Over the past year, headlines have pointed out record-breaking mortgage rates and closed loan volume. However, the market won’t boom for much longer. While it can be exciting to ride the wave when the industry is thriving, brokers and loan originators need to consider strategies for long-term success.
The best possible way for a broker or loan originator to improve their service is with efficient mortgage loan processing. This is one of the easiest ways mortgage professionals can close a loan faster and secure new business. There are third-party digital platforms, such as wemlo, that offer efficient, first-class, loan processing for mortgage brokers.
Annette Beckwith, vice president of operations at East Shore Mortgage Services, a small mortgage brokerage in Connecticut, was in need of sustainable mortgage processing. Her office had five originators and only two full-time processors. "We use wemlo as an overflow processing source, which has proven incredibly useful. The entire wemlo team has been 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, his in-house processors couldn't keep up. It was also becoming onerous for newer loan originators in his office who weren't as familiar with processing. "Since I started using wemlo, our mortgage loan processing has become more regimented, predictable and traceable. Now I know that even my new employees have someone available to help them if needed," Ingram added.
As the mortgage and real estate industries come to embrace technological solutions, mortgage processing will become more streamlined and digital. Utilizing a multi-faceted platform and third-party mortgage processing services can help brokerages achieve success, regardless of how the market is doing.
For more information on wemlo, the mortgage processing startup, visit the wemlo website.
