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.
“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.”
Operational efficiency happens when your team is executing against a strategic plan in the most productive way. Your people, processes and technology are in cadence and you’re achieving high performance lending which leads to satisfied borrowers, more closed loans, higher profitability, and all with the highest level of regulatory compliance.
The integration helps Mortgage Cadence customers eliminate hours of manual document review and accelerate time to close while providing systematic income calculation and verification for self-employed borrowers.
After a quick 90-day implementation, Home Bank is now live on the platform and also using its integrated Borrower Center, an intuitive online origination portal.
In the study, participants cited a number of reasons for not yet reaching their digital mortgage goals, with about 44.1% blaming current internal technology limitations.
“In order to satisfy all segments of the market, the survey results suggest a reasonable balance between automation and human interaction needs to be established.”