Category Archives: Mortgage Blogs

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mortgage bankers association mba annual conference 2016

5 Important Takeaways from mortgage bankers association MBA annual conference 2016

Mortgage Bankers Association MBA Annual Conference 2016, held in Boston during Oct 23-26th, was a one-of-its-kind event that brought together mortgage lenders, insurance companies and investors on one platform to share insights on the contemporary global mortgage industry happenings.

As mortgage processing services begin to show unprecedented changes in the passing year, industry experts gather for an engaging discussion on the potential opportunities and risks for mortgage industry in the years to come.

Let’s look at the 5 most important takeaways from this event:

1) Fine tuning of Legal Compliances for Mortgage Processing
Loan origination and auditing requires a thorough understanding of the guidelines laid down by regulatory authorities. Mortgage Bankers Association Annual Conference 2016 saw many legislative experts sharing their views on the do’s and don’ts of mortgage processing services. The next major rule enforcement and preparing for future regulations were an important part of the 3-day discussion.

2) Role of Loan Offices
Technology has changed the way loans were being processed. This means, the mortgage evangelists need to up their tech skills in order to be fully accessible for their customers. Modern-day borrowers demand flexible consultation timings, quick redressal of queries and more. Loan officers need to be present across all digital platforms including mobile in order to have a better connect with their customers.

3) Decoding FinTech for Mortgage Processing
Technological innovations in the financial sector have significantly transformed the mortgage processing industry in 21st century. The MBA meet had experts from all over the globe to discuss on these emerging trends including, mobile transactions, e-wallet, money management tools, etc. and their impact on modern mortgage industry.

4) Understanding and Implementing Data Security
Contemporary consumers are very specific about how and where their assets go. This includes their personal data. The event discussed how security management is essential for mortgage lenders in order to improve their customer base and market position. With scalable and cost-effective cyber solutions, mortgage processing can be secured and quick at the same time.

5) Future Trends & Opportunities
Mortgage Bankers Association is a global congregation of leading entrepreneurs and knowledgeable specials. The event discussed in detail all the upcoming possibilities in mortgage processing services as well as the risks involved and how to tackle them. This included changing consumer demands, technical innovations, outsourcing needs, networking and such other areas of interests.

Mortgage processing services are one of the most discussed topics in the global market. This industry is in its greatest transitional phase to accommodate the changing needs of its modern consumers. The event was also attended by BPM expert Suma Soft Pvt. Ltd., a pioneer in providing mortgage processing services to leading industries for over 16 years. The company qualifies as one of the most trusted IT partners for loan origination, underwriting and closing processes. To know more about the comprehensive mortgage processing services offered by Suma Soft, please click here

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Mortgage Processing Services

5 Biggest Challenges in Mortgage Processing Services and How to Solve them!

Being a modern-day lender comes with numerous responsibilities that test tricky decision-making abilities, out-of-the-box ideation capabilities and exceptional managerial skills. Loan and mortgage processing services include handling of enormous amount of data day in and day out. This is precisely why, people around the globe are looking to simplify the processes and improve efficiency in every way possible.

Most of the mortgage providers agree that loan application process, underwriting and post-closing audits require a skilled taskforce. But, many leaders also say that manual expertise must be aided with cutting-edge technology if the businesses are eying profits in the long run. World over, mortgage providers are facing a set of similar challenges in this industry.

Here are the 5 biggest challenges in mortgage processing services:

1) Bringing down the TAT
However, complex the loan application procedure may be, the end user is always expecting loser to closure at the earliest. This means, apart from the precision that has to go into the whole process, speed is also an important attribute that will differentiate you from your competitor.

2) Pre-underwriting Efficiency
Most of the lenders struggle with expertise in this area. Stacking and indexing loan documents, preparing and sending initial mortgage disclosures and such other functions require a standardized process orientation so that all preparations are done before the underwriting task can be taken up.

