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Equilibrium Mortgage Solutions: Fostering a "Customized" Approach to Streamline Mortgage Loan Processes

Nishith Parikh, Co Founder, Equilibrium Mortgage SolutionsNishith Parikh, Co Founder
In a highly competitive mortgage landscape, reduced response times can keep mortgage firms a step ahead of the competition. However, with the coming in of a new set of mortgage standards, loan originations have gotten tougher than ever. For instance, the new regulations now compel mortgage processing companies to evaluate and document a borrower's financial ability as completely as possible to rule out even remotest prospects of default. This, coupled with additional government procedures like investigating all major indications of derogatory credit of an applicant, have made mortgage loan processing even more tedious.

Founded in 2013, Equilibrium Mortgage Solution offers a complete end-to-end mortgage loan origination service for lenders and provides clients have of mind with quality control and compliance at every stage of the origination cycle. As the industry's leading dedicated mortgage outsourcing provider, they help clients stay ahead of market demands and gain a competitive advantage in the marketplace.

Equilibrium's Mortgage Fulfillment Services are completely customizable and cover a wide variety of loan products. The full suite of services includes indexing, pre-underwriting, contract writing, risk analysis, and pre-auditing, which helps with optimizing the loan origination cycle starting from Lead generation to Customer onboarding. To put everything into perspective they helped FNCB Bank to automate the loan origination cycle using their LOs, which included everything from lead generation through customer onboarding.

"We target independent mortgage banks because, in most cases, they are using loan origination processes that are antiquated or not up to date, and they are not as automated as customers would want them to be.


Our ultimate focus is to make mortgage bankers, credit unions, and regional banks capable to compete with giant banks, credit unions, and mortgage bankers


They typically lack a genuine depth of operations in terms of underwriting processing, closing, and post-closure," says Nishith Parikh, Co-Founder of Equilibrium Mortgage Solutions.

The company's competitive advantage edge stems from the fact that they are a fully licensed lender that can make an underwriting decision on agency loans as well as get loan documents approved, which clients like.“This is why our customers prefer to count on us a little bit more than they do our competitors, because many, if not all, of our competitors are not licensed. And, that just puts us apart in the marketplace again," says Parikh. Additionally, to better serve clients, they also collaborate with TMC, the nation's biggest independent cooperative network servicing the mortgage sector, to participate in annual or biannual summits representing a small to mid-size mortgage firm.

Of all the imminent changes that businesses encountered during the pandemic, Equilibrium expanded their business and workforce by thrice. They implemented restrictions, access, and surveillance to ensure that their employees could work safely from home, benefiting both the company and its clients. Moreover, as an off-shoring company, the Equilibrium staff in India assisted clients in doubling and tripling their volume, which was remarkable given the severity of the pandemic. With such a transient global climate regarding hiring and employment, change is bound to occur. Therefore, our leadership and management team focus on strategic, responsible, and sustainable growth, which enables us to be a competitive resource in the marketplace.

As one of the chosen solutions for automation of the Loan Origination process looking ahead to the future, Equilibrium seeks to diversify its business by becoming a technology firm that can help additional mortgage businesses be quicker, better, and smarter. "Our ultimate focus is to make mortgage bankers, credit unions, and regional banks capable to compete with giant banks, credit unions, and mortgage bankers," concludes Parikh.

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Top 10 Lending Management Solution Companies - 2021
Equilibrium Mortgage Solutions

Company
Equilibrium Mortgage Solutions

Headquarters
Parsippany-Troy Hills Township, New Jersey

Management
Nishith Parikh, Co Founder

Description
Equilibrium provides lenders with comprehensive end-to-end mortgage loan origination services and gives clients peace of mind through quality control and compliance at each stage of the origination life cycle. As the industry's leading dedicated mortgage outsourcing provider, the company assists businesses in growing faster and smarter, enabling them to close more loans at a lower cost. The company manages the entire mortgage process, from loan origination to underwriting, processing, and approval, to quality control and closing. Additionally, they are a committed partner, assisting in staying ahead of market expectations and gaining a competitive edge in the marketplace