Taking out mortgage loans is one of Australia’s most popular ways to own a home. In 2023 alone, the country recorded $24.6 billion in new home loans. This surge presents an excellent business opportunity for loan processors.
However, the expertise and efficiency of your support team can significantly impact your business outcomes when navigating the complex world of loan processing.
Virtual loans assistants have become indispensable partners for many in the Australian mortgage financial industry, offering specialised assistance that streamlines operations. Here’s how you can hire the right fit for your business.
7 Things To Look For When Hiring A Virtual Loans Assistant / Processor
1. Understanding Key Qualifications and Skills
A proficient virtual loans processor should not only be adept at data entry but also highly knowledgeable in using special CRM software pivotal to your operations.
Virtual Office Angels prides itself on providing only highly skilled virtual loans assistants, with Australian hands-on experience in using industry-standard CRM systems such as Connective, Mercury, Podium, Symmetry, Flex, AdviserLogic, and COIN, among others.
This ensures that their assigned virtual mortgage support are prepared to manage the complexities of the loan and navigate through the most up-to-date systems in the market, eliminating the need for extensive and time-consuming training.
2. Familiarity and understanding with the Australian Mortgage Financial Industry to ensure strict compliance
Your virtual loans processing assistant must have a solid understanding of the Australian financial loans market to meet Australian (compliance) standard. Virtual Office Angels ensures that their Virtual Loans Assistants are not only knowledgeable with but excel in preparing loan structures tailored to the nuances of the market ensuring compliance with Australian industry standards
Their hands-on experience, deep comprehension of the regulatory and practical aspects of the industry equips them to handle tasks from applications, loan structuring, following up status with BDMs, etc right throughto settlement, ensuring a high approval rate for loan applications.
3. Efficient Handling of Document and Forms Preparation
While it might seem trivial, document preparation is critical, as the accuracy and completeness of these documents can determine the success of a loan application. Our virtual loans specialists are adept at handling various back-end support tasks, ensuring that every necessary document is meticulously prepared and submitted.
4. Familiarity with Loan Structuring Preparation
With Virtual Office Angels, each Virtual Loan Assistant sharpens their eye on the intricate loan structuring process. Their previous hands-on experience ensures that every client or borrower is positioned to maximise their loan potential, significantly increasing the chances of approval.
5. Maintaining Client and Broker Communications
Effective communication is pivotal throughout the loan processing journey. Virtual Office Angels ensure that their Virtual Loans Assistants maintain regular updates and open lines of communication between brokers, clients, and financial institutions.
This continuous engagement helps avoid any surprises and ensures transparency among all stakeholders
6. Capability to Conduct Lender Research and Comparison
Choosing the right lender is as critical as the loan application itself. These virtual assistants should meticulously undertake the time-consuming lender research, comparing rates and deals to identify the best options available. This ensures due diligence and maximises your clients’ financial benefits.
7. Ongoing Support Until Settlement
From the start of the application to the final settlement, your assigned virtual loans assistant must ensure that you are continuously updated about the loan’s progress. Their commitment extends beyond mere processing; they actively address any issues that arise, providing a smooth path to loan settlement.
Benefits of Choosing Highly Experienced Virtual Loans Assistants
Opting for an experienced virtual loan processor like those from Virtual Office Angels comes with several advantages:
- Efficiency in Task Management: Experienced loan processors can manage multiple tasks efficiently, reducing errors and speeding up the loan approval process. Their ability to navigate complex systems and anticipate potential issues saves valuable time, money and resources.
- Reduced Need for Training: Hiring a highly experienced virtual loans processor with established knowledge of your required CRM systems and an understanding of the financial market minimises onboarding time, reduces training costs and more importantly, saves you a lof of stress and headaches that goes with training somebody who lacks the knowledge and experiences in handling Austraian loans.
- Fewer Errors: Experienced processors are more adept at preparing accurate and complete loan documentation, significantly enhancing the likelihood of loan approval. Their strategic insight into structuring loans to fit specific financial situations means better service for your clients and a higher success rate in application approvals.
Saves you more Time and Money: By working with highly experienced and efficient virtual loans support assistants, you can work less, earn more and grow your business faster. You can get more work done in lesser time and get better results thus freeing you in growing your business and having more free time to do the things you love.
Conclusion
Selecting a virtual loans processor is crucial for any mortgage business wanting to enhance its operational efficiency and client service quality.
Virtual Office Angels stands out as a provider that meets and exceeds industry standards with its team of Only highly qualified and experienced professionals. By choosing the right virtual assistant, your business can achieve smoother operations, better client satisfaction, and improved profitability.
With their comprehensive support and specialised services, navigating the complexities of loan processing becomes more manageable and successful. Contact us today to learn more!