￼MORTGAGE LENDING : ￼BY DENNIS HARDIMAN, FOUNDER, CEO OF EMBRACE HOME LOANS
Simply Outsourcing Your Lending Operations Isn’t Enough to Stay in the Mortgage Game
Is your credit union a contender in the mortgage game? If you’re not meeting the expectations of your members, then you could be knocked out of the competition in the first round. Discover how continuing to provide superior mortgage lending service via outsourcing can lead to superior member loyalty and retention.
Today’s lending environment is a challenging one. Originations in 2014 are projected to be at a 15- year low while the cost to originate is at an all- time high. Strict regulatory requirements have created other challenges, as it now requires an entire team to understand, implement and monitor the more than 900 pages of CFPB mortgage rules. Even more, failure to comply can result in substantial fines in the $1 million ballpark – adding costs to lending operations either way. According to a Thomson Reuters Cost of Compliance Survey released last year, more than half of the 800 compliance executives surveyed stated that their compliance budget will substantially increase this year. In turn, many financial institutions are investing in technology and staff to remain compliant.