Nexstar Offers New Outsourcing Menu

In many cases, outsourcing mortgage functions tends to be an all-or-nothing affair. But, expanding on its Powered by Nexstar program, Nexstar Financial here has created NexChoice.

Banks and financial service institutions have the option to retain or outsource different portions of the loan origination process, including borrower acquisition, Internet origination, loan processing and underwriting, risk management, and post-closing and investor delivery.

Helen Garrity, executive vice president of Nexstar, said the company created NexChoice in response to what has been happening in the marketplace in recent months.

By using NexChoice, its customers can now outsource areas they are not strong in, while maintaining in-house the things that are their core competency. For example, a bank wanted to have its loan officers take the applications from customers, but was not interested in having the necessary back-office work done in-house.

Right now the program is targeted to banks and financial institutions, but in the future could potentially include mortgage brokers.

Another service provided by NexChoice is call-center and Internet capabilities. These are provided on a private-label basis so that the consumer has a seamless experience.

Access to NexChoice for the originators that use the program is through proprietary technology.

"The degree of client variability that we have built into our market leading platform is unique, and provides us with the ability to isolate specific functions and support our clients' various strategies," said Ms. Garrity.

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