A Virtual Loan Processor can Lead to More Customers and Higher Revenues

June 24, 2011 by  Filed under: Loans 

As a professional mortgage or loan originator, you will find a great deal of value in utilizing a virtual loan processor because of the convenience, accuracy, expediency, and economy provided by the service. Modern technology has made many tasks and processes easier, and thanks to quality providers of online loan processing, home buying has become one of those tasks.

Keep Your Prices Competitive

One way to compete with your rivals in this cut throat industry is to keep your prices low without losing money. By keeping your own costs low, you can pass that savings on to your customers. A great way to cut the costs of operations is to use this instead of hiring someone in house to process your home loans. This way, you are only paying for the work you need done and not paying a salary and benefits to someone, as well as providing workspace and equipment for them.

Responsibility and Accountability

A reputable virtual loan processor will provide top rate service, including ordering and analyzing your customers’ credit reports; entering the uniform loan application with the Loan Boarding System; ordering appraisals, titles, and payoffs; indexing documents; collecting signed documents; and collecting borrower documents. In other words, your virtual loan processor will follow each step necessary until your loan is complete and returned to you.

Moreover, this freelance professional will accept full responsibility and accountability for every step he or she takes in processing your loans. Because outsourcing services employ experienced professionals, there is little error or omission, but when an error does occur, your virtual loan processor will accept responsibility for it and correct it; the consequence of the error will ultimately fall on the outsourcing service, rather than yourself.

Expediency

If you hire a loan processor to work for you, that person can only complete the work of one person in one day. However, a virtual loan processor is really a team of freelance professionals, so if you have several loans you need back at once, the service can give the work to multiple loan processors, getting all of the work back to you, accurate and in a timely manner. This will lead to satisfied customers, more closed deals, and a higher profit margin for you, as well as repeat and referral business.

Checks and Balances

Accuracy is of the utmost importance when it comes to processing a mortgage loan. There is an added advantage to using a virutal Loan Processor because the loan is viewed and reviewed by more than one experienced professional. If you use an in house processor, that work is completed by him or her, and then reviewed by yourself. In the case of an online service, your loan is completed by one or more processors and reviewed by yet another before being returned to you as a finished product. In this way, you can utilize your virtual loan processor to help you deliver the highest quality, most expedient, and most economical product possible to your mortgage customers.

Virutal Loan Processor helps mortgage brokers and bankers cut costs. There are many Commercial Mortgage Processing Services that cater to Mortgage Brokers and Lenders nationwide with a structured process to ensure success.

Article Source:
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