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.
