If you’re a mortgage broker, some days you might feel like you’re buried under a mountain of paperwork. Instead of spending your time working directly with clients or focusing on business growth, you get stuck at your desk spending hour after hour sorting through painful administration tasks. This can be incredibly frustrating and even leave you questioning why you became a mortgage broker in the first place.
Fortunately, there’s a simple solution you can use to free up more time and lower costs, whilst getting better outcomes for your clients in the process – Mortgage Broker Support. This involves handing over your repetitive tasks to a business process outsourcing partner like Sundaram Business Services. As long as that partner is experienced, efficient and reliable, you can ease the workload on yourself and streamline many of your day-to-day operations.
What your day looks like without Mortgage Broker Support
Statistics show that people waste an average of 21 days per year performing menial or repetitive tasks at work. As a mortgage broker, things are no different.
You might start out your day with the intention of solving problems for clients, but it’s not long before you’re chasing up documents and reading over applications. As the day drags on, new administration tasks pop up out of nowhere and force your attention away from more meaningful client work.
You end up spending far more time than you’d like on tasks such as:
- Sorting through a flood of emails and queries
- Unique and exclusive product search
- Juggling spreadsheets and loan calculations
- Coordinating communication with lenders
- Chasing up missing documents
- Navigating regulations and lender guidelines
- Scheduling and tracking client appointments
- Tracking Loan Status and Commissions for brokers (Upfront & Trail)
While important, these tasks don’t make the best use of your time as a mortgage broker. Instead, you’d rather be working directly with clients, tailoring solutions that enable them to afford a commercial or residential property.
Outsourcing enables you to focus on the reasons you became a mortgage broker
Let’s be honest – you don’t go to work every day as a mortgage broker because you love paperwork. You do it to empower your clients and help them become financially viable property owners.
A recent statistic released by the Mortgage & Finance Association of Australia (MFAA) shows just how essential mortgage brokers are. Between October and December 2022, brokers facilitated 69.3% of new residential home loans. Without mortgage brokers, fewer people would be able to realise their dream of homeownership.
Homeowners aren’t the only people who need your services. Many of your clients may be investors who want to purchase residential or commercial real estate. Without mortgage brokers, they would be forced to approach lenders directly, making it more time-consuming and difficult to secure finance.
If you spend half your week tied down by paperwork and administration tasks, it means you have less time to help your clients achieve their goals. Mortgage Broker Support can open up time for you to achieve faster and more favourable outcomes for your clients.
Mortgage Broker Support can reduce processing costs and free up capital to grow your business
Mortgage Broker Support is a fantastic way to streamline your day-to-day operations and reduce the workload on you. It is ideal for tasks such as processing applications, submitting applications to lenders, vetting and validating documents, and managing compliance obligations. Instead of having to take care of these tasks yourself, you can delegate them to an expert who specialises in completing them efficiently and effectively.
This can result in:
- Lower costs to process documents and applications
- Reduced turnaround times
- Timely and accurate reporting, with fewer errors
- More efficient workflows with less double-handling
- Better outcomes and increased client satisfaction
Another substantial benefit of Mortgage Broker Support is that it can free up capital for you to use in other areas of your business. In fact, many of Sundaram Business Services’ mortgage broker clients have lowered their processing costs by 35% after working with us.
Imagine having more money and time to capitalise on growth opportunities. You’d be able to improve client satisfaction, devise strategies to expand, invest in your own professional development, or even hire another mortgage broker to increase your capacity. And with an expert team supporting you behind the scenes, you’d have peace of mind knowing you could achieve consistent, sustainable growth.
How Sundaram Business Services helped a leading mortgage broker slash turnaround times from 3 days to a few hours
If you want to receive the maximum possible benefit from Mortgage Broker Support, you have to choose an experienced and reliable outsourcing partner like Sundaram Business Services. We are trusted by 3,600+ mortgage and financial services companies to manage both daily activities and compliance.
Our expert support team was recently engaged by one of Australia’s leading mortgage and financial services companies. They came to us with the goal of lowering operating costs, improving process efficiencies and reducing turnaround times.
They were experiencing a number of specific challenges that were preventing them from achieving these goals, including:
- A slow application turnaround time of 3 days that resulted in poor client satisfaction
- Inefficient document management processes that caused mistakes
- Difficulty keeping on top of the latest regulations and compliance requirements.
After a site visit to analyse the problems and discuss a solution, our team immediately got to work. They looked at ways to reduce repetitive tasks, examined the turnaround process for opportunities to streamline it, designed compliance checklists and monitored changes in requirements.
The changes had an immediate impact, resulting in:
- A reduced turnaround time from 3 days to just a few hours
- Significantly lower costs
- More efficient processing of distribution channels
- Greater understanding of the client base.
If you’d like to read a more detailed account of the Mortgage Support Services Sundaram provided, you can check out the full case study. It is just one of many successful outcomes that have been facilitated by our team – a team that can help you achieve your goals too!
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Sundaram Business Services is a business process outsourcing company with offices in Australia, India and the UK. With over 20 years’ experience in the Australian market in providing outsourced teams to Australian businesses across Accountancy, Portfolio Management, Self-Managed Super Funds, and Mortgage Broker Support, our business becomes an extension of yours.
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