Hardware: Do you have the necessary hardware to run the software as well as the necessary technology environment, I.T staff and security? There are two choices here:.Staffing: Do you have a knowledgeable, experienced servicing staff or the ability to recruit and train one? A reputable third-party servicer should have the required, fully trained staff.To help with this decision-making process, here are some questions you should ask yourself: In this guide, we’ll show you the downsides and the benefits of servicing a loan in-house. They would like to spend all of their time on the sales side and not worry about managing staff and maintaining hardware. Or, they simply don't want to be bothered with the back-end side of lending. Looking at the other option, I have talked to lenders who are attracted to a third-party servicer because it mitigates their need to recruit and train a qualified loan servicing staff. They may also believe they can save money by bringing it in-house. Or, they are concerned that they won't have the flexibility in what they can offer their customers, or the reports they receive. Some lenders simply do not trust the data and the reports they receive from third-party servicers. I encounter lenders looking for software in order to bring the servicing back in-house. Often, one of the key dilemmas faced by the lending businesses is this: Should we spend time on lending and originating and outsource the servicing of the loans? Or, should we attempt to do both?ĭuring my conversations with customers, I hear many reasons for both options. Running a profitable lending business especially one that is experiencing dramatic growth or a changing regulatory climate can be a difficult task.
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