Re-Tooling the Mortgage Factory. The Time to Act is NOW!
By: Paul Bates/Justin Coscia
Challenging times present unique opportunities to grow and adapt while others remain stagnant. The mortgage industry is currently experiencing a significant decrease in pipeline volume. Successful lenders exploit low volume cycles by utilizing the increased internal bandwidth available to review and update current processes and implement new technology platforms.
SCA consultants are extremely familiar with the cyclical nature of the mortgage industry. We are lenders first. We have over 40 years of industry experience, and the SCA Technology group is ready to partner with you every step of the way to help you leverage technology to meet your business goals. We help you evaluate, implement, and administer solutions that meet your exact needs.
Evaluate
SCA’s Loan Manufacturing Assessment provides a detailed review of your entire loan manufacturing process – from initial customer contact through closing and servicing or delivery to the secondary market. This is a collaborative process that includes staff and management participation. We will present you, upon completion, a roadmap to help you bring your lending operations to the next level. Key factors addressed in the assessment include:
Process and Procedures: What exactly does your current loan manufacturing process look like? What are the systems and documents being utilized? What tasks are performed? What are the recurring bottlenecks and inefficiencies that cause issues for your staff and ultimately delay turn times?
Personnel: What are the key roles and responsibilities at each phase of the process? Do you have the right individuals performing these functions? How smooth are the handoffs of a loan file between the team members from one phase of the process to the next?
Technology: What systems are being utilized to manufacture the loan product? Are you taking full advantage of available feature functionality and automation? Are you delivering a borrower experience that is best in class? Are your current systems in need of reconfiguration to address identified issues, or are there other platforms available on the market that would better fit the unique needs of your institution?
Compliance: Are your loans manufactured in a compliant manner in accordance with federal, state, and investor requirements? Do you have a compliance management system to monitor and address potential issues?
Implement
Once the evaluation process is complete, many lenders often find that the implementation of new technology platforms would be of great benefit in meeting their goals and eliminating current inefficiencies. SCA has many years of experience in working hand in hand with both lenders and vendors to implement many of the systems that represent key tools in the manufacturing process, including but not limited to:
Customer-Facing: Point of Sale Solutions
Loan Manufacturing: Loan Origination Systems
Secondary Market: Product and Pricing / Risk Management Tools
In addition to the main implementation project, SCA will work closely with your staff throughout the testing validation and end user training processes to ensure that you are completely prepared for a successful transition. SCA also works closely with your team post-implementation to assist and guide you as questions arise.
Administer
Successful changes to the loan manufacturing process, whether they be to procedure or technology, require thorough monitoring and adjustments as necessary. Mortgage technology is continuously evolving, and proactive system administration is key to a successful deployment. SCA provides administrative services for many of the leading technology solutions in the marketplace.
SCA is here to assist you during these trying times. Now that you know what we can do for you, please contact Bill Dolan, Director, at (617) 694-2617 for a free consultation or please visit our website at: www.scapartnering.com to learn more about other consulting and lending services that SCA can provide your institution.
