Don’t Let TPO Scare You

Blog post was written by Dave Stephan, Inlanta’s TPO Manager. 

‘Tis the season for spooks and zombies, vampire and werewolves, and perhaps scariest of all, Third Party Originations (TPO) for your bank or credit union.  As the purchase market begins to wane, this is a great time to consider expanding your mortgage offerings and decreasing your origination expenses.

No doubt about it that TPO can be a frightening option, especially if your institution has never done a mortgage through the TPO channel.

Here are some of the most terrifying concerns about TPO and some answers that hopefully will lay your fears to rest!

  • I lose control of the transaction and my customer with TPO

A:  Not at all. With Inlanta’s TPO program, your originator remains the “face” of the transaction.  We take care of issuing disclosures, processing, underwriting, and closing docs, but the originator maintains all the contact (and cross-sale opportunities) throughout the process.

  • We never get a call for FHA, VA, or USDA

A:  it might be time to ask why that is.  Is your institution perceived as a full-service mortgage lender in your community and among your Realtor partners?  Inlanta provides marketing support as part of our TPO offering to help you.  Your competition is doing government lending in your community and with TPO, it can easily be you.

  • We don’t know how to originate a government loan

A:  As part of the services we provide, we’ll train your originators on the basics of FHA, VA, and USDA lending.  If they need a refresher, they can always sign up for one of our ongoing monthly training sessions.  Our staff will work with you each step of the way to ensure a great outcome for your borrower.

  • Our customers don’t want a loan that is service released

A:  You can’t have a customer for a loan you never do.  Offering FHA for first-time homebuyers is a great way to start a banking relationship on the deposit side.  If you’re not doing these loans, your competition is.

  • TPO will turn our loan officers into mindless zombies

A:  No, it won’t.

So, drive a stake through the heart of the fall and winter slowdown and howl at your competition as you conjure up more business for your institution!  Originate more and worry less.  Need more information?  Email me at davestephan@inlanta.com or call 262.754.6292 or visit our LinkedIn page.

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