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A Rely Services Mortgage BPO Services team has the latest tech and IT practices available. That means constant hardware and software upgrades, migration to the latest servers, world-wide access, cloud services, continuing maintenance, and full support for your in-house staff. And while the service is outsourced, we have 24/7 Customer Support, all the information is available to you anytime day or night.

#mortgage bpo services #mortgage bpo #mortgage outsourcing services

In mortgage loan processing services, Rely Services leads all third party mortgage processing companies by offering certified contract mortgage loan processors.

#mortgage processor #contract mortgage processor #contract mortgage processing

A Rely Services Mortgage Outsourcing team has the latest tech and IT practices available. That means constant hardware and software upgrades, migration to the latest servers, world-wide access, cloud services, continuing maintenance, and full support for your in-house staff. And while the service is outsourced, we have 24/7 Customer Support, all the information is available to you anytime day or night.

#mortgage outsourcing #mortgage process outsourcing #mortgage bpo #mortgage services

In mortgage loan processing services, Rely Services leads all third party mortgage processing companies by offering certified contract mortgage loan processors.

#contract loan processor #contract loan processing #contract mortgage processor

Advantages Of Mortgage Document Indexing And Data Extraction

Benefits Of Mortgage Document Indexing/Data Extraction? There's always pressure. Can you feel it? Time slipping away. The clock is ticking. How can you speed up the Mortgage Loan Process? How can Mortgage Lenders get things done faster? Can someone put more hours into the day?

We probably will never get more hours in the day. But there are several things we can do to make it seem like there are.

Start with making the mortgage loan process more manageable by making the multitude of forms easier to access. Start with automating a great deal of the process to increase accuracy and cut down on the time it takes to complete the entire process. Start with intelligent Data Extraction and Document Indexing. Use AI to complete the forms and information.

Start by going all digital with Mortgage Indexing services designed to eliminate paper file storage space and improve workflows. Consider Outsourcing the Mortgage Document Indexing and Data Extraction Process.

Next-Gen Tech And The Mortgage Process

Let an outsourcing partner leverage vast experience in the mortgage industry, then add the latest tech systems to provide lenders with a one-stop solution for all document indexing and extraction. These services are able to digitize, store and track loan-related files from origination to loan closing. This will enable you and your staff to focus on core business functions by taking the time-consuming loan processing tasks off your schedule.

Like an army "travels on its belly," meaning you need to feed your troops, the mortgage lending business used to "feed on paper." No one knows what the daily consumption of paper was in the past, but it's bound to be significant. Probably only second to the federal government! And the storage challenge was insane. From application to approval, the document count alone could run to hundreds of pages, with copies for all the parties involved! Firms had to either expand their offices or rent off-site storage (and we all know what a pain that was).

So, the migration to all-digital was a giant leap for the industry. But also a significant challenge. Sure, everything is easily stored, but can you find it? This hurdle was overcome with indexing. A table of contents for each transaction, so searching and finding what you need to complete the processing of a loan is quick and easy. And in the middle of the process, missing information or documents is quickly flagged and remedied.

Document Naming - Universal standards for naming documents is a significant step toward standardized document indexing. With such standards in place, the common terms are set for such things as customer name, property information, credit check status, loan approval status, and servicing status. Hence, customer data is quickly identifiable, so the process of document classification, categorization, and maintenance becomes seamless.

Document Indexing - Universal standards for naming documents is the first step toward standardized document indexing. With such standards in place, the common terms are set for such things as customer name, property information, credit check status, loan approval status, and servicing status. Hence, customer data is quickly identifiable, so the process of document classification, categorization, and maintenance becomes seamless.

If you're a lender or broker looking for an outsourcing partner to streamline your Mortgage BPO, you want someone with the above workflow in place. There's no need to reinvent the wheel; these capabilities are well-known and universally used.

Benefits Of Mortgage Document Indexing And Data Extraction. Use Your Time Wisely.

Document Indexing brings benefits for lenders that want to increase speed and cut costs.

Collaboration - easy sharing of information because it doesn't involve paper at any stage of the process.

Time - No paper means no file systems to hold the form, so searching is fast and accurate.

Audit - Auditing of accounts can be done quickly and accurately.Security - two-level security means no unauthorized access. Digital backups guarantee the safety of information.

Eco-friendly - No paper and no paper waste is kinder to the environment and the budget.

Did Someone Mention "Outsourcing"?

