What is outsourced loan processing service?
Outsourcing loan processing services involves sending certain tasks associated with loan packaging and processing to someone who is external to your company, often overseas in locations such as the Philippines.
An outsourced loans processor is involved in all of the repetitive, admin-related tasks associated with processing a loan - from packaging to settlement and even post-settlement. This will allow your broking team to focus on more revenue generating work such as building client relationships and generating more leads.
Loans processors can complete an array of tasks, including but not limited to:
- Set-up of loan application and data entry in CRM
- Collect, verify and follow-up supporting documents
- Prepare loan serviceability calculators
- Order property valuations
- Prepare and follow up discharge forms
- Prepare compliance documents
- Finalise complete loan file and lodge with lender
- Track loan through to settlement
- Regular follow-up with valuers, lenders and mortgage solicitors with status update reports
- Notification of loan approval
- Complete settlement checklist
- Post settlement activities.