New products, Fee Collection, Sales, VOE Tools; Events and Webinars: All This Week! Mar 2 2021, 7:10AM
As a kid, magic tricks are amazing because we think there is magic. As an adult, magics tricks are amazing because we know there is no magic. Lenders know that financing a home is not magic, done through sleight of hand. Quite the opposite. Getting a mortgage while you’re grabbing a cup of coffee is misleading, and MLOs bear the brunt of educating borrowers how much arduous work it takes to satisfy them. STRATMOR Group and CFI Group released annual report findings this week for their MortgageSAT Customer Experience Program. The industry’s largest benchmark, based on more than 263,000 surveys in 2020, showed wide swings in customer sentiment over the past twelve months due to pandemic-related factors like capacity strain, extended cycle times, fulfillment burnout, new hiring, and widespread adoption of the work-from-home model. For example, loans fai
Ops, MLO Jobs; Cap. Mkts., Valuation, Default, Fulfillment Tools; Technology and Processing Notes Feb 25 2021, 8:03AM
As hope for a recovery drawing nearer helps push rates higher, Carol K. writes, “I hate it when people ask me what I do for fun because there is no classy way to say, ‘Binge drink.’” The approaching 1003 form mandatory changes may cause some people to turn to drink… Is it going to “March Madness” at your shop with the new URLA? (The commentary has plenty of URLA and processing notes below.) Plenty of lenders who are “farther along technology curves” than others seem to be hiring lots of developers to accommodate change like incorporating a new application. But AEs and MLOs need to be aware of and use digital tools that they already have. DU and LP, for example, are great tools and in nearly every lender. Heck, I hear a lot about senior management reminding staff about the benefits of correctly filling out forms: it is im