It’s Time for Lenders to Consolidate Their Operations

It’s Time for Lenders to Consolidate Their Operations

Lenders often need to coordinate with multiple third parties and it can often be a pain. We hear several lenders complaining about it often. It is impossible to possess in-house resources to complete everything we need in terms of loan processing. That’s where it is best to seek support from multiple service providers.

The mortgage processing domain has evolved significantly over the past 2-3 years and it is common for most lenders to have multiple service providers helping them with their loan processing. Most service providers in the space as well have matured and have added services and technologies that fit their lender clients’ needs. Many have also tried to automate processes and invest in technologies that would be necessary for their clients in the future.

In the mortgage industry, working with multiple service providers means a lot of investment. Investment of money, time, and resources; and yet some things might still fall through the cracks. Consolidating your business with a few proven service providers can mean cost savings, and it is also effortless to pinpoint a business problem if you have one. You can work with your vendors to analyze the situation, derive a solution, and implement it fast. Whereas it’s challenging to achieve the same when you are working with multiple vendor partners.

Nowadays, more than the skill set, the primary issue is with the diversity of business cultures that companies have. Every service provider you work with will have a business culture when it comes to communication, hierarchy, authority, and especially the way they deal with a problem situation. When you settle down with fewer vendors, it’s easier to deal with a lesser number of people with their set culture instead of navigating through many. Generally, when you are a long-lasting customer to a service provider, they always go the extra mile to develop capabilities and increase their capacities when the need arises. It’s an unsaid expectation that they fulfill for you in view of the relationship you share.

The mortgage industry has very few such service providers who are providing three-dimensional solutions to businesses. Every lender requires business process management services to cater to their loan processing and servicing needs. They also require cutting edge ever-changing technology solutions to automate their processes, deliver faster and more accurately. Many lenders we know have signed up with separate vendors for all of these solutions, and it is only making their work difficult.

Business strategies defined in board rooms often don’t reach all the vendors, and one system doesn’t talk to another. Set-up time and go-live time are high, and all of this is making them lose the market share they could gain. Integration is difficult as the technologies used don’t possess the capability to extend and work with each other. Moreover, as much as they are trying to reduce manual intervention, it is instead increasing processes and leading to redundant communications.

PrivoCorp is different in this case; we have always focused on our customers first. And that has helped us offer a comprehensive suite of solutions to mortgage lenders. PrivoCorp offers support services in loan processing, coupled with several technology solutions, which work hand in hand to deliver significant value.

To know more about PrivoCorp’ solutions in mortgage processing, reach us at tricia@privocorp.com