Is coordinating with multiple vendors a pain at times? We get to hear several lenders complaining about it often. Sometimes, It is impossible to possess the resources to complete everything we need in-house. That’s where we end up having to seek support from multiple service providers.
The mortgage industry has evolved from a small shop concept to a wholesome business profile concept over the years, and so have their service providers. If you see a year on year business profile of a leading service provider, you’d see how they have added services and technologies that fit their clients’ needs. Many have also tried to accommodate processes and invest in technologies that would be necessary for their clients in the future.
Working with multiple service providers – It needs a lot of Money, Time & Resources
In the mortgage industry, working with multiple service providers means a lot of investment. Investment of money, time, and resources, and yet some things might still fall through the cracks. Consolidating your business with one service provider can mean cost savings, and it is also effortless to pinpoint a business problem if you have one. You can work with your vendor to analyze the situation, derive a solution, and implement it fast. At the same time, it’s challenging to achieve the same with multiple vendors.
Nowadays, more than the skill set, the primary issue is with the diversity of business cultures that companies have. It is easier to deal with one set of people with their set culture instead of navigating through many. Generally, when you are a long-lasting customer to a service provider, they always go the extra mile to develop capabilities and increase their capacities when the need arises. It’s an unsaid expectation that they fulfill for you in view of the relationship you share.
Time to Consolidate
The mortgage industry has very few such service providers who are providing three-dimensional solutions to their business. Every lender requires business process management services to cater to their loan processing and servicing needs. They also require cutting edge ever-changing technology solutions to automate their processes, deliver faster and more accurately. Many lenders we know have signed up with separate vendors for all of these solutions, and it is only making their work difficult.
Business strategies defined in board rooms often don’t reach all the vendors, and one system doesn’t talk to another. Set-up time and go-live time is high, and all of this is making them lose the market share they could gain. Integration is difficult as the technologies used don’t possess the capability to extend and work with each other. Moreover, as much as they are trying to reduce manual intervention, it is instead increasing processes and redundant communications.
How PrologiQ can help
PrologiQ believes in the customer-first approach, and it has helped us offer a comprehensive suite of solutions to the mortgage industry. We have a well-trained team and continuously evolving systems and procedures to help our customers to better manage routine Loan Processing work. We can also help you manage your 3rd party vendor relationships, right from due diligence, work allocation, project management, and follow-ups.
To know more about our services, write to us at firstname.lastname@example.org