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Years ago, the mortgage industry was more fragmented than it is now. Each step in the mortgage process was often handled by a different department or organization, and there wasn't a great amount of communication between them. Each function along the chain from origination to closing operated in silos, and we only really paid attention to our own roles in the process.
Technology has changed all of this. The means we have of processing applications more thoroughly and promptly have smashed the silos of the past and broadened our perspectives on the mortgage process. Now, we are able to focus on our own functions in the process, while also paying attention to the entire process as a whole. If we're smart, we'll use this capabilities to create a more efficient and sustainable process and give ourselves a competitive edge.
Of course, this does not necessarily imply vertical integration. We don't have to take over the entire process from start to finish. But, we should have a firmer grasp on how things play out. Communication should be stronger with our partners and the hand-offs should go much more smoothly. The better the process, the quicker loans can be originated and closed, and the more money we'll all have in the bank. This amazing technology has never been so accessible. Let's use what we have to make everything better for everyone.
David Lykken is 40-year mortgage industry veteran who has been an owner operator in three mortgage banking companies and a software company. As a former business owner/operator, today David loves helping C-Level executives and business owners achieve extraordinary results via consulting, coaching and communications, with the objective of eliminating corporate dysfunction, establishing and communicating a clear corporate strategy while focusing on process improvement and operational efficiencies resulting in increased profitability. David has been a regular contributor on CNBC and Fox Business News and currently hosts a successful weekly radio program, “Lykken on Lending,” that is heard each Monday at noon (Central Standard Time) by thousands of mortgage professionals. He produces a daily one-minute video called “Today’s Mortgage Minute” that appears on hundreds of television, radio and newspaper Web sites across America. He may be reached by phone at (512) 501-2810 or by e-mail at [email protected].