Partnering with a Mortgage Consultant Might Save Your Business
By: Bill Dolan, CMB, AMP
As mentioned last week, refi’s are expected to decline in the very short term while purchases are forecasted to grow significantly in 2021. Lenders are already considering streamlining their processes and strategically looking for options to create leaner operations, while reducing overhead and expenses in order to manage the highs and lows of this upcoming season.
In times like these, partnering with SCA’s mortgage consulting team can help identify hidden process improvements to enhance your lending operations while reducing your institution’s costs per loan. With lenders being so close to the operation day-in and day-out, inundated with tasks to perform, loan volume to manage with never enough hours in the day, you are oftentimes unable to take a step back and see the “forest for the trees.” This prevents many from seeing the dead spots in their processes, operations and lack of best practices.
Collaborating with an outside mortgage consulting company allows lenders to obtain a far greater perspective and understanding of both the industry’s marketplace and their best practices. This can often equip the lender with the means necessary to expand and integrate their technology more successfully and augment ways of devising better use of their mortgage team, while lowering operational costs.
With the mortgage industry being such a competitive business, some lenders tend to be extremely hesitant when it comes to embracing change. Other lenders look to embrace it and favor consultants who can execute the necessary mortgage manufacturing assessments to identify system bottlenecks and workflow issues while recommending the latest technology hitting the marketplace daily, looking to provide a leg up on their competitors.
By looking under the hood with a different set of eyes at a lender’s loan lifecycle, consultants can provide a fresh perspective when it comes to assessing potential inefficiencies or processes that need to change whether in origination, operations, servicing or all three areas. The same holds true when it comes to regulatory compliance throughout the entire spectrum of your mortgage operation. Consultants can often pinpoint areas of weakness that create potential risk and exposure associated with both regulatory and data management issues. They too, can also provide the necessary solutions to lessen those risks.
Over the next few weeks, SCA will provide several recommendations as to the necessary changes lenders should embrace if they expect to achieve their set goals and yield the expected results for the upcoming 2021 mortgage lending season.
For a free consultation to discuss SCA’s mortgage banking and consulting services, please contact Bill Dolan at (617) 694-2617.
