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Offshore Loans Processor Qualifications and Tasks
January 8, 2019

Does an offshore Loan Processor measure up?

Written by: Mark Engelmann

When it comes to considering hiring offshore staff in the Philippines, the numbers add up and there are some clear success stories. But, you’re time-strapped and need someone capable to swiftly step in and fulfil the Loan Processor role. Can an offshore Loan Processor really achieve the same as someone local?

The short answer is, yes. Here are 4 things to consider in hiring offshore loan processors:

Qualifications and work ethic

Beepo loan processors are all university qualified, often with professional field experience and skills. Plus, they come to you highly trained. They also speak proficient English, as English is the primary language in the Philippines.

Filipino culture and work ethic places them as professional, dedicated, hard-working, service-focused employees. In fact, many businesses find that productivity can climb by as much as 20% with the addition of a Philippines-based team member.

It’s not uncommon to find that Filipino loan processors are more qualified, experienced and/or professional than many Australian loan processors.

Cloud-based technology and security

Inexpensive, secure Cloud-based technology platforms make everyday interaction and engagement with offshore teams simple. This technology makes it easy for offshore loan processors to successfully fulfil their duties in much the same way as a local Loan Processor would.

Commonly used digital tools include video conferencing, email, instant messaging, digital storage and filing, and online CRM platforms. Don’t stress if you’re not already operating in the Cloud, we can point you in the right direction to get started.

Data and privacy security is also a central concern for many brokers, especially given recent reforms to Australian privacy legislation. It’s important that you check your outsourcing provider’s security protocol and processes to ensure that you are able to securely manage information belonging to you and your clients. 

Loan processing task list

While the individual tasks form an extensive list, we’ve pinpointed and summarised some of the key tasks an offshore loan processor is able to complete in your business:

  • Apply online submissions

    Managing supporting and compliance documents, data entry, resolution of validation errors, attaching supporting documents, and approve or amend application as per broker input.
  • Loan valuation, maintenance and processing tasks

    Sending supporting documents to lender, switch request forms, check valuation status and update request spreadsheet, store and vault loan files, contact third party property information and analytics providers, mortgage CRM, and clients’ cover sheets.
  • Lender/solicitor follow ups

    Inbound/outbound lender calls, check conditional or unconditional approval, follow up on outstanding requirements, requesting turnaround times, settlement confirmation, construction project progress invoice follow up, and status of pricing requests.
  • Loan documents packaging

    Collate loan documents into PDF, edit supporting documents, fill out forms, and fill out servicing sheet as per broker instructions.
  • Pricing requests

    Interest rate discounts, best rate from various lenders, and digital document filing.
  • Post settlement

    Schedule follow up calls with clients, update loan status in mortgage broker CRM software, send settlement letters, adding and updating clients’ new address, and mark property for monitoring.
  • Software-specific tasks

    Tasks relevant to certain software, such as Prime and Dynamics.

Ready to take the plunge and recruit an offshore loan processor? Download a copy of our 33 questions to ask your mortgage broking outsourcing provider to ensure you select the right provider for your business.

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