Spring is upon us. Whether you celebrate Easter, Passover, Ramadan, or just plan to revel in the season, times have changed — they’ve become more complicated. Who can we celebrate with? How do we decide? What can we safely do?
My multigenerational tradition is to make Italian Easter Bread, but my recipe makes seven loaves — way too much bread for our current smaller family gatherings. Lenders are faced with the same dilemma. As the market continues to adjust to the “new normal,” how do lenders adapt staff, productivity, and compensation to these ever-evolving market conditions?
In this month’s InFocus article, Senior Partner Jim Cameron addresses these challenges. Jim recently facilitated a STRATMOR Operations Workshop for operations executives representing 49 mortgage lenders and shares key takeaways from the discussions in, “People, Productivity and Compensation: 2021 Mortgage Ops Challenges.” Don’t miss this Ops-focused article.
In our Borrower Experience article, MortgageSAT Director Mike Seminari points out that while we all love a buzzer-beating basket in an NCAA Tournament game, the anxiety that goes along with it can be bit overwhelming. The last days or even hours of the mortgage loan process can produce a lot of anxious energy for borrowers, too, which can translate to missed referral opportunities if closing issues occur. Mike offers three steps originators can take to minimize end-of-game miscues in “Navigating Last-Minute Loan Process Volatility.”
Thank you for joining us for this month’s report. If you are facing uncertainty in this “new normal,” give us a call. The STRATMOR team is here to help you make sense of the data and make strategic decisions for a successful execution.
By Jim Cameron March 2021
In February, I had the privilege of facilitating two “deep dive” Operations Workshops with a total of 120 operations executives representing 49 different mortgage lenders. These sessions are part of STRATMOR Group’s ongoing quarterly workshop program that also includes workshops focused on the Customer Experience and the Consumer Direct channel. Because things change fast in the mortgage industry, these meetings are a great way for participants to stay up to date on the latest trends, challenges and pain points.
There were few surprises in these two workshop sessions, mostly a confirmation and quantification of the key issues and challenges we see executives facing in today’s market. Participants openly shared their experiences and talked about how we transition to a “new normal.” In this article, I share my observations on the seven key takeaways from these great sessions.
In the borrower journey, there are many places where the road can diverge from a “happy path” to an “unhappy path.” The part of the process most concentrated with off-ramps to unhappiness is at the very end — the loan closing. Here are three ways originators can minimize last-minute miscues.
In this article, retiring Senior Partner Jeff Babcock offers some candid and straightforward advice to help lenders prepare for the inevitable downturn bound to follow 2020’s record-breaking origination volumes.
Using MortgageSAT Borrower Satisfaction Program data, we’ve pinpointed some relatively easy tactics that provide substantial improvements in overall borrower satisfaction.
Garth Graham discusses four facts any mortgage lender, whether buying or selling their business, needs to know in the current mortgage environment.