Mortgage service providers are an essential part of your business model. You trust and depend on them, but are you taking the time to evaluate them properly? Here are a few things to consider when looking at your current providers or searching for a new provider.
Does your vendor offer end-to-end solutions?
Picking a vendor is tricky and time-consuming. You may be tempted to select a vendor who solely provides the specific service you currently need assistance with, let’s say property preservation. Or a more regional service provider who claims they have expertise and stronger connections to boots on the ground in that geographic region.
Those could work for you; however, there are many benefits to partnering with a national service provider who offers multiple mortgage services, to support your business needs.
1. You can quickly add on new services without having to go through the hassle of onboarding a new vendor (more on that later).
2. You have an expert in the entire process. The vendor is familiar with regulations and guidelines, and how to effectively communicate with other departments (internal or third parties).
3. You can rely on this vendor to provide a seamless workflow, with better communication, quality results, and faster turnaround times. Not to mention, one less thing to manage during an already complex environment of changing guidelines.
Want to see how we can help be your SingleSource throughout the entire default process from start to finish? Check out the Advantages of a Holistic Mortgage Servicing Provider.
Is your vendor embracing technology?
There are many new types of technology and advancements being released practically every day. Between AI and automation, there are plenty of opportunities to improve processes and productivity and reduce human error. Your vendor should be continually investing in technology to create operational efficiencies and deliver results to you faster.
One thing to keep in mind, however, is that no process should 100% rely on technology. Your service provider should also be focused on supporting interaction with your staff, with their boots on the ground, and with your consumers.
1. What level of customer service do they provide to you?
2. Do they have dedicated account representatives for your team?
3. Does your contact answer the phone and quickly solve any issues that arise?
Innovation is a necessary part of growing with the industry and its demands, but it is only a tool, and cannot replace human expertise. At SingleSource, our goal is to always invest in technology to automate tasks, giving our staff more time to focus on the exceptions for our clients. That is where the real problem-solving begins and where we offer you the highest value.
Are you relying on one service provider or are you managing multiple vendors?
We get it, onboarding a new vendor is not fun. You have to vet your options for the potential providers, go through a due diligence process to audit their cyber security practices and other risk factors, deal with legal to agree upon a contract, and the list goes on.
However, you don’t want to be the company that relies on just one service provider and suddenly has to scramble when something goes wrong. No matter what part of the mortgage transaction you are managing, everyone can greatly benefit from having a champion challenger model with their service providers. You have everything to gain from competitive pricing to better service levels and dispersed risk.
1. By partnering with multiple vendors, you aren’t putting all your eggs in one basket and can diffuse your risk.
2. You also typically reap the benefits of more competitive pricing since your vendors are all providing the same service to you.
3. If you provide monthly scorecards, your vendors know where they stand and tend to work harder to outshine their competition to gain your favor and greater volume allocations.
Recently, we took a client’s scorecards one step further by adding some friendly internal competition. We provide both title and valuation services to one of our clients, and we decided to start a contest between our two internal departments to see who could outperform the other. Check out A Case Study in Friendly Competition, to read more about how this simple challenge ended up improving our service levels beyond our expectations, even months after the competition ended.
These are just a few things to consider whether you are searching for a new service provider or reviewing your current ones.
We pride ourselves in being positioned as the SingleSource for national mortgage services in the industry, by offering and coordinating services across the full process, to help you meet your needs. We can fit into any part of your loan process to give you a lift.
Reach out to us by filling out the form below if you want to learn more. Or if you want to compare how we would approach a problem vs. your current service provider, just ask, you have nothing to lose.