Ask the vendor to provide you with a few examples of the mortgage companies they have worked with in the past and how long they have served them. Evaluating the experience level of a service provider is a good indicator of how effortlessly you will be able to transfer your mortgage processing work to the service provider.

2. Perform a background check

Conduct a background check and find out as much as you can about the mortgage service provider. Find out how long they have been in the mortgage business and if they possess a positive history of results. Verify if they can sign up with an US entity, since this will give you the ability to hold the outsourcing company accountable. Don’t only go by the testimonials or information that you see on the website, as these can be misleading. Make an effort to dig deeper and ask for reference phone numbers whom you can call. Also remember to thoroughly research their history and employment performance before you hire them. Continue reading

What Are Mortgage Title Services?

If own a mortgage company, then you will know the huge challenge that comes with transferring the title from the seller to the buyer. When handling titles, you will have to consider several things like title transfer, acquiring the mortgage policy, caring out the financial analysis or obtaining property insurance. Apart from this complicated process, which requires the effort of several employees, it also needs huge investments in terms of money and time.

This is where outsourcing comes into the picture. A mortgage service provider in India can order and examine titles, develop title insurance and make everything easier for your underwriters. Here are four mortgage title services that your mortgage company can benefit from:

1. Title insurance

Title insurance refers to covering the property, by protecting the seller and the buyer. The borrower and the lending institution require separate title insurance coverage for the property, as the lender’s insurance policy will not protect the interests of the buyer. This is why the buyer will require a separate title insurance to cover up the risks. When the lender holds title insurance, it ensures that the property has a valid lien. Your mortgage service provider in India can order the title on behalf of the lender, thereby saving you time and effort.

2. Title search and ordering

Based on the unique requirements of the lending company or the buyer, your mortgage service provider in India can search and order titles based on the city, area or county. If the title search is already executed by the company, then the service provider can order the title. Outsourcing can free you from the tiresome task of working with loan officers, coordinating with title companies, following-up and finally acquiring a detailed title report. Continue reading