The mortgage lending process is a complicated and sometimes challenging workflow. Using specialists that do only processing can be a nightmare for a smaller lender who splits his time between selling and processing. The smart money these days has moved to Mortgage Process Outsourcing. You are hiring someone else to do that part of the transaction. If you find the right partner, it can be a rewarding experience. Productivity can go through the roof with a highly trained, professional team. Not only are you freeing up your valuable time, but your processing speed will increase as well.

It's a simple equation: more time + speed = more money! A few extra loans processed each month can mean tens of thousands of dollars in your pocket each year.

Check out the Mortgage BPO landscape today. No matter your enterprise's size, we think it might be a good fit.

#mortgage document indexing benefits #benefits of data extraction #advantages of mortgage document indexing #advantages of mortgage indexing

Advantages Of Mortgage Document Indexing And Data Extraction

Benefits Of Mortgage Document Indexing/Data Extraction? There's always pressure. Can you feel it? Time slipping away. The clock is ticking. How can you speed up the Mortgage Loan Process? How can Mortgage Lenders get things done faster? Can someone put more hours into the day?

We probably will never get more hours in the day. But there are several things we can do to make it seem like there are.

Start with making the mortgage loan process more manageable by making the multitude of forms easier to access. Start with automating a great deal of the process to increase accuracy and cut down on the time it takes to complete the entire process. Start with intelligent Data Extraction and Document Indexing. Use AI to complete the forms and information.

Start by going all digital with Mortgage Indexing services designed to eliminate paper file storage space and improve workflows. Consider Outsourcing the Mortgage Document Indexing and Data Extraction Process.

Next-Gen Tech And The Mortgage Process

Let an outsourcing partner leverage vast experience in the mortgage industry, then add the latest tech systems to provide lenders with a one-stop solution for all document indexing and extraction. These services are able to digitize, store and track loan-related files from origination to loan closing. This will enable you and your staff to focus on core business functions by taking the time-consuming loan processing tasks off your schedule.

Like an army "travels on its belly," meaning you need to feed your troops, the mortgage lending business used to "feed on paper." No one knows what the daily consumption of paper was in the past, but it's bound to be significant. Probably only second to the federal government! And the storage challenge was insane. From application to approval, the document count alone could run to hundreds of pages, with copies for all the parties involved! Firms had to either expand their offices or rent off-site storage (and we all know what a pain that was).

So, the migration to all-digital was a giant leap for the industry. But also a significant challenge. Sure, everything is easily stored, but can you find it? This hurdle was overcome with indexing. A table of contents for each transaction, so searching and finding what you need to complete the processing of a loan is quick and easy. And in the middle of the process, missing information or documents is quickly flagged and remedied.

Document Naming - Universal standards for naming documents is a significant step toward standardized document indexing. With such standards in place, the common terms are set for such things as customer name, property information, credit check status, loan approval status, and servicing status. Hence, customer data is quickly identifiable, so the process of document classification, categorization, and maintenance becomes seamless.

Document Indexing - Universal standards for naming documents is the first step toward standardized document indexing. With such standards in place, the common terms are set for such things as customer name, property information, credit check status, loan approval status, and servicing status. Hence, customer data is quickly identifiable, so the process of document classification, categorization, and maintenance becomes seamless.

If you're a lender or broker looking for an outsourcing partner to streamline your Contract Mortgage Processing, you want someone with the above workflow in place. There's no need to reinvent the wheel; these capabilities are well-known and universally used.

Benefits Of Mortgage Document Indexing And Data Extraction. Use Your Time Wisely.

Document Indexing brings benefits for lenders that want to increase speed and cut costs.

Collaboration - easy sharing of information because it doesn't involve paper at any stage of the process.

Time - No paper means no file systems to hold the form, so searching is fast and accurate.

Audit - Auditing of accounts can be done quickly and accurately.Security - two-level security means no unauthorized access. Digital backups guarantee the safety of information.

Eco-friendly - No paper and no paper waste is kinder to the environment and the budget.

Did Someone Mention "Outsourcing"?

The mortgage lending process is a complicated and sometimes challenging workflow. Using specialists that do only processing can be a nightmare for a smaller lender who splits his time between selling and processing. The smart money these days has moved to Mortgage Process Outsourcing. You are hiring someone else to do that part of the transaction. If you find the right partner, it can be a rewarding experience. Productivity can go through the roof with a highly trained, professional team. Not only are you freeing up your valuable time, but your processing speed will increase as well.

