Your Decisions Impact Both Your Mortgage Team and Your Borrowers
by Bill Dolan, CMB, AMP
With inflation rising daily, just how long does the Fed intend on purchasing Treasury securities, residential agency, and commercial-backed securities at their current rate of $120 billion monthly? And with rising inflation, we will continue to see a significant influence on the direction mortgage interest rates head.
With both a waning refi market, coupled with competitive pricing, mortgage profit margins continue to drive downward. I find it quite perplexing that mortgage volume has dropped to an 11-month low, despite the fact, that 14.5 million qualified borrowers out there, would benefit from refinancing their existing residential mortgage.
Flush with cash, financial institutions should be using this opportunity to invest in much-needed technology to advance their digital strategies, while providing a “best in class” experience to your borrowers, while ensuring you remain compliant with your regulators. Borrowers desire a quick and seamless customer experience from time of application through their closing. If you are not currently providing this service, your competitors are!
To accomplish this, you will need POS, LOS and PPE platforms and systems that must integrate with one another as well as with other 3rd party vendors. Do NOT allow vendors to sell you on “prospective” theory. Do your own due diligence and communicate with both mortgage bankers, and consultants such as SCA that you trust and that have demonstrated a proven track record time and again.
Just what is it that both you and your customers want? How about:
Borrowers wanting to augment their customer-facing process
Providing high-touch digital interaction remotely
Addressing and managing compliance concerns when maneuvering from in-person to digital mortgage banking business
Controlling and managing organizational resistance from your executive and management team, manufacturing plant employees and your IT and security areas.
If you are looking to reduce costs, turn times, and gain a competitive advantage driving business results, you need to connect to SCA’s mortgage technologists and consultants who provide the clarity, knowledge, and expertise necessary to implement and deliver the latest digital technology.
Unsure as to how to get started? SCA can equip your institution with a total Mortgage Manufacturing Assessment to evaluate your current technology and plant workflows, identify bottlenecks and inefficiencies, and provide you with the necessary workflow improvements and industry “best practices” that can be implemented based on SCA’s recommendations and solutions.
For a free consultation, please contact Bill Dolan, Director, at (617) 694-2617 or for other SCA services we provide, please refer to our website at: www.scapartnering.com
