The competition is always tough in the mortgage industry to get new clients. Slowing mortgage revenues have dragged down top-line figures even for the biggest banks in the US for a while now, with origination volumes declining quarter-on-quarter since the mortgage refinancing wave died down in late 2012. Moreover, originators are bringing upon themselves higher pre-set expenses to make sure they are compliant with always changing regulations. This leaves us with the sweltering question of how to improve mortgage originations.
Improve customer experience
Start with some rapid-fire sessions directed to yourself. Is your company lacking in offerings compare to your competitors? What offerings are bringing mortgage clients in? Ensure clear understanding of customer expectation and acquire ample knowledge on offerings by competitors. Communication is one of those things that bring in mortgage customers. Don’t let the communication bridge die down. Be in touch with your clients, and let them be aware of their mortgage transaction status.
Organizations can capitalize on available opportunities if they can adjust to the flow of mortgage volume. You can save a significant amount of time and cost with the capability of scaling up and scaling down as per market demand and requirement. Flexible capability helps to manage work easily in different time zones and ensures 24/7 operation in various regions.
Regulatory and Compliance knowledge
Keep your processing team informed regarding any alteration in the regulatory guidelines and procedures. It’s always better to have regulatory and compliance knowledge base readily available for processing team. Update your knowledge base with latest guidelines for processing team to refer base while origination. No harm in having experts available on demand for counseling on resolving exceptional cases.
Control fixed costs
Organizations have a big regulatory expert team to ensure compliance, which adds a considerable amount to flat cost and more often has very low return on investment. Get a third party organization on board that can offer regulatory and compliance expert services as per demand. Keep your flat expense under control while ensuring compliance with pay-as-you-go model of these organizations offer.
Better process efficiency
It’s time to re-evaluate a few of your procedures and find out if it needs improvement or enhancement. Simple, unproblematic process has never hurt anyone. Get a BPM organization that can rapidly weigh up procedures and suggest for improvement at a lower cost. Some of the BPM organization does the pilot project at no cost to showcase their capabilities. It helps to make the assessment of BPM service provider prior to giving a full-time contract. After all, it’s all about the high level of customer satisfaction and experience.