The keys to streamlining your loan origination process

The mortgage loan origination process can be clunky and inefficient. Ultimately, the goal of lenders is to close as many qualified mortgage loans as possible—while remaining compliant, of course. Interest rates have continued to plunge since late 2018, dipping below 4% in June on a 30-year mortgage, the lowest we’ve seen in about two years, according to Mortgage Reports. This dramatic drop in rates could potentially send consumers flocking to their lenders to refinance or take advantage of their home’s equity. From a lender’s perspective, an increase in applications, in turn, increases the need for efficiency.

Across the board, our clients consistently seek ways to streamline their operational procedures and reduce the cost of conducting business, including how they originate and refinance loans. Keep reading to learn some actionable tips to help you streamline your loan origination process to realize faster turnaround times, and a reduction in the cost to originate mortgages.

Audit your origination process

Before you can identify areas where you can cut the proverbial fat from your mortgage loan origination process, it’s important to conduct an audit of your current procedures. Running a process audit gives you a “big-picture” understanding of how your loan officers and originators are currently operating and how conducive it is to their productivity.

 

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