I love learning new nuggets of information about our industry. Fortunately (and unfortunately for some) “it is what it is” or “just because” are not acceptable answers for me. I always find myself digging deeper for better understanding of things I’m not as well-versed in because, as industry professionals and leaders within our organizations, we should never stop learning and growing.
This brings me to sharing another discovery I made while on my quest for more information. As a mortgage company, the second-biggest expense (outside of people) is your credit-reporting cost. Latest studies suggest that around 10-15% of leads in general turn into closed deals. It makes sense why credit is the No. 2 expense. Every lead has the natural next step of pulling a credit report (or Softqual).
And this is where my interest in understanding the world of fees surrounding credit began. Too often we just assume things are the way they are because that is how they have always been. Why question it, right? Quite honestly, in many cases that is true. However, due to tech advancements throughout the mortgage industry, everyone is hyper-focused on cost — every dollar matters.