How outsourcing can help mortgage brokers?
Outsourcing remains a relatively new idea when it comes to the Australian market especially for mortgage brokers.
Where brokers spend most of their time?
Most mortgage brokers often get caught up with performing basic administrative functions.
They do not have enough time to evaluate whether the strategies they adopted have been meeting their growth objectives and whether they have been matching pace with ever changing dynamics of mortgage broking industry.
Ongoing Royal Commissions inquiries have posed many uncertainties and threats for the mortgage broking industry. Most mortgage brokers think that it would be wise not to stick around to residential lending alone and diversify into other areas of operations. However, most of them currently find no time to learn new skills to diversify into new business.
What's the solution?
The solution is very simple. A mortgage broker needs to decide whether it is better to spend time on administrative tasks or the true value lies in networking and marketing.
One of the solutions could be to hire full time dedicated loans packaging staff that can take the burden off from a mortgage broker. However, hiring a full-time employee to perform these tasks often pose many challenges: Increased overhead (at least $60K - $70K per employee), providing training, staff turnover and many more.
Outsourcing offers protection against these shortcomings and provide following benefits:
Significant cost saving
High level of service
Security of working with someone you can trust
Fixed cost, which assists with budgeting
Flexibility to wind back staff if business conditions dictate
Quickly ramp up staff numbers without high upfront costs
Full-time dedicated staff
Why chose Brokers' BackOffice?
Brokers BackOffice is a Sydney based outsourcing firm specialised in handling loan processing for mortgage brokers operating in Australia.
Our team is specifically trained in handling back office activities for mortgage brokers. Our service offering ranges from simply preparing an application in ApplyOnline for brokers' review to providing full support at every stage of the loan application until its settlement.
Brokers BackOffice provide excellent service for a very reasonable fee which involves no fixed cost and commitment. Fee is charges on a case-by-case basis.