6 ways to reduce cost of loan production by over 50%

What steps can lenders take to reduce the cost of producing a loan, while ensuring faster closures?

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Abstract:

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.

What steps can lenders take to reduce the cost of producing a loan, while ensuring faster closures? We thought of 6 ideas that the lender can think of implementing, which will give them quick ROI. Also, with no upfront investments involved, the lender virtually has no risk associated with these initiatives.

What You Will Learn:

  • How you can speed up bulk processing and be 50% faster
  • Ensuring 99.5% accuracy
  • Using ‘Pay as you go’ to scale operations at reduced costs
  • Leverage tech from day 1 without any upfront costs
  • Building flexibility in terms of resources and licensing