Thriving in the Current Market: How Third-Party Processing Can Recharge Your Business
During NAMB National 2022 in Las Vegas earlier this month, wemlo had the honor of hosting a live breakout session, Thriving in the Current Market: How Third-Party Processing Can Recharge Your Business.
In our breakout session, moderated by wemlo’s Vice President of Operations Chelsea Balak, we talked with mortgage industry pros who’ve seen firsthand how wemlo’s third-party processing services recharged their business. We also heard directly from one of our veteran processors with an insider perspective on how to maximize third-party processing relationships. In case you missed it, here are some of the highlights from our live breakout session.
Drawn to Third-Party Processing
“As demand goes up and down, carrying the responsibilities of an in-house processor can be challenging,” said Dustin O., Broker/Owner of Motto Mortgage Prosperity. “We want to do more deals, not stress about the human resources tasks like recruiting, hiring, and training. Third-party processing provides the stability our business needs and takes a big lift off us from a management perspective.”
“For us, trying third-party processing was purely out of need,” said Bill M., Branch Manager and Loan Officer of Hometown Mortgage Services. “Our business pipeline needed more support and wemlo’s management makes sure the pipeline flows the way it needs to. We’re able to focus on producing more loans while wemlo focuses on the managerial aspect and takes away a lot of that headache.”
Benefits of Third-Party Processing
“Our biggest concern is always client experience and our experience with wemlo has been incredibly personal and thoughtful,” said Dustin O. “The amount of attention wemlo has given is far and away one of the best vendor experiences I’ve ever had in my life. It’s a truly comprehensive experience that allows us to scale without fear of overextending.”
Building a Successful Third-Party Relationship
“To create a solid relationship with the loan originators you work with, processors need to be fully transparent, especially at the front end,” said Andrea H., a senior wemlo loan processor. “Hitting the loan head-on and discovering any problems at the very beginning goes a long way in developing a trusting relationship where you can easily go to the loan originator if any bumps occur as loans move through the process."
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