As lenders ponder whether they should engage in a new paradigm around how they operate going into the new year, shaving costs is still a priority.

Outsourcing might be key in achieving such a goal, some industry stakeholders argue. By some accounts, close to 90% of players in the mortgage space offload some sort of non-core work to an outsourcing partner. 

"There are things they're outsourcing that they don't really consider outsourcing, but are in fact outsourcing," said Nathan Lee, partner in charge at Richey May, a financial services consulting firm.

Some functions being outsourced by mortgage lenders include loan processing, customer support and technology.

Lenders can "leverage the expertise and resources of specialized external providers" which can improve "operational efficiency, reduce costs, and enhance customer service," Nexval CEO Souren Sarkar said.

"By outsourcing certain tasks, lenders can reduce the burden on their internal resources associated with hiring and maintaining an in-house team to perform these tasks," he added.  "This brings down costs related to salaries, benefits, training, and infrastructure."

Outsourcing, in combination with other cost-reducing measures such as headcount management, cutting leases and scrutinizing some third-party relationships, could set mortgage shops up for a lean operating budget.