3) Workforce Flexibility
Not all seasons are consistent in the mortgage business. Some quarters require more manpower than others, viz. festive seasons. At the same time, keeping a large team all year round can prove expensive for the employers. Therefore, lenders need to come up with a cost-effective and at the same time scalable team set-up.

4) Regulatory Compliance
With a dynamic economic scenario around, mortgage companies need to be aware of as well as in sync with the constantly evolving regulations. Tax information, legal approvals and such other requirements have to be handled with utmost care to avoid any major blunders in the process.

5) Global Outreach
To expand their businesses, lenders are looking at creating a customer-base on foreign lands as well. While this can be termed as one of the trickiest business decisions, expansion can also help your company grow by leaps and bounds. Here, companies need to have a trusted outsourcing partner that can help them scale their operations.

To tackle the above challenges, mortgage processing services need to be handled by a technically-skilled and experienced team. Suma Soft specializes in mortgage processing services for companies in USA. Having catered leading lenders for over 16+ years, Suma Soft expertise in reducing cost and TAT by 4X, improving business productivity by 200% and offering a scalable mortgage processing services team of 350+. For more details, click here>>

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Underwriting Outsourcing

Suma Soft predicts 3 Underwriting Outsourcing trends for 2017…

For over 16 years Suma Soft has been the most preferred mortgage underwriting outsourcing services partner. With an underwriting team of 850+ underwriters, industry-specific knowledge and practical experience of more than 16 years, Suma
Soft’s team offers end-to-end mortgage processing, underwriting, closing, and risk management.

We understand exactly why CEOs outsource their tedious in-house underwriting processes. We have helped many CEOs attain minimal TAT with maximum revenue benefits across various stages of the mortgage loan process.

We predict the below 3 trends for Underwriting outsourcing in 2017, that will definitely add value and deliver better performance by 200%

1. Security is Key –
Mortgage industry requires high data security as this involves handling confidential documents. The slightest breach of security can cause any business to shut down. So the decision of outsourcing your in-house mortgage loan processing is extremely critical/
Look for a provider with basic PCI DSS compliance along with ISO Certifications for strict Quality Checks

2. Cost of Operations reduced by 4X –
Setup cost is very high in the mortgage industry as they have to keep a track of documents and regular follow-ups are necessary. Off-shore mortgage bpo companies utilize workforce management tools to help reduce cost by 4X with relative industry experience. This also gives mortgage companies competitive advantage over their competitors.

3. 24×7 Support!
Off-shore mortgage loan underwriting companies should provide all forms of communication for enhanced customer satisfaction with 24×7 support.
Your outsourcing partner should also assist in the entire mortgage process from collection of documents, to organization and evaluation before it has to be finally submitted for underwriting processes.

The Suma Soft advantage…

  • We use a workforce CRM tool that helps reduce TAT for any mortgage application
  • Help streamline loan underwriting process with minimum operational costs
  • Improved customer satisfaction with 24X7 support
  • Industry-specific expertise for more than 16 years, to deliver better cost benefits that give mortgage company a competitive edge
  • SO 9001:2008 certification company for Quality Management certificate & PCI DSS Compliant

Our capabilities help clients scale-up their operations by deploying flexible offshore resources to meet day-to-day processing needs and automating systems at reduced TAT.
To find out about our Mortgage underwriting outsourcing services, click here>>

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Mortgage underwriting services

How to reduce mortgage underwriting services cost by 200%?

CEO’s Outsource their Mortgage underwriting services as this helps save technology cost and hassle of documentation. A reliable Mortgage BPO partner helps enhance SLA’s without any trouble.

Here are 3 ways to reduce mortgage underwriting services cost by 200%

1. Security is Key –
Mortgage industry requires high data security as this involves handling confidential documents. The slightest breach of security can cause any business to shut down. So the decision of outsourcing your in-house mortgage loan processing is extremely critical/
Look for a provider with basic PCI DSS compliance along with ISO Certifications for strict Quality Checks

2. Cost of Operations reduced by 4X –
Setup cost is very high in the mortgage industry as they have to keep a track of documents and regular follow-ups are necessary. Off-shore mortgage bpo companies utilize workforce management tools to help reduce cost by 4X with relative industry experience. This also gives mortgage companies competitive advantage over their competitors.

