Changes to the rules governing mortgage brokers and non-institutional lenders in British Columbia made headlines this week. One notable pending change is the $500,000 maximum penalty for individuals and businesses that violate the rules, which will come into force in late 2023.
Loan officers can drop the ball when they don't use mortgage quality control software. As everyone in the industry knows, loan originators must comply with nearly a dozen mortgage or real estate industry rules and regulations that are dictated by federal agencies. Quality control is an integral part of error-free loan origination. In addition to protecting a lending institution from liability, quality control helps to ensure a positive client experience. The process of mortgage quality control involves:
Loan originators must comply with nearly a dozen mortgage or real estate industry rules and regulations. In larger teams, compliance tasks easily slip through the cracks when application steps are split up. Mortgage compliance checklists prevent this problem. In this article, we’ll cover the main mortgage compliance checks to include in your list to reduce risk.
Brokerages and financial institutions that play a role in the mortgage origination process always strive to increase efficiency. That involves enabling underwriters and loan officers to improve processes by giving them access to loan origination key performance indicators (or KPIs, in short). That said, mortgage lending KPIs are a bit different than other mortgage business trackers. Let’s look at what they are, how to calculate them, and how they can unlock growth in your business.
As a mortgage lender, you're likely aware that digitally transforming your lending processes offers several significant benefits. From reducing risk and operating costs to boosting scalability and profit margins and enabling you to deliver leading borrower experiences that breed 'customers for life.' Digitalization is a lever for the positive business outcomes that will allow you to compete profitably in a fast-changing world.