I’m Nadine from Affordable Staff and today I’d like to talk about outsourcing admin tasks for Mortgage Brokers and specifically – the handling of documentation prior to lodgement.

In general, we’ve found that the most beneficial tasks to outsource are those that are repetitive –  administrative in nature, and generally are not based on client or relationship contact. The most benefit and value to business when outsourcing for Brokers is found when delegating the desk bound tasks, such as data entry and documentation management. These activities are also normally the least productive tasks for a business owner to be doing themselves.

Appropriately outsourcing highly administrative tasks like this – creates more time for you as the business owner to work on your business, rather than in it – giving you more time to spend on business building activities such as marketing and new client acquisition.

More time, also means you have additional capacity to  nurture your existing clients and provide stronger levels of service to keep them coming back to you, for any switches or new loans.

To run an efficient business in any industry, you would delegate tasks based on area of specialty and in assisting Mortgage Brokers, we’ve found that this is especially true. Administration staff are busy with the back end handling of desk bound admin tasks so that the Broker or other Sales staff can then be in front of clients and potential clients more often, actively engaging to grow the business and delivering on promises around service and support.

We’ve found that for Mortgage Brokers, tasks such as  – Sending out requests for information – Filing the information received – Entering data and Completing forms – are commonly the first tasks to be outsourced, and these are also the most beneficial tasks in assisting brokers.

First and foremost, having a VA keep track of supporting documentation – and handling it correctly as it comes in, results in improved workflow and more efficient response timeframes.

Regardless of the mode used for document delivery, whether it’s via email or a document portal – Borrowers almost never provide all required documentation at one time, so having VA keep an eye on documents received and knowing what is still outstanding – is a massive time saver for the broker. To follow this workflow, the VA would then either notify the broker of the outstanding items for client follow up, or they can make that request on the brokers behalf by using an email template or other broker preferred method.

In order to do this effectively though, your VA needs to be familiar with documentation and how to appropriately identify, name and file it. Just uploading to a folder or system isn’t useful or efficient on it’s own, and there needs to be a set process and convention utilised. Your VA can then support you efficiently and effectively throughout the process and work towards both your documentation being bank ready and also the file being compliant as it is pushed towards lodgement. Services where your client can upload files with different categories and labels can definitely be of great value, but don’t necessarily provide that same level of identification needed for ensuring compliance. Including your VA in this process also helps to keep quality control and service levels up – at the same time as making delivery of documentation easier for both you and your client.

This is Nadine from Affordable Staff, helping you build business efficiency through outsourcing.