As we near the end of the year, most lenders are now planning and budgeting for the year ahead. If the experts are right, and they tend to be pretty close in our industry, 2022 will be a tougher year for lenders in search of growth.
We’re working with a number of lenders who are working aggressively toward a number of goals that will make them stronger competitors next year. As we visit with these lenders and other prospects, we find that one of the five following issues is top of mind, and rightly so.
The five issues that can deliver growth in 2022
Any lender could benefit from giving these issues some careful consideration.
What would it mean to your effectiveness and productivity if everyone in the mortgage production process learned the role of everyone else? How much more effective would they be, performing their role with everyone else in mind? This pays such high dividends that every lender should be thinking about it.
Cross training only occurs in companies that have a strong corporate culture. That starts with a strong vision and a clear set of corporate values that drive a clear mission. Good people want to be a part of something bigger than themselves. They look for a strong culture and when they find it, they stick with that company.
A big part of what we do is help lenders optimize their technologies. In the vast majority of cases, we find lenders utilizing 60% or less of the horsepower built into their lending technology. When under-leveraged, incorrectly used, or not trusted, this is just money left on the table. Poor utilization of technology leads to low productivity and higher overall costs.
Remote on-line notarization (RON)
Where we find change in the industry, we find lenders who lag behind others. RON is one of these areas. Are you aware, for instance, that Oregon was just the 36th state to approve RON? Do you have your process, policies, procedures, and guidelines in place for Oregon closings using RON? Keeping up with this trend will translate into growth at the expense of lenders who don’t.
The signs are now quite clear, we are moving into the purchase money mortgage market that was predicted last year. That means lenders will need a more diversified product menu to meet the needs of more borrowers. Lenders must have a plan to train their loan officers for the new sales process and workflow.
As the industry moves into the new year, only lenders who have given these issues (and another 20 or so) are going to be in an optimal position to compete. BlackFin Group is standing by to help lenders discuss and plan for all of these issues and more.
Reach out to us today to start that conversation.