3. 24×7 Support!
Off-shore mortgage loan underwriting companies should provide all forms of communication for enhanced customer satisfaction with 24×7 support.
Your outsourcing partner should also assist in the entire mortgage process from collection of documents, to organization and evaluation before it has to be finally submitted for underwriting processes.

The Suma Soft advantage…

  • We use a workforce CRM tool that helps reduce TAT for any mortgage application
  • Help streamline loan underwriting process with minimum operational costs
  • Improved customer satisfaction with 24X7 support
  • Industry-specific expertise for more than 16 years, to deliver better cost benefits that give mortgage company a competitive edge
  • ISO 9001:2008 certification company for Quality Management certificate & PCI DSS Compliant

For over 16 years Suma Soft has been the most preferred mortgage underwriting services partner. We ensure comprehensive underwriting analysis, superior processes and quality checks.
To find out more about Suma Soft’s outsource mortgage underwriting services, Click Here>>>

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Mortgage-BPO-Services---sumasoft

7 step Guide to knowing which Mortgage BPO Services provider is The Best?

The Best and most reliable Mortgage BPO Services provider helps create sustainable business impact for clients through the innovative use of processes, people, platforms and partnerships. Do you have one already?

With 16+yrs of experience as the most preferred Mortgage BPO Company, we understand that mortgage lenders & brokers want comprehensive mortgage services that are designed to deal effectively with heightened demands to reduced costs and improve efficiency.

What is the quick 7 step Guide to knowing which Mortgage BPO Services provider is The Best?
The one that provides all the below 7 services with round-the-clock support.

1. Stacking & Indexing – Split of documents and classification of documents as per document types
2. Loan Boarding – Entering initial information from 1003, Income, Credit, Title & all disclosures available
3. Pre-QC – Verifying the data entered in Calyx or Encompass360 & informing the Loan officer on missing documents & findings
4. Third Party Documents ordering & Reviewing – Title, Appraisal, HOI, FHA case etc.
5. Initial Submission to Underwriter – Clear Underwriting Conditions to take the loan to clear to close and uploading the loan package
6. Post-Closing Package – Creating post-closing package as per state regulatory guidelines
7. Workforce Management Tool – Outsourcing Mortgage companies that utilize Workforce Management tools and have some relative industry experience that keeps your company competitive edge

We provide customized client-specific mortgage loan fulfillment solutions that reduce costs, provide additional capacity as a fully compliant loan fulfillment partner.
We can provide complete end-to-end mortgage loan fulfillment solutions or component-based Mortgage BPO solutions.

To Know more about Suma Soft’s Mortgage BPO Services, Click Here>>>

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Mortgage Closing Services

Top 3 Worries of a CEO dealing with mortgage closing services? Are you ready to Outsource your problems?

Most mortgage companies outsource their mortgage closing services as having mortgage services in-house can increase cost up to 50%. Mortgage closing is multi-level process which include mortgage closing, including ordering title, preparing closing statements, coordinating with agents, reviewing final terms, settlement etc. handling all these in-house becomes quite a hassle for mortgage companies in USA.

Top 3 worries for a CEO dealing with mortgage closing services

1. Cost: In-house mortgage processing team eats up all your revenues
2. Time: Without a 24×7 team coverage, you lose out valuable customers
3. Competitive Edge: Without the latest workforce management tools, BI reporting & BPM Processes your competition has already taken over your market share!

So here are 3 benchmarked solutions or time-tested Mortgage Processing Techniques that can definitely help any CEO save enough costs to be able to multiply business profits!

So what are the things to look for when you decide to outsource your mortgage closing services to?
1. Choose an Efficient team
Ensure the Mortgage Closing Services BPO Provider has a highly-qualified team who have success stories and case studies for all mortgage processing requirements from initial setup to post-closing with relevant industry experience.

