Advise about advantages
Documentation and customer-service
demands often have contributed to inefficient short-sale processes resulting
in delays, penalties and unnecessary
Servicers that outsource all or part
of the modification or short-sale process can create best practices that ensure order from start to finish. Brokers
can advise servicers about the following benefits:
• A standardized approach creates
a more efficient process. Cost and
time savings depend on systems
that streamline important functions.
• Digitized documents simplify management. Paper files, printed faxes
and e-mails are inefficient and prone
to being misplaced or lost.
• Integrated fax solutions route documents without user intervention.
Faxes are routed into an image repository automatically, creating a searchable database and full audit trail.
• Scalability is based on business
needs. The offerings of third-party
providers can adjust to meet business needs.
• Electronic work flow improves processes. By using work-flow routing and queues in their paperless
processing system, servicers can
enforce best practices and accountability. This ensures documents are
processed in a timely manner and
without lost paper work.
• Strict service-level agreements
ensure performance standards.
a good service-provider will have
defined service-level standards
based on customer specifications
to ensure timely processing of
• Transactional content management
provides greater visibility into the
process. Providers that automate
the processing and delivery of mis-sion-critical documents can give servicers and borrowers better visibility
into the loan-modification process.
When they can access documentation immediately, servicers can improve customer communication.
• Costs are often reduced. In many
cases, third-party providers offer
their services for less than it would
cost to conduct the same business
• Robust reporting and tracking provide insight into opportunities for
improvement. an outsourcing partner can provide reporting metrics
that help servicing organizations
understand existing strengths
and opportunities for productivity
• • •
By delivering troubled clients basic
information about HaMP and HaFa —
and by offering loan servicers insights
into the advantages of business-
process outsourcing — mortgage
brokers can build business and
strengthen their reputation. •
complete economics of a transaction.
yield-spread premiums, for example,
can give consumers benefits associ-
ated with origination and closing.
as most brokers realize, every mortgage origination involves a complicated and sophisticated process, and
consumers benefit from the relationships and work of the originator. More
use of consumer-direct payments to
loan originators could help consumers and the market, provided the Federal Reserve clarifies certain issues.
One area needing elucidation pertains to branch-office managers. It
seems logical that consumers and the
industry would be better served if a
mortgage shop’s managers also were
allowed to be licensed to close individual loans.
Some of the best community
branches have a producing manager,
someone who also writes loans. This
is an important path for business for-
mation and job growth at the com-
munity level. It seems completely off
base that the Federal Reserve should
prohibit profit-based compensation to
managers simply because they also
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