The COVID-19 pandemic created a lot of change in the mortgage industry, but no change has been bigger than the adoption of remote work. The industry learned that with the right technologies and controls, remote teams can work more efficiently and cost-effectively than teams working in an office environment.
Of course, we already knew that. Evolve has been operating remote teams for the past 20 years. But for companies that haven’t fully taken advantage of remote teams, here are a few good reasons to do so now.
The mortgage business is anything but static. Because rates, volumes and markets are always shifting, it’s nearly impossible for lenders and servicers to maintain optimum staffing levels at all times. As a result, companies continue to staff up when volumes rise and slash positions when they drop. This ongoing battle to maintain proper staffing levels is not only time-consuming and expensive but can also impact team morale.
Accessing remote teams enables lenders and servicers to break free from this vicious cycle. When origination or default volumes rise, additional work can simply be offloaded to an experienced outsourcer with remote teams working domestically. This gives companies almost unlimited scalability while also taking the pressure off HR departments and making it easier for lenders and servicers to maintain a healthy, anxiety-free company culture.
Getting the Right Expertise
Another challenge that often accompanies a market shift is a shortage of talent. We all saw this during pandemic, when low rates created a dearth of underwriters and lenders struggled to keep up with demand. Talent shortages can also invite risk when lenders move teams from one side of the business to another without providing them with the proper training.
It’s the job of a good outsourcer to meet the needs of its clients no matter what type of market they’re in. An experienced outsourcer will have a deep bench of experienced underwriters and auditors capable of filling every market need, whether it’s one component of the loan fulfillment process or end-to-end services. Leveraging remote teams can also provide lenders with expertise they may not currently have, such as originating and underwriting non-QM loans.
Access to Technology
These days, remote teams not only provide companies with the expertise they need. With the right outsourcer, lenders and servicers can also get access to better technology that streamlines operations and saves money.
Unless they’re capable of building their own systems, most lenders and servicers rely on legacy technologies that haven’t been updated in years. At Evolve, we’ve developed and continuously update our own technology for every aspect of the mortgage lifecycle, from origination to loss mitigation.
Through our SigniaDocuments subsidiary, we also provide full library of SMART Docs, as well as eClosings, hybrid eClosings, and remote online notarizations (RONs). We also have our own servicing technologies that can streamline loan modifications and loss mitigation activities, as well as predictive analytics that can help servicers proactively manage potential defaults.
Technology also enables our remote teams to work faster. In fact, our underwriters typically complete seven to eight loan files a day—roughly four times the industry average.
While not every component of originating or servicing loans may need to be outsourced, the bottom line is that remote teams are increasingly becoming part of a winning business strategy. Many of the largest and most successful companies in our industry leverage remote teams in order to better manage staff costs and focus on growth.
If you’d like to find out how remote teams can help accelerate your business, just reach out to us at 888-892-1843 or drop us a note at [email protected].