Mortgage challenges force the question how do we scale up the enterprise while cutting costs and trying to remain viable in a cutthroat Mortgage Market Mortgage London Ontario.
There are multiple challenges for today’s firms in the Mortgage Industry. There are tests like increasing the Mortgage Loan Process costs, with tighter profit margins, escalating personnel costs, and retention problems. There are more players on the field, making this sector very competitive. Here are a few of those challenges.
Shorten the Turn Around Time! – The customer always expects the fastest service. Blame Amazon for unreal expectations, but that’s the fact, so you better be able to deliver on time. And it would help if you were super accurate because mistakes will cost more time.
Regulatory Compliance – To say the regulatory battlefield is “fluid” is a huge understatement, and that means your staff needs to be up-to-date on all the changes. Which takes a lot of time, that’s paid time, and additional expenses of seminars, software, and printed materials.
Flexible Staffing – Like many other business sectors, the mortgage process business has busy and slack seasons. Having to pay idle staff during slow times doesn’t make a lot of sense, so it’s worth exploring a different business model.
Pre-underwriting Precision – Somebody who will complete all of the needed preparations so the underwriting process can go smoothly and efficiently. Most lenders and borrowers expect the buyer to be pre-qualified these days, and the key to that is effective pre-qualifying methods.
Business Growth – You want to grow your business, either in your area, in your state or region, even overseas. But this is a big leap, filled with traps, so you better have solid plans and enough capital to make a move to expand.
These challenges force the question: How do you scale up your enterprise while cutting costs and trying to remain viable in a cutthroat Mortgage Market?
The Mortgage Process is a multi-faceted, hyper-detailed set of responsibilities. Many different “micro-tasks” that require precise knowledge to complete. If one person on your staff is handling all of the different functions involved in Loan Origination – Background Investigation, Property Assessment, Accounting, Financial Checking, Document Examination, Mortgage Underwriting… not only are they crazy busy, but the workload will soon crush them. And when it does, there will be plenty of mistakes to clean up.