3 Benefits of Using an In-House Processing Team

3 Benefits of Using an In-House Processing Team

Learn all about why mortgage lenders with in-house processing teams optimize the process of securing or refinancing your home loan

When you’re in the market for a mortgage loan, there are two options: using a lender with an in-house processing team to apply for and secure the loan, or using a financial institution such as a bank. 

Regardless of the option chosen, there are several steps involved. These steps include pre-approval for the loan, the mortgage application, loan processing, underwriting, and closing.  

When using a financial institution such as a bank, each of these steps are completed separately, and often by different teams. When using a mortgage lender with an in-house processing team, the processing, underwriting, and funding of loans take place together under one roof. 

Using a lender with an in-house processing has several notable benefits.   

Benefits of Having an In-House Processing Team

There are several key advantages to purchasing a mortgage through a direct lender.  

For one, the relationship built with the in-house lending team allows them to become familiar with your particular situation, giving them the ability to work one-on-one and figure out the best possible mortgage program that will suit your specific goals. 

Because in-house underwriters work intimately with the loan officer, they can take a closer look at your applications and clear up any questions or potential problems before the loan request gets submitted. Ultimately, this can increase your chances of being approved for the loan. 

There are also additional benefits such as faster processing, easier pre-approval, and even lower fees. 

  • Faster processing. Instead of having to deal with separate processing, underwriting, and funding services, in-house processing teams are able to accomplish all three at once. Compared with the speed of a traditional mortgage broker, in-house processing teams generally have a faster turnaround. In contrast, many brokers have little control over the processing of the loan and the disbursement of funds, meaning you could be waiting longer to make the move to your new home.
  • Easier pre-approval. Obtaining approval with an in-house lender is easier than with a bank, so this can be a great option for those with less-than-perfect credit.  

How is this possible? 

Direct lenders have more autonomy than strictly regulated banks, meaning they can customize loan recommendations for each buyer’s specific financial scenario and goals.  

Take for example, the requirement from banks to receive 2 years of tax returns for each self-employed borrower. In-house lenders, on the other hand, can use discretion based on factors like good credit or reserve funds.

  • Lower fees. Using a direct lender with an in-house processing team means skipping the middleman that’s involved when working with banks. Because of this, there’s generally fewer fees involved with your mortgage.  

Delays in processing can cost you money. With an in-house team, not only is the processing more efficient, but the funds of the loan may be disbursed more quickly, too.  

Take the Next Step in Purchasing Your Utah Home 

To take the next step in purchasing or refinancing your Utah home, Graystone Mortgage’s in-house processing team is standing by to provide fast and efficient mortgage services.  

With the processing, underwriting, and funding of loans all completed under one roof, Graystone Mortgage makes the process of homeownership even easier.  

Call us today at 801-893-0844 to speak to one of our experienced mortgage professionals and learn more about what kind of mortgage interest rates may be available for you.