Everyone has heard the phrase communication is key, but this is especially true in organizations where each department is responsible for their own piece of the process, like in the mortgage industry. Especially when volume is high and deadlines are tight, it can be so easy for each department to put on their blinders, keep their heads down, and think only of the tasks at hand that they are responsible for. However, as we all know, a loan cannot go through the entire origination process smoothly unless all areas of a mortgage lending company or a mortgage brokerage are communicating efficiently and working in tandem to get that loan to the closing table and beyond.
Companies with siloed processes typically experience a lack of open communication across departments and little thought as to how their piece of the puzzle factors into the overall company vision meaning there is a greater likelihood of choppy processes, avoidable delays, and ultimately unhappy customers. The problem is many organizations don’t even realize they are working in silos until the cracks begin to show and customers and business begin suffering. So, what are some of the warning signs to identify if your company is having communication issues, and most importantly what can be done to improve communication throughout your entire organization before the damage is done?