We are gradually morphing to a more next-generation mortgage process and some say it’s about time. Lenders are notoriously slow to embrace change. So, why are things different this time? There are so many new outside factors that are forcing lenders to evolve. To discuss how change is impacting the mortgage industry we gathered a panel of experts that includes: Paul Wetzel, EVP, Product at Mortgage Cadence.; Michael L. Riddle, the Managing Director at Mortgage Resources Group, LLC.; Neil Fraser, Director of US Operations at Paradatec, a mortgage OCR technology; and Brandon Perry, President at TTP Enterprises, a leading CRM firm. Here’s how they see the future of mortgage lending.
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.