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Outsourcing Helps Lenders Handle Post-Closing.
DENVER -- As brokers look to become bankers, handling closing and post-closing is foreign territory. So, Heritage Mortgage LLC looked to Titan Lenders Corp. to outsource those functions.
"I was referred to Titan by one of my warehouse lines," explained Mark Clem, president and CEO, Heritage Mortgage. "We had two warehouse lines and National City didn't want us to do any doc prep. The other line didn't have a position either way. As we become a new lender, outsourcing closing and post-closing has helped us.
"I've been doing this for over 20 years and I have a lot of secondary experience. Our ultimate goal was to become or acquire a bank. In order to get there we needed to have more control and move from a broker to a lender.
"From a cost perspective, from a quality control perspective, it's a pass-through cost to outsource. Our loans have been on the warehouse line just six to seven days because of this decision. That's phenomenal," pointed out Mr. Clem. "I'm also able to multitask my people instead of having them deal with closing."
But why transition to a lender given the current market conditions? "I can't be concerned about the market," answered Mr. Clem. "This is a relationship business. Good Realtors are still selling and we want that business. We're doing A-paper and if we do B-paper we'll broker it. We're in a growth mode, not in a pull-out mode."
"Actually, it's safer now for brokers to become bankers given the type of programs ...
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Source: HighBeam Research, Outsourcing Helps Lenders Handle Post-Closing.