Advantages of Outsourcing Mortgage loan Processing Service to India
India has, in recent years, become one of the most preferred outsourcing destinations for businesses from across the world. In fact, many industries from the US, UK, Middle East and GCC countries are outsourcing many business processes to Indian companies for obvious reasons. For the US market, outsourcing mortgage loan processing service to an Indian counterpart will prove beneficial in many ways. Apart from the favorable government policies and availability of cheap labor, the following are the major attractions of Indian outsourcing companies in general:
Lower Costs
The best part about India’s increasing population is that most of them are well-educated and qualified. Comparing with the labor expenses of other developed countries, labor cost will be much lesser in India. Data management, being a major aspect of most of the businesses in the modern age, is resource-intensive. Outsourcing data-based activities such as mortgage title search process to Indian companies can help the business save significantly on resource expenses. Furthermore, infrastructure and establishment costs are far lower in India. Competition is another factor that influences pricing. Thanks to the government policies and availability of cheap labor as stated above, there’s ample competition within India among companies providing outsourcing services. This makes it a win-win situation for global businesses to outsource their data services to Indian companies.
Technology Advantage
Mortgage processing requires the use of specific technologies and upgrades. India is well-known for investing favorably on the latest technologies. Such technologies also need experts to handle. India being a technologically advanced country with a good pool of skilled resources, outsourcing to Indian companies will help the mortgage businesses from across the globe gain an edge over their competitors. When you outsourcing mortgage loan processing service to a competent Indian company, your business can leverage the latest technology investments they make. With passing time, they will keep upgrading them without the business having to bear the additional expenses.
Time-zone Advantage
India and the US have around 10 to 12-hour time-difference which helps the US companies significantly. When it comes to the UK market, there’s a 5-6 hours’ time-difference which is also quite advantageous. With the US, most of the data entry for a day happens during the US night time which is day time for the Indian outsourcing companies. By the time the US business is back to work the next day, the data will be delivered or updated. This makes sure that almost real-time data is available for the business. With a UK company, the offshore data entry service provider will start the work almost simultaneously as the parent company as the time-difference is not as big and it is paid well too. Since most of the Indian companies work round the clock with shift-based resources, they will have the resources available during the client’s working time and beyond that too.
Most of the mortgage businesses liberate themselves from the cumbersome job of data entry and outsource the same. This helps them focus better on their core activities and reduce the cost to a great extent. Outsourcing businesses processes to a competent outsourcing partner in India will be the wisest choice for mortgage businesses.
