Mortgage industry is the industry that
comprises establishments primarily engaged in lending funds with real
estate as collateral. It is also called
mortgage company, mortgage
banking, mortgage lending and retail estate lending.
Mortgage is a legal document that pledges a property to the
lender/creditor as a security for the payment of debt. Related services
are outsourced to increase profitability and productivity by reducing
overhead costs.
Types of Mortgages
- Fixed Rate Mortgages : It has a fixed rate of
interest and fixed monthly payment through out the length of the
mortgage.
- Adjustable Rate Mortgages : Also known as ARM.
It has a fixed rate of interest and fixed monthly payment initially
but this may be only for a specific period of time and is likely to
change afterwards.
- Balloon Mortgages : It has a fixed rate of
interest and fixed monthly payment only for a specific/predetermined
period of time. After that time gets over the entire due amount has
to be paid as a lump sum.
Segments Addressed
- Mortgage banks
- Specialist and legal services companies working on mortgage
titles and moves
- Real estate brokers and managers
Services Offered By Mortgage Companies
- Setting up a new business
- Collecting documents
- Scheduling property inspections and appraisals
- Analyzing credit risk
- Providing loan maintenance
- Maintaining real estate databases
- Providing legal support for conveyancing
- Conducting customer services
Benefits of Outsourcing Mortgage Services
- Faster turnaround time
- Integration of disparate client system
- Implementation of best practice loan process with 99.99%
accuracy.
- Efficient and faster processing
- Retain customer relationships
