Why lock desk centralization is crucial to grow your business

Furthermore, the document provides all the information necessary on how to set up a centralized lock desk, including tips on how to select quality staff and why outsourcing is not always the best solution for lenders.

According to Chris Anderson, the firm’s chief administrative officer and lock desk founder, workflows that include a lot of individual discretion or back-and-forth communication “are not typically good candidates for outsourcing”.

Anderson, who has worked with dozens of independent mortgage banks, credit unions and depositories to help professionals to centralize their lock desk operations, said: “For outsourcing to be effective, a lender’s rate lock processes must be clear, consistent, rules-driven and easy to document.

“They must leverage the use of their LOS and PPE technology platforms fully and ensure that their employees are well trained and understand the processes.”

With that in mind, the whitepaper provides a list of options on how to centralize a lock desk, whether it is done in-house, by hiring a third-party vendor or by partial outsourcing.