Headlines over the past year have been on record mortgage rates and closed-end loans. However, the market boom will not last long. While it can be fun to ride the tide when the industry is booming, brokers and lenders need to think about strategies for long-term success.
The best way for a broker or lender to improve their services is through efficient mortgage processing. This is one of the easiest ways that mortgage professionals can close a loan faster and keep your new business safe. There are third party digital platforms like wemlo that offer efficient and top-notch loan processing for mortgage brokers.
Annette Beckwith, vice president of operations at East Shore Mortgage Services, a small Connecticut-based mortgage brokerage firm, needed sustainable mortgage processing. Her office had five developers and only two full-time processors. “We use wemlo as an overflow source, which has proven to be incredibly useful. The whole wemlo team was phenomenal, ”Beckwith said.
Barry Ingram, broker-owner of Motto Mortgage Independence in Texas, is also grateful for improving his mortgage processing service. Ingram had so many loans this year that his in-house refiners couldn’t keep up with him. It also became burdensome for new lenders in his office who were not as familiar with the processing. “Since I started using wemlo, our mortgage loan processing has become more streamlined, predictable and traceable. Now I know that even my new employees have someone who can help them if necessary, ”added Ingram.
As the mortgage and real estate industries begin to embrace technological solutions, mortgage loan processing will become more streamlined and digital. Leveraging a multi-faceted platform and third-party mortgage processing services can help brokerage firms succeed no matter how the market is.
For more information on wemlo, a mortgage loan processing startup, visit wemlo website.