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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:
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:
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:
Organisations are able to appreciate the added benefits that come from offshoring loan processing duties to the Philippines, including:
Increased employee satisfaction
Give your local team peace of mind by relieving them of any unnecessary tasks and sharing the workload with an offshore team or team member. This will help increase employee satisfaction within your business. With your loan processing team able to focus on what they were hired to do, you can expect to see a positive change in your working atmosphere.
Hiring local staff can prove very costly to an organisation. Hiring an offshore team member that can assist your local team with routine loan processing tasks for a fraction of the price will help you control costs in your organisation, saving up to 70% when compared to hiring locally.
Hiring full time offshore loan processing can help increase profits and supercharge your business growth. By adding extra capability through an offshore team, your local employees will have additional capacity to take on more work and grow your business sustainably.
Sending daily, time consuming, repeatable loan processing tasks offshore will allow your local team to take on more work. By sharing the workload between your onshore and offshore team, you will notice a drastic increase in efficiency and productivity within your organisation.
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.
Beepo is an Australian-based outsourcing company that offers businesses a distinct competitive edge with offshore staffing solutions. We take the time to understand the hardships our clients face when it comes to recruiting hard working, dedicated staff. The Philippines is renowned for its finance talent and claims skills, and we are adept at finding and recruiting the best of the best.
Additional finance roles and services your business can outsource to the Philippines
So, you've decided to send your outsource loan processing tasks to the Philippines to take advantage of the benefits of outsourcing. Why not consider embracing offshoring solutions for your other finance services as well? Take a look at the below list of roles and services that are well-suited to offshoring: