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It’s that time of year. Pitchers and catchers are reporting for spring training and a new baseball season is about ready to get underway.
Each team is preparing for what is to come and looking forward to competing for an appearance in the playoffs with the ultimate goal of winning the World Series. Spring training is here and with it comes the hope of a successful season. For the players and the fans, it’s a new beginning; another shot at the prize. Are you ready for some baseball?
Like baseball, lenders look to spring as a new season, the buying season, time to get things going to set the stage for a successful year. To compete, Lenders need the products, pricing, technology and trained staff to attract and service consumers. Most lenders will have access to the products and pricing, so it’s the staff and technology that will set them apart.
First QM & ATR, and now TRID, have changed the rules. So, Lenders need to learn to play different. Consumers still need loans to buy, or refinance their homes, but it’s how those loans are delivered that makes the difference.
Today’s Lender, and LO, need to have the capability to service a wide array of borrowers from first-time homebuyers, with limited income, assets, and experience, to those well qualified to purchase homes at the higher end of the value scale. All need quality products, delivered with quality service.
Some say that the traditional lender and LO may become a thing of the past (Old Dogs). Maybe, but I say these people are the backbone of the industry and will adjust as needed to remain in a position to compete. They always have.
There is no substitute for good old fashion experience. As long as these old dogs can learn, and implement some new tricks, (so to speak) they’ll remain in the game.
Just like the ball players, LOs need to constantly practice to update their craft. Learn what needs to be learned to understand the new changes and implement the technology available to help them deliver their products and service better and much more quickly.
The new, and much of the old generation, now want ease of application, on their time schedule, with the ability to shop and compare. Once they select a lender, they want to communicate and provide information and documentation online from their mobile devices. Forget snail mail.
At the end of the day, this new generation of loan applicants is just like any other. They want a great product, at a great rate, delivered with great service. Most of all, they want to deal with someone they can trust. You want to be that lender, and that LO.
Do you have the knowledge needed to assist your applicants in understanding the new rules and the lending process? Do you have the technology to accept online, real-time applications and communicate the same way with your customers?
Are you prepared to provide counseling to your customers and answer all their questions about your lending process, and what they may expect? Can you track and monitor your loans throughout your loan manufacturing process to ensure timely customer service and compliance with the TRID rules and as well as those for a Qualified Mortgage and your applicant’s Ability to Repay?
It’s a new season. It’s time to compete. Are you ready?
