Summary
Outsourcing of nonstrategic functions by mortgage banks
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Extract
Is outsourcing the answer?
Outsourcing might be the best answer to the massive manpower needs in collections when the 30-day delinquent phone calls must be made.
The time may be ripe for mortgage bankers to pay more attention to their core competencies and outsource nonstrategic functions, such as collections, to specialty firms. Industries such as health care, credit cards, auto loans and consumer finance have long outsourced collection work. In fact, today many of these third-party collection companies are expanding their horizons and re-creating themselves to be more extensively engaged in "customer retention" outsourcing businesses. At the same time, in the mortgage lending industry there are more and more success stories both in loan origination and in loan servicing about strategic outsourcing alliances. They involve such functions as information services, hazard ...See the full content of this document
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