| Surviving—indeed excelling in the future—will require major operations changes to improve accuracy, reduce risks, origination times and operating costs. |
| Critical Strategies Include: |
- Increase staff expertise in products, underwriting rules and compliance.
MDI is available to provide training in all aspects of mortgage banking, including FHA origination and insuring.
- Take full advantage of your systems’ capabilities to further automate tasks.
MDI is available to help clients create appropriate policies and procedures regarding use of their systems – to ensure employees get the most out of the automation available to them.
- Adopt Image Enabled Workflow from point of sale through loan delivery.
With Fannie Mae and Freddie Mac and Ginnie Mae leading the secondary market revival and loan buyers looking for bargains, increasing profits may depend more on lowering operating expenses and increasing efficiency than in past years. This is a major challenge as lenders likely will spend more on regulatory compliance and quality assurance to reduce their risks and meet regulatory requirements.
One of the most cost effective strategies a lender or servicer can implement to reduce operating costs is adopting a robust Image Enabled Workflow (“IEW”) approach throughout the company. The term “Image Enabled Workflow” entails a great deal more than simply creating images and a paperless work environment. Our approach is available to you regardless of whether your images are produced by the client, another vendor or our parent company.
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| Key elements of IEW include the following |
- Organization of documents within each loan image file to allow easy identification and location of individual documents
- Developing process workflow to use IEW and other mortgage banking systems to maximize automation and efficiency in a paperless environment.
- Recognizing that multiple individuals can perform different tasks on the same loan simultaneously, reallocate less complex tasks to lower skilled individuals.
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| The IEW concept makes it possible to |
- Free employees from needing a paper file to perform tasks.
- Sharply reduce all costs related to using, storing, copying and shipping paper, including the cost of loan delivery.
- Create opportunities to streamline processes.
- Enable multiple employees to perform different tasks on the same loan simultaneously.
- Support allocation of tasks based on the skills and knowledge required for each task, without regard to where staff is located.
- Reduce the cost of performing less complex tasks.
- Staff for core volume and utilize the capabilities of outsourcing firms to expand capacity on a variable cost basis.
- Build in quality control steps throughout the production processes to identify and correct mistakes before the loan closes.
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MDI experts are available to advise mortgage companies and vendors on reengineering their operations to fully benefit from Image Enabled Workflow where the use of paper is minimized. This approach can reduce the time and expense of virtually all mortgage functions.
Click here to learn more about Image Enabled Workflow. |
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