I almost titled this, “The Dirty Little Secret,” because it’s something these mortgage lenders don’t want you to know.
Just today, I read about another big national mortgage company who has decided to outsource loan processing and low level underwriting overseas. This one is going to India.
India, the Philippines, Viet Nam, and other faraway places — is this where you want your bank statements, asset documents, credit report, and personal identification going?
These lenders have decided paying wages in the United States is cutting too deep into their profits. So they are laying off staff by the droves, and outsourcing the jobs halfway around the globe.
As a loan officer and mortgage broker, I always liked my ability to speak with my underwriter — either in person or on the phone — about any sticky conditions or needless paperwork requirements. How can anyone do that when they’re an ocean away in an opposite time zone with no available phone number?
If you don’t like the idea of your loan file being sent electronically out of the country, ask these questions upfront:
- What city is your processing staff working in?
- What city are your underwriters working in?
- Does your company outsource some of the loan tasks outside the United States?
If outsourcing doesn’t concern you, that is fine. I’m just saying you have the right to know.
Have you picked up your copy of Credit Repair MINDSET? It’s available on Kindle and paperback from Amazon.