As a mortgage lender, your credit union has a lot on its plate from deal sourcing, new loan boarding and escrow administration to monthly billing and payment processing. There is, however, the option to outsource these and other mortgage servicing activities to a skilled subservicer. By taking these operations outside of your credit union you can free up valuable time and resources and instantly gain access to a broad range of mortgage experts, opening doors to take on a wider range of mortgage products and ultimately serve your members better.
Sounds pretty good at first glance, but we wanted all the facts. For a credit union that has never done any outsourcing of mortgage servicing, what are the key issues to consider in order to figure out whether it might be a good fit?