It's a simple equation: more time + speed = more money! A few extra loans processed each month can mean tens of thousands of dollars in your pocket each year.

Check out the Mortgage BPO landscape today. No matter your enterprise's size, we think it might be a good fit.

#Mortgage Document Indexing benefits #data extraction benefits

Insurance Claim Processing is not the most exciting job in the Insurance Industry, but it is a crucial step in the whole process. That’s why so many successful Agencies and Companies Outsource Insurance Claims Processing Services. Outsourcing this function frees up valuable staff time and keeps your business rolling forward. And quicker and more efficient Insurance Claims Management Services make for happy policyholders. And satisfied policyholders tend to be repeat customers. And if your customers are satisfied and spread the word, Claims Processing Outsourcing deserves some of the credit.

#claims processing #claims processing services #outsource claims processing services

What Is Business Process Outsourcing?

Business Process Outsourcing or BPO is when a company works with an external service provider to carry out various business processes. The BPO provider will take care of essential functions, tasks, and operations that are usually time-consuming, complex, and do not need to be completed by central figures.

The BPO industry comprises countless BPO companies that specialize in a wide range of BPO Services. Business process outsourcing aims to provide businesses with the tools to achieve maximum efficiency and the highest levels of performance and quality.

Since business process outsourcing began, various types of BPO companies and BPO services have emerged. Every BPO company has its specialties, expertise, and skills. Because of this, you must take the time to understand how BPO works fully, the different types of BPO, the range of BPO services available, and the different types of BPO companies.

How Does BPO Work?

A BPO provider works for businesses to help them achieve maximum efficiency by taking over operations. Enlisting BPO services from an experienced BPO company allows your company to have more time to carry out central functions and core processes.

BPO generally has two categories of processes:

Front Office Functions – Front office functions for business process outsourcing refer to the functions that deal with clients and customers. These customer-facing functions can include customer relations management, logistics management, order fulfillment, and more.Back Office Functions – Back-office functions refer to more administrative tasks. This can include HR, Data Entry Services, billing, purchasing, and more. These functions do not deal with any customers or clients.

In general, BPO can carry out a wide range of processes, including:

Customer Service – Customer service is a popular process for businesses to outsource. A BPO company can take care of call center operations and handle customer support.IT – IT outsourcing helps companies manage their technology expertly and cost-efficiently. A BPO company will take care of all things technology.HR – A BPO company can handle human resources processes like payroll, hiring, recruiting, training, insurance processing, or benefits.

Healthcare – Healthcare BPO refers to outsourcing for medical billing, medical record processing, medical data entry, medical coding, medical claim processing, and medical document digitization.

Mortgage – Mortgage BPO helps with mortgage processing, underwriting, document examination, and more.Insurance – Insurance BPO refers to outsourcing for processes and tasks in the insurance industry like data entry, underwriting, claim management, billing, and policy checking.

Accounting – Finance & Accounting BPO carries out the tasks of an accounting department for just a fraction of the price by handling accounts payable, tax processing, payroll processing, financial reporting, and bookkeeping.

Logistics – BPO services for logistics can oversee the entire process of getting something from point A to B. A BPO company will take care of every detail.

What Are The Different Types Of BPO?

BPO has several different types that you can enlist. Listed below are some of the main types of business process outsourcing options to choose from:

Offshore Outsourcing: Offshore outsourcing is for vendors located in a different country than the company enlisting their services.Onshore Outsourcing: Onshore outsourcing is when a company outsources to another company in the same country. This option often costs more, and it is increasingly losing ground to offshore firms.

Nearshore Outsourcing: Nearshore outsourcing refers to outsourcing in a neighboring country. For example, a company located in the United States can nearshore outsource to Canada or Mexico.Knowledge Process Outsourcing (KPO): Knowledge process outsourcing or KPO is a more specialized area of BPO that allows an outsourcing provider to make low-level business decisions.Research Process Outsourcing (RPO): RPO refers to outsourcing research. Essentially, it encompasses research about any subject or field of endeavor.

Legal Process Outsourcing (LPO): Legal process outsourcing refers to the outsourcing for legal services and processes. An LPO provider can take on high-level legal work like drafting legal agreements and performing legal research.

The Benefits Of BPO

Business process outsourcing comes with several benefits that companies can take advantage of. Here are some examples of the benefits of BPO:

Cost Reduction – Working with a BPO company can significantly reduce your overhead costs. A BPO vendor provides services and functions for a fraction of the price compared to compensating an employee or team.