2. Workforce management tools
Does the Mortgage BPO Provider use a workforce management tool? This further helps to save costs. Most Mortgage BPO providers are unable to provide round-the-clock suppor.t. We advise you to look for a company that is able to provide this without any extra cost.

3. Credibility & Certification
Choose a Mortgage BPO partner that is Compliant with ISO 9001:2008 Quality Management System and has a ISO 27001:2013 certification for security systems that ensure complete security, privacy and confidentiality of your customer data.

Did you know, Suma Soft can help you achieve all the above and more? Outsource your mortgage closing services to Suma Soft and reduce TAT for loans and save up to 50% operation cost.

To know more about Suma Soft’s Mortgage Closing BPO Services, Click here>>>

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Mortgage underwriting

Looking to Outsource your Mortgage underwriting services? Here are some benefits which you may not be aware of!

When CEO’s Outsource their Mortgage underwriting services it helps them increase accuracy and reduce operational overheads. Suma Soft has worked with Mortgage clients across the globe helping them with their mortgage underwriting needs and enhancing SLA’s without hassle.

Here’s why you should outsource mortgage underwriting services…

  • Do you use a workforce CRM tool that reduce TAT for any mortgage application?
  • Able to streamline loan underwriting operations to minimize operational costs?
  • Improved customer satisfaction with 24X7 support
  • Industry-specific expertise for more than 15 years, to deliver better cost benefits that give your company a competitive edge?

If you are looking to achieve any of the above 4 objectives, Suma Soft is the right Mortgage BPM Services provider for you.

For over 16 years Suma Soft has been the most preferred mortgage underwriting service partner. We ensure sound underwriting scrutiny, superior process quality giving you an edge over others through quick loan approvals and better credit decisions.
To find out more about Suma Soft’s outsource mortgage underwriting services , Click here>>>>

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mortgage

Want better ROI? Then outsource your mortgage loan processing services to a BPM Expert

We understand as CEO of a US based Mortgage Lending firm , you constantly dabble herculean tasks of keeping the operational costs low and yet trying to stay competitive.
For companies just like yourself, Suma Soft has helped not only simplify their day-to-day mortgage processes but also reduced the overall cost of operations
by 4X.

Suma Soft has been offering expert mortgage BPM solutions to mortgage professionals, bankers, brokers and lenders across the globe for over 16 years.
Our mortgage services are streamlined, process-oriented, and focused on internationally accepted standards, and help our clients get best return on their investments.

So how do you get a better ROI, when you outsource your mortgage loan processing Services to Suma Soft ?

1. Security is Primary –
Mortgage industry infrastructure is very high maintenance as a lot of confidential documents with personal details have to be maintained hence even a slight breach of security can lead to business being shut down. This headache once transferred to a reliable outsourcing company is the best solution for Mortgage companies in USA. So look for a provider that has basic PCI compliance along with some ISO Certifications for Quality Checks

2. Reduce Overall Cost of Operations-
The cost of resource and set up in the mortgage industry is extremely high. A lot of documentation, follow-ups have to be kept a track of. It is very difficult to keep these core costs under control when you have an in-house processing team. Mortgage process outsourcing to dependable companies is extremely cost effective because it’s done off-shore and they utilize modern WorkForce Management tool and have a some relative industry experience that keeps your company above the competition.

3. Round the clock support –
Your outsourcing mortgage loan processing services partner should support all forms of the communication process for better customer satisfaction such as Web track, Calls, Email & Chat to give a complete online support. It should also include the entire process from collection, organization and evaluation of required documents before it goes for underwriting.

Suma Soft Pvt. Ltd. has been a leading ISO 9001:2008 Quality Management certified & PCI Compliant BPM and ITES solutions provider for over 16 years.
With our current gamut of Mortgage Lending clients, we have pick-up some industry best practices and benchmarks that can definitely apply to your current Business Processes help reduce cost and gain better ROI.

Looking to outsource your mortgage loan processing service, for more information Click here>>

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