Mortgage servicing is a cost center for lenders. The process of maintaining the day-to-day operations of a home loan is tedious. Between collecting monthly payments from the borrower, paying the borrower's property taxes and insurance premiums, and handling the escrow account, if one is set up, to handling any customer service inquiries and dealing with any issues that may arise, such as a missed payment or a request for a loan modification, mortgage servicing can bog your team down.
There are several reasons why a lender or investor might choose to outsource their mortgage servicing to a third-party company. Lowering your costs associated with servicing a loan will free your team up to focus on high-value tasks that add value. Some of the potential benefits of outsourcing mortgage servicing include:
By partnering with an outsourcing provider, mortgage companies can save up to 60% on their labor costs. Companies can turn their operation into a 24/7 global team, working while competitors are resting. One of the key issues companies face is finding the right partner. When you are shopping around for the right outsourcing partner, make sure expectations are aligned and that workflows are completely understood.
Our team at Verity has years of experience working with some of the largest servicers in the U.S. Verity performs component servicing and default operations for mortgage lenders. Component servicing includes back-office servicing functions, and special servicing support services, including bankruptcy, foreclosure, loss mitigation, claims management and REO support services at a fraction of the cost, allowing you to scale up and down on demand.
Our expert team is proficient and stays current across all servicing platforms such as MSP, LSAMS, LPS, FICS and others.
Get in touch with our team to learn how much you can save with Verity.
