4 Ways Allsec Helps With Mortgage Loan Origination
Mortgage origination costs have been on the rise in recent years. According to the Mortgage Bankers Association (MBA), the total production expense for a loan in 2020 was at $7,578 per loan. In 2021, it has risen to $8,664 per loan, an increase of almost 14%.
The rise in loan origination costs is because of increasing competition in the industry, technology expenses, compliance requirements and costly human resources Personnel expenses for sales, fulfillment and production support functions all increased, while production revenues took a hit – especially in the last few months of the year. Mortgage processing entails a slew of functions from underwriting to appraisal title checks and collections that require experts to be on the job. All of these combined have been pressurising margins.
We’ve observed that the simple solution to this has been to outsource mortgage operations. Outsourcing the mortgage origination process not only helps save costs, but also aids with streamlining services, and frees up time and resources for other important business aspects such as customer experience and growth.
The Allsec Advantage
Allsec’s digital mortgage solutions provide complete mortgage processing services that are backed by intelligent workflows, customizable solutions and cutting-edge technology. We recently celebrated a decade of exemplary service in the mortgage and title industry. Our mortgage origination and underwriting support services aim to ease the origination process for clients.
With a team of expert credit and compliance professionals who come with over a decade of experience, our loan origination ensures that your mortgage process is undeniably smooth and efficient. Our end-to-end solutions include:
- Loan setup – From client risk analysis to creating the purchase contract, Allsec takes care of all the steps involved in the loan setup process.
- Loan processing – Verification and documentation is done at record speed, reducing the time it takes to complete processing a loan.
- Underwriting support – We provide support with vetting loan applications while ensuring they are 100% compliant with US Federal and State regulations.
- Post-closing audit – We conduct thorough post-closing audits for single and bulk loans to ensure top quality and compliance adherence.
- Post-funding audit – We undertake title record confirmations, trailing, tracking, data integrity audits, etc., to deliver error-free audits.
- Compliance and due-diligence – We offer third-party support for all levels including title, escrow, attorney coordination, document upload and preparation, funding, scheduling, etc.
How Allsec Supports Its Clients
Allsec offers a unique combination of experienced people and processes that address specific pain points in the loan origination process. Our customisable solutions include creating Automated Origination Tools that streamline the process and build a workflow distribution system from origination to post-funding audit and compliance. This eliminates manual steps and enables us to handle high volumes at scale without errors.
In addition, value-added services such as simplification of the system configuration process, qualitative data capture, grouping auto-decision information for credit assessment, robust integrations, complete workflow creation for credit requests and applications, etc., can elevate your mortgage origination process.
What You Can Expect From Allsec
- Allsec has a decade of experience in the mortgage processing and title services that will help you navigate every step with ease.
- Quality control in the origination process is our hallmark. We have consistently exceeded the quality SLA of all our clients.
- Our turnaround time is the best in the industry. We helped our client for reducing the TAT for a process by 60% through RPA.
- Our expert team will eliminate non-compliance risk by providing the best due diligence and regulatory adherence in the industry.
Why Should You Trust Allsec?
In my eight years at Allsec Technologies, I have seen how the company and teams work to eliminate inefficiencies in your process and ensure a seamless experience. We know the complications to look out for so your mortgage process can be completed without a hitch.
