A critical component to any mortgage lending organization is the ability to provide quality underwriting that promotes and protects a valuable asset, a saleable mortgage loan. A poorly underwritten loan poses institutional risk for secondary marketing losses, adding unwanted loans to servicing portfolio and a drain on balance sheets. Aside from the liability, a lender also needs to factor in the increased compliance burden and complexities in today’s market. A lender needs to be able to balance quality versus the increased demands of an underwriter’s time. There was a time that a seasoned underwriter could complete 4-5 new files each day, manage multiple resubmissions, and still give great customer service, but in today’s world, most underwriters manage less than 3 files per day creating a cost-effectiveness gap. Since underwriters are a valuable and expensive resource, a solution to consider is to outsource some (or all) of your underwriting to a partner who offers a consultative resource, has staffing capabilities to ensure turn-times are met, provides a variable rather than a fixed cost and whose core competency is focused on underwriting.
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