New Year – New Opportunities
Written by: Bill Dolan, CMB, AMP
Now that the holiday season is in the rearview mirror and we are officially into 2024, you are probably busier as ever getting back into the swing of things and settling back into your typical routine. If this is the case, you would be wrong to do so. For now is the time that lenders should be preparing to face new opportunities and challenges that are being driven by regulatory changes, technological advancements, and most of all, by borrower expectations.
Ask yourself some of the tough questions that need your honest responses:
Is my team leveraging the technology that our company has provided and invested in?
Is the operational workflow we have implemented providing our borrowers with the streamlined processes from the initial application to the closing process?
What type of customer experience am I delivering? Is the borrower’s journey user-friendly, transparent, and above all, personalized?
How am I differentiating myself from my competitors?
2024 without exception will be yet another year of challenges for lenders when it comes to regulatory compliance, especially in the areas of consumer protection laws, financial standards, and data privacy regulations. Do I have a robust compliance management system in place to ensure adherence to CRA/Fair Lending, HMDA, Quality Control, etc. to name just a few areas that require your attention?
With the start of a new year, now is the time to take proactive measures by having an operational workflow assessment performed within both your lending and servicing departments.
Several recent industry reports have forecasted heightened risk standards and unprecedented regulatory intensity in 2024 with regulators expecting compliance deficiencies to be addressed more thoroughly and expeditiously than ever before. Are you ready?
In looking at the year ahead, the industry should prove to be an exciting chapter in lending. Most believe in an ease of mortgage rates but nowhere near pandemic-era lows. Realistically, the majority believe rates will spend the bulk of the year in the 6% range with possible movement below 6% in the second half of the year. If you are looking to get out in front of your competitors, consider partnering with Spillane Consulting Associates to discover just how SCA’s solutions can trigger your lending operations and regulatory compliance in meeting your institution’s goals and objectives.
SCA for 33 years has been dedicated to delivering cost-effective solutions to both manage and measure the risks associated with lending and servicing today. Our team of professional consultants have a broad spectrum of backgrounds within the industry and their knowledge is unparalleled.
Contact Bill Dolan, Director, at (617) 694-2617 or by email at: Wdolan@scapartnering.com to start the year off right!
