It’s always difficult to predict what will happen next in the mortgage industry, but there is a consistent theme to what keeps mortgage lending and servicing executives awake at night — profitability and regulatory pressures. Unfortunately these two challenges are often at odds with each other, as compliance costs continue to grow and eat into profit margins. So what investments will deliver the best balance between profitability and compliance while still allowing you to grow your business?
To make the best decisions for both the short and long-term, it can be helpful to focus on three key areas of the business: processes, technology and people. Looking at each of these categories holistically will help you maintain a focus on the big picture of what actually matters in your business.
Our most recent whitepaper examines each area in terms of its potential impact on the profitability of your mortgage business. For each area discussed, we will provide some examples related to appraisal management and mortgage closing to illustrate the positive impact changes can have on profitability and compliance, while at the same time improving the borrower experience.
Recent data from the Mortgage Bankers Association shows that both total loan origination costs and personnel costs per loan are rising, so now is good time to look at areas for improving efficiency and productivity.
A few strategic changes in the areas of processes, technology and people can results in huge improvements in profitability. Carefully selecting vendors who offer the most flexible, advanced technology and proven expertise can help you streamline processes and close loans faster, while also enforcing compliance. Outsourcing functions such as appraisal management will yield immediate reductions in fixed costs and overhead while also saving you money longer-term by reducing mortgage buy-back risk. Technology automation, electronic closing and process outsourcing will not only deliver measurable improvements to profit margins, they will allow you to refocus your people on what matters most — customer satisfaction, the best borrower experience and business growth.
Download this free whitepaper from Accurate Group to dive deeper into tips on how to improve efficiency, compliance and profitability across your mortgage lending and home equity lending processes, technology and people.
Contact Accurate Group today at askAG@accurategroup.com to discuss your specific needs in these areas, and we’ll help you put together a plan to improve your real estate lending or servicing business.
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