What Does a Mortgage Virtual Assistant Do? [Everything You Need To Know]

A Mortgage Virtual Assistant (MVA) provides various services to mortgage brokers, loan officers, and other professionals in the mortgage industry. These services range from administrative tasks and technical support to other duties directly related to the mortgage process.

MVAs are typically well-versed in the mortgage industry and work remotely from their home offices. Their main goal is to streamline operations and boost productivity for mortgage professionals, allowing them to focus more on their core business activities.

Given their effectiveness, it’s no surprise that the demand for remote mortgage assistants is on the rise. In fact, a recent study found that companies leveraging virtual assistants in the mortgage sector reported an average productivity increase of over 20%, underscoring the immense value they bring to the industry.

Whether you’re looking to hire an MVA or become one yourself, it’s important to understand the core responsibilities that come with the role. Let’s take a closer look at what a mortgage virtual assistant does.

What Is a Mortgage Virtual Assistant?

A mortgage virtual assistant is a person who works remotely from their home or any other location. They use their own equipment and software to assist mortgage professionals with various tasks.

They are not employees of the mortgage company. Mortgage VAs are independent contractors who offer their services on a project or retainer basis. They have the freedom to choose their own hours, rates, and clients as long as they deliver quality work and meet the deadlines.

A mortgage virtual assistant can specialize in one or more areas of the mortgage process, depending on their skills, experience, and interests. They can also work for different clients simultaneously as long as they can manage their workload and avoid conflicts of interest.

What Does a Mortgage Virtual Assistant Do?

A mortgage virtual assistant can perform a wide range of tasks related to the mortgage process, depending on the needs and preferences of their clients. Some of the common tasks that a mortgage virtual assistant can do are:

1. Data Entry

A mortgage virtual assistant can help with entering, updating, and verifying data related to mortgage applications, such as personal information, income, assets, liabilities, credit reports, appraisals, and loan documents. They can help mortgage professionals with data entry by creating and maintaining databases, spreadsheets, and reports for the mortgage professionals.

2. Customer Service

A mortgage virtual assistant can help communicate with the mortgage professionals’ customers, prospects, and partners. They can answer phone calls, and emails, do cold calling and messages, provide information, answer queries, schedule appointments, follow up, and handle complaints. They can also help send customers reminders, confirmations, thank-you notes, and feedback requests.

3. Mortgage Underwriting

A real estate assistant for the mortgage industry can help with the underwriting process, which evaluates the risk and eligibility of the borrowers and the properties for the mortgage loans. They can help you by investigating your credit report, credit score, and payment record. They can also examine your finances, income, cash reserves, investments, and debts.

4. Lead Generation

Mortgage VAs can help with generating leads for mortgage professionals. These leads are potential customers who are interested in getting a mortgage loan. VAs can help create and execute marketing campaigns, such as email marketing and social media marketing, to attract and engage the target audience. They can also help create and distribute landing pages, lead magnets, and webinars to capture and qualify the leads.

In the virtual assistant network, there are virtual assistants from different industries. Therefore, your virtual assistant might be able to connect you with an Airbnb virtual assistant to help you generate more leads related to property.

5. Mortgage Origination

Virtual assistants for mortgages can help with the origination process by initiating and completing the mortgage loan application. They can assist with preparing and sending the loan disclosures, gathering and organizing the required documents, verifying and validating the information, submitting the loan application to the lender, and coordinating with the underwriter, appraiser, title company, and closing agent.

6. Administrative Tasks

Administrative support is one of the key responsibilities of a mortgage virtual assistant. They can help manage the mortgage professionals’ calendars, appointments, and travel arrangements. They can also organize and file documents and records, create and update the standard operating procedures and policies, prepare and send invoices and receipts, and handle the bookkeeping and accounting tasks.

7. Mortgage Research Services

A virtual assistant can help provide research services to mortgage professionals, such as market research, competitor analysis, industry trends, and best practices. They can help collect, compile, and present data and information from various sources, such as websites, blogs, podcasts, newsletters, reports, and publications, to help mortgage professionals make informed decisions and stay ahead of the competition.

8. Loan Processing Support

Getting a loan can be a real hassle for mortgage brokers. They must handle all the paperwork, legal stuff, and boring administrative tasks. Here, a virtual assistant helps streamline the loan process by collecting and organizing all the important documents, double-checking borrower information, and making sure all the necessary paperwork is in order. They even keep track of the loan application’s progress and make sure everything is on the right schedule.

9. Compliance and Quality Control

In the mortgage industry, strict regulations are the norm. Mortgage virtual assistants are vital in ensuring compliance with legal requirements and industry standards. They possess deep knowledge of real estate laws and regulations.

Their role involves meticulously reviewing documents and transactions to spot any compliance issues or discrepancies, reducing risks in mortgage operations. Additionally, they monitor brokers’ contracts and business agreements. They tend to stay updated on regulatory changes. Their attention to detail and expertise make them indispensable for maintaining the legal and ethical integrity of the real estate business.

10. Technology Management

Mortgage virtual assistants have a strong command of different software and tools that are essential in the mortgage industry. They handle databases, CRM systems, and other technological platforms to make workflows smoother. Also, they keep track of progress and improve communication and document management efficiency.

11. Report Preparation

Preparing reports and financial documentation is another core aspect of mortgage operations. Virtual assistants gather and arrange all the data to create reports. They have a strong knowledge of Excel, database management, and so on. They can access all the necessary data. Then, their reports help with financial analysis. These mortgage VAs are experts in precise report preparation so that brokers can make well-informed decisions.

Conclusion

I hope this article has been helpful and informative for you, whether you want to hire a virtual assistant to help you with your next mortgage deal or are interested in becoming one yourself. You need to begin with what are the responsibilities of a mortgage virtual assistant.

A mortgage VA is responsible for various tasks within the mortgage industry, including data entry, preparing reports, mortgage origination, loan processing, and more. The specific duties may vary depending on the requirements of the mortgage broker.

However, an MVA must have a deep understanding of real estate legal compliance and processing integrity. This is because they may need to handle sensitive financial and personal information.