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Let us get to work for you.
What activities can brokers outsource? Here is a breakdown of our full range of services.
What We Do
Submit
To Lender
Prepare compliance documentation
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Complete ApplyOnline
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Prepare and manage lender application forms
Collect supporting documents by following lender checklist
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Prepare outgoing lender security discharge form
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Prepare First Home Owners Grant application form
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Order valuation
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Complete lender servicing calculator and submit application to lender
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Follow up with lender to ensure receipt of documents
Formal Approval
Track application with lender
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Update borrowers and request additional information requests from lender
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Track valuation report
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Address and satisfy conditions of approval
Send discharge form to outgoing lender upon formal approval
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Communicate milestone with borrowers, broker, solicitor, and other stakeholders
Settlement
Loan document management:
- Documents issued
- Documents correct
- Documents received by the borrower
- Documents executed
- Documents received by the lender
- Documents verified and correct
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Confirm OFI ready for settlement
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Confirm lender ready for settlement
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Liaise with all parties to confirm that PEXA stages are complete
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Ensure settlement executed
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Communicate milestone with borrowers, broker, solicitor, and other stakeholders
Put outsourcing to work in your business
Outsourcing is no longer a dirty word in the world of business. Many companies are realising the huge potential implementing the services of an outside specialist can have within their business. It’s one thing to try and do everything yourself, believing that this is the best approach to save money and ensure quality control. It’s quite another to trust in the services of an outsourcing business.
When you are faced with making the decision between doing everything yourself and outsourcing, it pays to know the pros and cons of each approach:
Do It Yourself
Some smaller brokers choose to conduct home loan processing themselves. This obviously has the advantage of being “free”. Or does it? Processing home loans, as you well know, can be a tedious, complicated, and time-sapping endeavour. When you decide to go down this route you are exchanging your valuable time for the perceived benefit of saving on costs. However, the major disadvantage is that you are losing the opportunity of leveraging your time to work on scaling your business. It is a good idea to undertake loan processing yourself when you are just starting out in the mortgage industry, to “learn the ropes” so to speak. However, this is not an ideal way to grow your company. The opportunity cost is just too high.
Employing or training someone to do the job in-house is also disadvantageous for your business growth in the long term. It might seem like a logical move to have one of your workers fulfill this important function; however, it takes a lot of time to become proficient at processing home loans and a lot of the expert processors are already working for themselves or someone else. Plus, it is a costly undertaking to employ someone, even on a part-time basis, when you factor in such things as wages, holiday and sick pay, superannuation, etc. all must be paid even when business is slow.
Outsourcing
Directing your talents and those of your current staff toward higher-value work is a better option of you want your business to grow. Once you understand yourself how loan processing works, it makes more business sense to leverage the services of a home loan processing specialist. That’s because it not only saves you time and money, but it also gives you back the opportunity to focus on developing your business.
Outsourcing works by way of your business contracting another company to provide the necessary supports and staff to handle your admin, back office work, as well as other business processing needs. Outsourcing is less expensive than doing it yourself when it comes to handling loan processing within your mortgage broking business. Another benefit is staffing. When you outsource, you gain the immediate impact of having specialist trained staff at the ready, rather than having to be involved in recruitment processes yourself.
Highly skilled Workforce​
Streamlined Processes
Faster Turnaround Times
Enhanced Customer Experience
Reduced
Overheads
Scale Depending On Business Volumes
Work with a specialist home loan processing company.
When you work with a specialist home loan processing company you avoid unnecessary back and forth such as having to call up customers to ensure they meet the minimum credit requirements. Instead, you let the experts take the reins for you in terms of following up with customers and verifying data.
Presently, the Australian mortgage industry is in dire need of reform when it comes to its paperwork requirements. As such, brokers need robust and efficient processing systems in place so that customers’ applications are handled in a timely fashion without complication. The aim is to have customers walking away satisfied with their mortgage lending experience so much so that they will refer your company to other borrowers.
Engage with Australian home loan administration professionals
That’s why it is good business practice to hire an Australian outsourcing company. One that knows the mortgage industry well and is focused on achieving the best for your business. One that already has robust and efficient systems in place, so you don’t have set these up yourself. One that empowers you to focus on doing what really matters: growing your business.
That’s why it’s better to make your mark on the mortgage industry by working with Landmark Loan Support.