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Industry weighs in on rate momentum

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Mortgage Professional America | 24 May 2013, 05:00 AM Agree 0
Following a week of climbing mortgage interest rates, industry figures have spoken out on how they’re reacting to new home mortgage highs
  • Dave Robbins | | 29 May 2013, 01:47 PM Agree 0
    If mortgage originators must eat the rising costs of mortgages so attract new borrowers, operating costs will have to shrink. SaaS-based LOS systems may be the best, most efficient place to start.
    SaaS-delivered LOS solutions are evolving to enable fast, streamlined mortgage processing--everything from ordering docs online to running automated compliance checks throughout the mortgage process--shaving hours of labor off the mortgage lifecycle. Automation results in fewer errors, and customizable workflows and alerts provide greater transparency, helping lenders find and fix problems before costs skyrocket. And because they’re deployed over the web, lenders benefit from low-cost access to enterprise-grade software without having to purchase and maintain the infrastructure themselves.
    Potential savings add up fast. In fact, a commissioned study by Forrester Consulting revealed that by using a SaaS-delivered LOS, lenders can reduce the cost per mortgage closed by $231, on average. If originators must accept lower spreads and absorb rate increases, then finding a more cost-efficient way to process mortgages will be necessary for their survival.
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