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Mortgage Lenders can Seamlessly Expand Mortgage Operations with an ODC Setup

By May 30, 2020 July 6th, 2020
Mortgage Lenders can Seamlessly Expand Mortgage Operations with an ODC Setup

Across businesses worldwide, outsourcing has become an integral part. Organizations prefer to outsource mainly to reduce costs, build scale, and to ensure that they can focus on their core business. While some companies prefer total outsourcing of non-strategic processes, some opt for piecemeal or partial project outsourcing. But largely, outsourcing has become an affordable option for companies to deliver services that they cannot or would not want to provide on their own.

The mortgage industry is no exception. Mortgage lenders often need to outsource several aspects of their loan processing since it is highly labor-intensive and involves a load of paperwork. Besides, the industry is faced with the constant need to stay up to date with new regulatory compliances. They are further challenged with high costs in the origination, changing technology landscape, and declining margins.

However, when companies engage with external agencies, the facility may not necessarily be dedicated only to their work. This means that the company may not have control over how those tasks are performed and monitored. This is where a dedicated Offshore Delivery Center (ODC) creates value for the lenders. While the ODC model is commonly used by IT companies to outsource the design, development, and testing of their products, it can work very effectively for mortgage lenders as well.

An ODC is highly beneficial for mortgage companies because such setups are more like an extended, integrated, and dedicated offshore team supporting your company’s operations. It is almost like a branch or a subsidiary of your company existing remotely.

A dedicated ODC setup for a particular mortgage company is specifically designed so that you can leverage the benefits of having a skilled and proficient team of professionals at your disposal without sharing it with any other client, most likely your competitors. An Offshore Delivery Center helps mortgage companies achieve optimum business performance, improved productivity, and superior customer engagement. The facility, along with teams, infrastructure, and processes, is built taking into consideration your unique business requirements. The objective is clearly to deliver robust and cost-effective solutions that best meet the desired business objectives. It enables mortgage lenders to better concentrate on their core competencies while the ODC seamlessly supports them with non-strategic operations.

Benefits of an Offshore Delivery Center for mortgage companies

  1. Customized Infrastructure: The center can replicate the infrastructure you need to deliver seamless support. Since the facility is exclusively built for you, you can demand the infrastructure you need for your operations and have it built to your standards. Once built, the facility can be a true extension of your onshore facilities.
  2. Dedicated Core Team: An ODC has a team dedicated exclusively to you. You have qualified professionals who understand your requirements, your standards, and your expectations. Communication is a lot easier, and it becomes much easier to match expectations on an ongoing basis. With the right effort, the teams can be trained on the policies and culture of your company as well.
  3. Transparency & Governance: The ODC setup ensures that the management of budget, scope, schedule, communication, and other resources are managed as per clients’ expectations. Clients have complete control and transparency over operations and all the required protocols are followed.
  4. Adherence to Security Protocols: An ODC has infrastructure and security practices that are defined in accordance with the specifications shared by the client. A variety of physical and digital security practices are implemented to ensure complete security and peace of mind.
  5. Reduced Cost; Higher ROI: Mortgage lenders can significantly reduce direct and indirect costs, as they do not have to incur expenses on infrastructure development, hiring employees, or other costs involved in setting up a dedicated center.
  6. Access to Expertise: With ODC, mortgage lenders get access to a global pool of resources with the right skills and domain knowledge, thereby allowing them to scale operations, on-demand, and consistently produce quality output.

Summary:

With ODC’s, mortgage lenders can seamlessly expand mortgage operations while enjoying several benefits of an Offshore Delivery Center for mortgage companies in terms of cost, availability, speed, and improved quality. Visionet has set up and managed ODCs successfully for some of the top mortgage lenders in the US. To discuss further, get in touch with us at mortgage@visionet.com

Visionet Marketing Team

Visionet Marketing Team

Visionet is a leading digital technology solutions provider for the BFSI and Residential Mortgage industry. We are passionate to deliver exceptional business outcomes to our clients leveraging deep industry expertise and proprietary mortgage technology products. We post our views on mortgage technology and industry updates through this blog.