The mortgage industry has been fortunate in that we have not experienced the intense layoffs occurring in so many other industries. However, even with a healthy staff, the volume that we are seeing right now, coupled with the work from home distractions, lenders are having challenges scaling and meeting borrower needs in a timely manner. Lender mortgage pipelines are…
More lenders are realizing that HMDA data can be a benefit in identifying new markets and paths to increase business in present markets. It will also help to identify competitors doing business in the same markets and the products and communities they serve. With new data being collected, this information will become even more valuable. Lenders who pay attention to…
Will the loan originators, as we know them today, be replaced by technology anytime soon? That is one of the big questions on many a lender’s and LO’s minds. Lenders have long struggled with the challenges of hiring, training, retaining, and paying top notch loan originators. The LO’s share of what the lender’s loan profit has been increasing and for…
With all the buzz around implementations using technology and a digital loan process, some say the role of the loan originator (LO) may be diminished, if not eliminated. Recent studies have shown that, although many homebuyers want access to a digital process that is online, they still want the comfort and certainty of having a human being available for assistance…
I don’t think so. I’ll bet (if I were a betting man) that if we carefully analyzed the process to originate a new loan, we would find the cost to originate a loan has actually declined. What with online applications and the technology for consumer communication, information gathering and verifications, and automated loan approvals, less time is spent creating a…
I’ve heard it said over and over that the mortgage banking business may be in jeopardy as the average age of a loan originator is somewhere north of 55. The industry just ain’t attracting any new talent these days. This was one of the main topics of discussion that I participated in at a recent town hall meeting at the…