Focus On Core Activities – As your BPO vendor completes non-central tasks and operations, you have more time and energy to focus on core activities. As a result, you can get back to what matters most for your organization.

Better results For Non-Core Functions – BPO providers have the best technology, skilled employees, and expertise to execute your functions with maximum accuracy and efficiency.

Expand Coverage – Business process outsourcing gives you the resources to expand your business. When you have an expert team carrying out operations, you have more time to tend to more customers and/or clients. You can even take on global expansion.

Efficiency, Quality, Performance – Business process outsourcing helps businesses improve their efficiency, quality, and performance. Their team of experts carries out tasks efficiently, accurately, and quickly.

Flexibility – Working with a great BPO provider means you have flexibility at your fingertips. Your BPO company is used to accommodating last-minute changes, requests, and more.

The Risks Of Business Process Outsourcing

Because business process outsourcing requires bringing a third-party organization into your company, there are always risks involved. Understanding these risks is the key to actively minimizing them throughout your work with a BPO company. Here are some of the main risks of business process outsourcing:

Security – Security can be compromised when working with an outside company. However, you can minimize these risks by adding security clauses, rules, and guidelines to your agreement with a BPO provider to ensure that anything confidential is protected.

Underestimate Costs – One of the main benefits of BPO is that it is highly cost-efficient. However, the costs can add up if you need a myriad of BPO services. Therefore, be sure to thoroughly analyze what services you need and how much they will cost your organization.

Quality Control – Quality control is one of the main risks of business process outsourcing. Someone from outside your company carrying out tasks might not be familiar with your expectations. Therefore, you must communicate quality standards.

The Future Of BPO – Expected Trends For 2021 & Beyond

The BPO industry is currently thriving and growing. As more businesses take advantage of the benefits that BPO companies provide, the future of BPO is bright. There are several trends for the future of BPO that have emerged in recent years and are expected to continue doing so, some of which include:

Advancing Technology: One of the main trends for the future of BPO revolves around rapidly growing technology. Some of the best new technological advancements for BPO include artificial intelligence, cloud computing, and automation. BPO providers that embrace this technology stand out from their competitors.Startups As BPO Customers: Startups are great BPO customers because they need to focus on central matters and don't have the time, energy, or overhead for peripheral tasks. As more and more startups recognize the benefits that business process outsourcing provides, the number of startups using BPO is expected to climb.

Increased Transparency – Transparency is critical for working with another company in today's business landscape. Consequently, BPO companies must be transparent to survive in the competitive landscape. Companies that want to enlist BPO services should be transparent with their service providers to get the best results.BPO Providers In Search Of More Skills – The BPO industry has come a long way. As BPO companies offer more services, BPO providers must require extensive skillsets from their employees. Consequently, BPO vendors are in search of qualified professionals with high levels of skill and experience.

Choosing A Business Process Outsourcing Partner – Best Practices

Selecting the right business process outsourcing partner can be difficult since many business process outsourcing companies choose from. However, there are several things you should do and keep in mind to ensure that you partner with the right BPO vendor:

Analyze Your Needs – The first step to ensure that you create a successful relationship with your BPO vendor is to analyze your company's needs. Whether you need help with data entry, mortgage processing, accounting, or anything else, you should analyze which tasks you'll be outsourcing to ensure they are experienced in those areas.

Don't Commit Too Fast – Be sure to check out a wide range of BPO companies before you commit to one. Thoroughly assess and evaluate potential business process outsourcing partners to find the best fit for your unique needs.

Establish Goals – Establishing goals is important for choosing the right BPO outsourcing partner. You should mention your goals to potential BPO service providers before creating a partnership to make sure they can meet or even exceed your goals.

Be Transparent – Transparency is key for choosing a BPO vendor and maintaining the relationship with your BPO company. By being transparent from the onset, your BPO company will know exactly how to achieve results for your specific company. There won't be any guesswork or misunderstandings if you are transparent.

#bpo #bpo services #bpo company #business process outsourcing

How Mortgage Outsourcing Benefits lenders And Brokers?

What if you could increase the productivity of your mortgage loan processing operations? Without any additional costs? That means not hiring new staff, further training of traditional office support, no other HR expenses, no new payroll taxes. And at the same time, speeding up the processing period, which means additional profits.

Sounds pretty good, right? Just like magic!

Hundreds of lenders and brokers are taking advantage of this opportunity right now!

So really, the only question is: "why aren't you?"

