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What a year it has been. You’ve been busy, we know it. It’s part of the reason all those vacation days have gone largely unused. I know mine have. But now there are just six short weeks left in 2020, some of which, I am certain, will be spent recharging during the holidays. The question is, is your organization prepared to do what needs to be done for 2021?
The industry conference season with all its guiding insights on how technology improves the mortgage process is winding down, current budgets need to be used before the end of the year and 2021 financial planning is underway. It’s time to get off the dime and commit to adding more automation into your mortgage workflows as soon as possible.
With loan volumes like we’ve never seen, pleas for staffing help on LinkedIn seem to be through the roof. Why not look at automation that could enable greater loans per person productivity? A slight interruption to implement these tools could also save you from the impending negative impact to corporate culture when you balance for staffing needs in 6-9 months and are reversing some of these decisions.
In the rush to close as many deals as possible, has loan quality suffered? Has it declined during these times or are you unsure of its trends because you have been too busy pushing files through to notice?
Before you seek to hire another person, the time is now to increase the efficiency of those on staff and automate more of your processes that ensure loan quality. Give yourself a break and spend 45 minutes to see a demo of technology that can help.
Get up and running with inline real-time doc processing within days to begin chipping away at bottlenecks that delay your workflows. No lengthy ramp up time, training or IT resources involved. You can even “try before you buy!”
Optimize the cost of quality checks during production and post close by increasing loans per person per day productivity. Loan quality audit automation can significantly improve throughput, whether reviews are completed by your staff or outsourced to LoanLogics. We leverage our own technology across all our audit services – pre-close, post-close, pre-fund and TRID compliance – to drive greater efficiencies for our clients. And, for those that prefer to take QC on inhouse our published benchmarks are possible for your internal audit staff as well.
HMDA annual reviews are looming for many lenders. To ease the burden, lender need to consider an automate first strategy for data collection and loan file reviews that delivers 99% data accuracy and less than five minute loan file reviews.
See how machine learning doc processing technology for mortgage servicing right transfers, as used by Freddie Mac for their FAST™ Program, can help create a frictionless B2B commerce experience for buyers and sellers alike. Just this month we discussed the vast opportunity for more efficiency that remains in the servicing, wholesale, and correspondent channels in a webinar with National Mortgage News. Retail has been given much of the industry’s focus, but the time is now for the industry to allocate spend and divert attention to adding more automation here.
I assure you, there is a lot to plan for in 2021. Interest rates are forecasted to remain low, Millennials may finally enter the housing market in droves looking to settle down and expand the homestead after a trying 2020. URLA is finally slated for roll out and the pandemic will continue to postpone – or even forever change – a return to office space as we know it.
There’s no more time for delay until “things settle down,” then it will be too late. Take advantage of automation now and increase staff productivity so you don’t find yourself victim of being too busy chopping wood to sharpen the saw!
Automation can hedge all of this and whatever else may come our way in the year to come.
