"Lenders who spend time evaluating lending technology beyond the Digital Lending Platform will fall behind those who use those same resources on building strong lending teams, constantly evolving processes to maximize efficiency and building stronger borrower relationships."
In well-managed companies, all change starts with people, and it begins long before any new technology is acquired.
HousingWire recently caught up with Peter A. Espinosa, the new chief executive officer at Mortgage Cadence.
"Over my 24-year career with Accenture, I’ve been involved in many projects... The most significant hurdle any change-related initiative must overcome is created by people."
Since 1999 we’ve been providing lenders not just with great technology, but also with the expertise to design & optimize workflows, instill best practices, and measure and monitor the key metrics for profitability.
The numbers are in! Where do you fall in the Mortgage Cadence Annual Benchmarking Study?
"Just a small increase in Productivity yields significant increases in profitability."
We expect this change to be more significant for the industry overall than TRID. Those that don’t take this change seriously may learn that truth the hard way. Are you ready?
"Every $1,000 saved in production costs could be used to decrease rates by as much as 10 basis points. This constitutes a fantastic competitive advantage to the lender who understands how to achieve a low cost-to-close."
"One thing we all know is the cost of making a mortgage has never been higher. We’ve watched it more than double over the last ten years. At the same time, productivity, the closest performance indicator cousin to cost-to-close, has never been lower."
"This is critical for lenders who want to grow their businesses this year because the battle for borrower share is a zero-sum game."
"It also offers evidence of the high cost of complying with the numerous complex regulations our industry is subject to today."
"When lenders spend resources to get borrowers to prequalify but then do not follow up in order to get the deal once the borrower finds a home, they are leaving money on the table."
"A single technology platform stores all relevant loan and borrower data in the same way and in the same place, simplifying audit trails and compliance reporting. This alone has been reason enough for many lenders to put all real estate lending on the same platform."
Matt Hydrew, EVP Sales
With a true SaaS option, new updates are automatically applied to lenders’ technology. There’s less involved on the lender side to ‘take’ the upgrade.
