Archive: Blog

"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."

"Some of the lenders that have participated in our study since the beginning have improved their performance every year."

"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."

Every moment someone in the lender’s shop is working on the deal the company is accruing costs. The longer it takes, the higher the cost-to-close and the lower the profit the lender will receive from the deal.

"You'll only make the mortgage if you reach your member at the opportune time."

"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.

More than 50% of your Cost-to-Close is labor, so monitoring this metric helps management focus their attention on those activities that are affecting production and dragging down profitability.

Where the historic best of breed argument was more theoretical with far more limited options, today the possibilities are practically limitless, making concrete best of breed more attainable.

If solely technology could make the difference, those using the “best” LOS would all perform at a very high level. The truth is, however, that technology is only part of the answer.

Becoming a high-performance lender will reduce the cost to close. Our data shows the average lender will save $3 million per year.

"Too often, lenders will adjust staff in anticipation of volume changes, a costly and inefficient way to meet market demands and ultimately reduces their Productivity metric. Our top performers address this challenge differently." Read below.

"Remember that the easier you make things for your customers, the more likely they will be to return to you, and to send other people your way as well."