Today’s business environment of higher interest rates, declining loan applications, and higher cost of compliance is a challenge to all lenders. Over the last 18-24 months, with volumes declining and compliance costs going up, the average cost to produce a loan has swelled to $9,000. Most service providers are reporting a net loss on each loan that they originate. When times are tough, you need to strategize your moves. The aim is to remain ahead in the race, without increasing your cost of acquisition. Also, since the loan volumes are down, lenders must......
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How can Title Agents be Assured of Meeting Compliance Needs while Streamlining Operations
Title agents work with lenders and they must ensure full compliance to maintain those relationships. If they use manual or excel based systems, there are chances where things will fall through the cracks and in matters of compliance, that will simply not be accepted by their lender clients. How...
Continue ReadingHow can Title Agents Manage Volume Swings without Increasing Fixed Costs
The last 18-24 months, all of us in the lending and title industry are well aware about the volume swings in the business. That is one of the reasons, why title agents prefer not to add increased fixed costs by getting in more fulltime staff. In doing so, they...
Continue ReadingHow can Integrations and Ease of Use help Title Agents in Streamlining Closings
In the title industry, you often need to work with multiple systems, that of the lenders as well as help your vendor partners organize the orders that they receive from you. All of this, if done manually will create chaos. It makes sense to have ready integrations to these...
Continue ReadingAmidst all the volatility, what can a SMB Mortgage/Title Company do to Survive?
The fortunes of the lending industry have seen some significant swings due to reducing volumes, increased compliance cost and margins hitting an all-time low. There has been a lot of talk about digital mortgages and technology, but the adoption of these technologies and the return on the technology investment...
Continue ReadingWhat can Title Agents do to Streamline their Closings?
In the title industry, you often see deals on both sides of the table: lenders handing off business to their preferred title agents and underwriters and at the same time, title agents handing off this business to several of their trusted partners/vendors. Multiple parties are involved in almost every...
Continue ReadingThe Most Common QC Mistakes Lenders are Still Making
There are plenty of risks associated with mortgage loan approvals which are known to the industry participants. These risks are associated with both, the lending institution, and the borrower. If a borrower’s documents are not in order, their application for mortgage will most likely be denied. If for some...
Continue ReadingEvidence that Mobile is a Winning Strategy
Rocket Mortgage blasted into our world during 2016’s Super Bowl 50, a contest between the Broncos and the Panthers. At its peak, the game attracted more than 115 million viewers, and right in the middle of it all Quicken Loans debuted their spot for Rocket Mortgage. It changed everything....
Continue ReadingHow Wholesale Lenders can get Ready for the Secondary Market
Wholesale lenders regularly sell their loan portfolios in the secondary market to raise liquidity but dealing with investors and their due diligence vendors is not easy. They have stringent demands in terms of the health of the portfolio. After all, they want to make sure that there are minimal...
Continue ReadingMeeting the Needs of the Next Generation of Mortgage Borrowers
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...
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