Offshoring Helps First Magnus Gain New Lending Efficiencies
First Magnus Financial Corp. here has turned to Trinity Partners also here to offshore non-mission critical functions including policy audits and loan closing processes.
This continues a relationship established between the two companies in 2003, when First Magnus began its strategic outsourcing program with the backend operations of customer-related business functions.
These included loan document indexing and delivery; investor loan delivery; quotes, locks and extension pricing; purchase advice pricing; loan data verification; and risk management and quality control.
"When the refinance market began to ebb, lenders started to look for ways to maintain production by increasing market share," said G.S. Jaggi, president and chief executive of First Magnus.
"In order to adapt and remain competitive in the changing environment, we were cognizant of the need to re-deploy our staff to focus on production efforts, such as product development, marketing and increasing market share.
"Being able to offshore the non-mission critical processes and focus on our core business is the real value of outsourcing. It has helped us to reduce our costs and increase our productivity and market share in the industry. We continue to provide the highest level of service to our clients through Trinity's outsourcing solutions."
The offshoring of the closing process is designed to help the company close loans quicker. When the outsourcer confirms the documents are in compliance and in proper order, the completed loan package is sent back to the title company.
Mr. Jaggi said, "Our success with outsourcing is largely a credit to selecting the right BPO provider. As we expand our outsourcing model, we will continue to rely on Trinity to help us meet our strategic and tactical offshoring goals."
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