How Mortgage Lenders Can Thrive In 2019
There are a number of obstacles that mortgage lenders face everyday. However, a report from HousingWire shares three tips that mortgage lenders can use to thrive in 2019 centered on revenue, recruitment and retention of loan officers and referral relationships.
In terms of revenue, HW's Sarah Wheeler believes there is a way to combat the high loan costs that can end up costing your company in the first quarter.
"The surest way to combat those high loan costs is finding efficiencies in the process, and tech innovation is key. However, not all technology is equally effective and lenders must be careful to choose wisely," wrote Wheeler.
"The right technology investment can make LOs more efficient and improve back-end processes, reducing the time to close and increasing partner referrals."
With recruitment and retention of loan officers, Wheeler believes that LOs are the "lifeblood of any origination shop, providing the primary source of revenue."
Again technology plays a huge role in LO retention. Wheeler believes that given the right tools, LOs will be able to perform at a higher rate. That means, mobile origination technology that gives LOs a wide range of options at a high rate.
A positive referral relationship can also make all the difference in mortgage lending for 2019.
"Nothing beats face time, and when loan officers are untethered from the office they can spend more time building relationships, which makes mobile technology essential," according to Wheeler.
"LOs should be active in their community, meeting prospective borrowers at a Realtor’s office or social event. Mobile technology extends the LO’s reach and brings lenders more customers."
Technology is at the root of it all and it is seen and making the right investment for your company can make all the difference in 2019.
Click on the image above to dive into these tips a big deeper.