It’s not just the mortgage industry that is learning that today’s consumers are not the same as past generations. Their aspirations are changing, and everything else along with them. Millennials are becoming the movers and shakers across all industries, making their mark in electronics, automotive, soft drink, vacation and recreation and a host of other industries. They are currently the largest active generation in the country and are the lead consumers for almost anything that is on offer. Housing is no different. Viewed through this objective lens, it should not be surprising that......
Continue Reading
Winning Back the Mortgage Borrower
While some could reduce their own origination fees in order to capture business, that is not a sustainable strategy in a market with fewer mortgage loan prospects. If the lender hopes to attract more business, they must focus on meeting the unique needs of today’s mortgage loan borrowers. It’s...
Continue ReadingUnderstanding Why Borrowers Love the Mobile Experience
Kabbage, the online financial technology company based in Atlanta, in a recent report which analyzes the lending behavior of 150,000 borrowers, came out with astounding facts: 17% small business loans get accessed on mobile. By the end of 2018, 20% of loans extended will be via a mobile device....
Continue ReadingMaking e-Closures a Reality for Wholesale Lenders with Smart OCR
The mortgage industry has seen a lot of changes as well as challenges in recent years. According to a recent (Q1 2018) Mortgage Bankers performance report published by MBA, average monthly closings per sales employee dropped to 4.8 loans from 5.9 units in the fourth-quarter 2017 and 5.0 loans...
Continue ReadingThe Secret Sauce to Increasing Pull Through Rate with Brokers
Over the last couple of quarters, we have seen origination volumes go down by quite a bit. Mortgage lenders are rediscovering the broker-wholesale channel as a low-cost way to extend their reach and maintain volumes. While the retail channel offers lenders the highest gain on sale for their originations,...
Continue ReadingWhy an Extra Check is Important Between Underwriting and Funding?
As a lender managing a large loan portfolio, you always want to ensure that you do not have bad loans in your portfolio. A bad loan can severely affect liquidity for a lender. Financial institutions that partake in lending carry certain risk on every loan they fund. In this,verifying...
Continue ReadingWhy Title agents need to think of an integrated platform
Title agents play a key role in closing real estate transactions. They have to collaborate with mortgage lenders, buyers, sellers, underwriters, recording and tax jurisdictions and other third party entities as they review title, facilitate closings, file and record paperwork as well as assist in issuing title insurance policies....
Continue ReadingWhat can lenders do to minimize risk at pre-funding?
Mortgages through banks or financial institutions have always been the conventional way for individuals for transacting in a real estate purchase transaction. Owing to this universal and age-old practice, lenders have become much more than just financial institutions. They are risk takers and risk managers, because every single loan...
Continue ReadingThe importance of QC in preparing for the secondary market
Lenders always want to maintain a good level of liquidity across their portfolio. This means that once loans are funded, they will sell these portfolios to investors and the secondary market to bring back the capital in their business. This is only possible when investors do not see any...
Continue Reading5 ways mortgage lenders can benefit from having a mobile app in their origination process
Technological advancements have dramatically transformed many industries in the past couple of decades. While a bit later than other industries, the mortgage industry also has experienced a significant number of innovations in recent years. Lenders are now leveraging technology to outdo their competition as well as develop a more...
Continue Reading