Outsource Loan Processors

What is a loan processor?

A dedicated loan processor is responsible for processing loan applications and preparing them for loan underwriters. They are required to gather all necessary documentation required for a loan application and to organise the application for submission so that when a loan underwriter goes to decide if an applicant meets the requirements to approve a loan, all the information is easily accessible to make that decision. The difference between a loans officer and loan processor is the first can negotiate or offer mortgage rates and loan terms while the latter cannot.

Loan processor duties and tasks can include:

Reviewing loan submissions and ensuring all required documentation is received from loan or mortgage applicants
Organising loan documentation for submission
Liaising with key stakeholders/brokers to ensure all processing requirements are satisfied
Communicating with loan applicants to receive all documentation and assess financial eligibility and feasibility of granting loan applications.

These loan processing tasks are particularly well-suited to being outsourced as they are repetitive and rules-based, requiring a high level of attention to detail. By sending these transactional finance tasks out to an outsourced loan processor, organisations can free up their local team’s time to focus on performing value-added, revenue generating work.

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Loan processors go back and forth between internal and external stakeholders throughout the loan application process. From liaising with brokers and loans officers to communicating with mortgage applicants to investigate missing documents, communication and customer service skills are a big part of their role. As they constantly review loan documents and applicant records, a strong attention to detail is required to ensure nothing is missing before an application is submitted.

Outsourcing providers recruit loan processors the same way an internal, talent acquisition team would. Essentially, they ask the same questions to understand whether these offshore candidates would be able to provide the level of quality required by Australian organisations:

What experience and knowledge do you have interpreting and collating applicant documentation and records?
What are your problem-solving, decision-making and judgement skills like?
How do you ensure excellent communication and customer service when dealing with loan applicants?
What active listening techniques do you use to ensure you collect all relevant information pertaining to a loan, both from applicants and as directed by a broker?
Provide an example of how you showcased a high level of accuracy and attention to detail.
What loan processing systems are you familiar with?

In terms of qualifications, previous customer service experience is desirable. Loan processors continuously deal with clients, day in and day out. They often deal with applicants in examples where their documentation is invalid or loan approvals are taking longer than originally anticipated. Having experience in conflict resolution and a history in administrative roles would make for the ideal loan processor to combat these issues.

Outsourcing companies can help you find the right candidate to meet your organisation’s loan requirements:

Whether you are looking to train a dedicated loan processor from the ground up and teach them your business's way of processing loans, or
Whether you are seeking expertise and loan processors with certifications and higher education.

Reduced costs

Save up to 70% on employment costs.

Expert support

A reputable outsourced provider can help ensure your outsourced journey is optimised for success.

Improve staff satisfaction

Increase employee satisfaction and decrease staff attrition rates.

Business growth

Foster sustainable business longevity by reinvesting into the growth of your business.

Flexibility and availability

Help your business become more agile and flexible by opening up 24/7 availability.

Access a global talent pool

Give your business the ability to tap into a global talent pool to source candidates from anywhere in the world.

What are the costs associated with hiring an offshore loan processor?

Outsourcing your loan processing to the Philippines can represent significant cost savings of up to 70%. At Beepo, we offer a simple monthly fee to help you reduce your overheads and focus on growing your business. This monthly fee covers everything: including infrastructure, security, recruitment and training, management and staff benefits.

For more detailed information on costs, please arrange a business consultation so we can tailor a solution to your business needs.

How does hiring an outsourced loan processor work?

This first step is to find out if your business is offshore ready. If the answer is yes, here are the next steps:

Create a job description: to help us hire the right candidate for your role. We can also assist in this process to ensure we are finding the best talent in the current local market.
Source the right candidate: we source candidates across our database and the local market before presenting you with a shortlist of the most suitable candidates available.
Screen and interview: you screen, interview and select the candidate(s) you’d like to hire while we take care of the infrastructure set up to get them ready to work for your business. It’s usually around six to eight weeks to get your offshore staff up and running.
Onboard and train: your business, along with the operational assistance of our offshore management team, organise new staff onboarding and training, including the use of your systems, any relevant processes and workflows they may need and an overview of your company values and culture. This will help your new team member fit seamlessly into your organisation and assist in effective change management with your existing onshore team members.