Mortgage executives need to define the experience they want their customers to have. This experience can be defined in both qualitative and quantitative terms. They should be asking questions such as – How long should the approval and closing process take? How fast should a wholesale or correspondent transaction be funded? What is the exact role of the loan officer, both in terms of originating a quality file and in interacting with the customer after the application is completed? What is expected from the lender’s wholesale or correspondent sales staff? How many times should a customer be contacted for more information? How is a customer kept abreast of progress on the loan? How should different personnel in the loan approval process interact with the customer, broker or lender? How many times should a processor, underwriter, closer or funder touch the file? What should the origination process cost the lender, for retail, wholesale and correspondent? How can quality be designed into every process?
Surprisingly, most lenders can’t answer these questions.
Read more at: Scotmasn Guide Jan 2017