The "magic" solution is Mortgage Business Process Outsourcing. And it's not really "magic ." It's just an innovative business strategy.

If you've been on the most recent roller-coaster ride with sales during the Covid 19 pandemic, you've seen first-hand the havoc that a volatile housing market can wreak. And you might have when you have a chance to catch your breath, wonder: "how can I flatten these hills and valleys?" There are real advantages to taming a wild market for all the reasons stated earlier, but it's something hard to do when you're in the middle of it! Think Mortgage Outsourcing. Think bigger profits! Think of hiring Mortgage Processing Services rather than an in-house group of employees to fulfill that function.

Wouldn't it be wise to do it when the market isn't crazy? So that's what we want to discuss here. But what exactly is a Mortgage BPO, and why will it work for you?

Mortgage Outsourcing Benefits

Huge! The last two years have turned the usual ways of the mortgage business on its head. For a while, confusion reigned, but the industry took some valuable insights away from the Pandemic chaos and became both resilient and resourceful. But don't take our word for it; examine them for yourself.

Minimum cost – A notable example is the staffing and learning how to be nimble when confronting an ever-changing landscape. You need more processors one month; two months later, you need fewer. Outsourcing those assets makes the constant change in demand easier to handle because staffing and resources are flexible. And outsourcing can do this while saving lenders and brokers up to 40% versus in-house staffing costs.

Information security is usually the first question from firms considering outsourcing: "that all sounds good, but what about security?" Outsourcing firms understand this and may be the most secure business operators on the planet. They know that their reputation demands total commitment to keeping their customers' information safe. And they can provide measures that smaller lending operations can only dream of.

Speed – having a well-trained and experienced team can make all the difference when turnaround time is crucial. Imagine you're a logistics operation that needs to get widgets from point A to point B, but doesn't have the resources to own your own fleet of trucks. What do you do? You go out and hire the best trucking company you can afford. Because outsourcing firms have multiple clients, they can afford the best and fastest processing systems available.

Create time (for you) – to do what you and your team do best, keep bringing in new business! The least exciting chore in the lending process is moving a loan from application to closing. You'd rather be on the street or phone making the next deal, right? Well, hiring an outsourcing partner will allow you to do just that! So you can concentrate on your core skills.

Customer service – there will be speed bumps in any process, usually where you least expect them. So, do you drop what you're doing to deal with the problem? Of course. But if you've got an outsourcing partner, they'll take care of that. You continue with your current tasks, let the outsourced back office handle the problems.

Latest tech – in any process that requires technology, the race for the latest and best equipment can be a costly race. And not only does it consume money, but it also gobbles up time as well—time spent on integration and training. Once again, we understand that time is precious, and if there's any way it can be saved, let's keep it!

Big data – big data and all that it implies for the mortgage sector promises significant returns for those firms that can afford the technology. But if you can't afford to invest in the tech that can supply the benefits of big data, are you doomed to finishing in last place? Not with outsourcing. With outsourcing, Big Data can help you without the massive investment. Again, it's the advantage of having multiple clients that makes it possible.

Some Key Takeaways From Mortgage Outsourcing

Now that you know some of the advantages of outsourcing mortgage processing, what can you do to make it work for you?

First, engage your prospective outsourcer. Choose an experienced outsourcing partner, examine their references, abilities, history, and all the factors you would consider when assessing a partnership with anyone. Then negotiate the fees that work for you; Mortgage Business Processing Outsourcing (MPO) firms realize they swim in a very competitive pool, so they're anxious to get your business. It would be best if you had some solid metrics to compare their performance; make sure they'll supply them. Once started, periodically review both the process and the results.

Making Outsourced Mortgage Processing Work For You.

What do you gain? What do you give up? Let's look at the gains first:

Experienced, trained, and savvy operators that can make the Mortgage Process smoother, faster, and more affordable. Huge tech cost reduction thanks to the economy of scale. The latest tech and best industry practices. The best security made available to mid and small-sized firms. Constant upgrades in both operational methods and knowledge of Mortgage Processing. Access to all the advantages provided by Big Data. Freedom for your key staff members to do what they do best – sell more mortgages!

Mortgage BPOs are turn-key, affordable, scalable, flexible, upgradeable, fast, accurate, and available to even the smallest of operations. And what do you have to give up for this? Not sure if we can come up with a downside.

Start your journey today. Investigate all your options for outsourcing!

#mortgage outsourcing #benefits of mortgage outsourcing #mortgage outsourcing benefits for brokers #mortgage outsourcing advantages