Hot seat_ kim hoffman of sutherland mortgage services _ 2016-08-01 _ housingwire

Kim Hoffman: Loan origination costs typically consist of personnel, occupancy, equipment, corporate allocations, and technology, to name a few. Money lender yishun Origination costs have continued to climb over the years. Money lender review According to the MBA, in 2008, it cost an originator roughly $4,500 to originate a loan. Hard money lender definition By late 2012, this amount had increased to $5,600. How to be a money lender And, at the low point in early 2014, it jumped to over $8,000, but this number is now roughly $7,845 per loan, while productivity per employee continues to go down, with an average of two loans originated per day per production employee.

KH:This trend of increasing costs is becoming the norm, due to the compliance burden, the paper-intensive manual nature of the business, technology investments, and as personnel costs continue to increase, thus increasing compliance costs.


What is a hard money lender for real estate Being creative, thinking outside the box, and working with partners who can provide customized solutions such as outsourcing non-core functions offshore to capitalize on the highly educated work force, lower salary requirements, and ability to work shifts around the clock, can really be a productivity and expense game-changer.

KH: The mortgage industry has been slow to adapt to the technology and speed which we all expect in terms of consumer transactions. Extortionate money lender This may be because of the required investment and already thin profits, or because our focus is on keeping our platforms and personnel compliant, or even because the burden to integrate new technology is too great.

I continually hear the technology sector speaking about a future where technology will automate most of the documentation and data required for a mortgage straight from the source, thus minimizing the client burden and shortening the process time. Money lender clementi I applaud this “future state,” but in the meantime we are still digging through piles of documents, waiting on countless bits of critical data, and begging the customer to interrupt their day and make their loan process a priority.

Lenders can shine in the eyes of customers by leveraging design thinking to develop a delivery model that is not limited to the constraints of Monday through Friday, 9 to 5. A blended model keeps the loan in motion 24 hours a day as it moves between skilled resources onshore and offshore. Money lender advertising An outsourcing partner with the proper onshore and offshore mortgage experience will structure the framework for maximum efficiency in accordance with the lender’s specific needs, always focusing on compliance and the borrower experience.

Regarding wait times — those nail-biting periods when everyone from the customer to the Realtor and the loan officer are in the dark awaiting various approvals — if you could communicate loan approvals to the borrower, loan officer and Realtor within 24 hours of loan submission, wouldn’t this improve the loan experience? What if you could reduce cycle time by as much as 70%, slashing 20 to 30 days or more off the average cycle time? This would significantly increase the number of loans that can be processed per month.

KH: All services can be scaled to meet clients’ needs, whether via a full end-to-end or component model delivered onshore, offshore or dual-shore. Money lender miri We are mortgage bankers serving mortgage bankers, therefore our solutions are customized to fit our clients’ needs versus a one-size-fits-all solution.

KH: A keen focus on continuous process improvement and enhancing the customer experience provides an excellent outcome for all parties, and we strive to provide that focus. Miri money lender Further, our personnel are all mortgage bankers, and they have the education and training via the Mortgage Bankers Association, which sets the gold standard in mortgage training.

I wish I had known of all the resources and assistance available as I was working through strategic challenges throughout my career. Malaysia licensed money lender association There are qualified resources to assist you with virtually every aspect of your business. Grasping money lender You simply don’t have to go it alone.

While other state and federal regulatory bodies overlap in their regulation of the mortgage industry, the very particular consumer focus of the CFPB is not duplicated by any other body. Singapore money lender association Will deregulation mean a return to the Wild West lending atmosphere that led to the financial crisis? What happens next? We asked John Socknat, partner at Ballard Spahr, to weigh in on what mortgage lenders and servicers can expect from a Trump administration.

The marketplace is full of hard and private money lenders — it will come down to who can best assist investors in completing their goals, whether that be by providing quicker close times, or with more accurate valuations. Money tree loan interest rates With how many options there are for borrowers, lenders will need to start competing for marketshare as borrowers shop their situations to multiple lenders, leveraging the offers against each other. Money lender definition This process will force lenders to update their guidelines, or be forced out of the market.

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