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5 Strategies for Building Business Resilience in the Mortgage Industry

The pandemic and its aftermath left many businesses reeling – including those in the mortgage industry.

From spiking demand and “Zoomtowns” where remote workers moved in faster than houses could be built to the rising interest rates that have lenders downsizing, economic uncertainty doesn’t really begin to cover the experience of mortgage professionals over the past few years. Economic whiplash is more like it.

And amid expectations that mortgage originations will remain sluggish in 2023, mortgage companies know firsthand the importance of resilience in the face of challenging conditions. Resilience, however, does more than deflect the effects of immediate turbulence. It also provides the foundation you need to prepare for whatever the future brings.

But how can you build business resilience in the mortgage industry? Here are some key strategies.

Implement Mortgage Technology

Technology is one of your biggest assets for building resiliency. From cloud-based mortgage document management solutions to origination automation to loan boarding solutions, technology streamlines mortgage processes.

It can help you keep up during high-volume times and effectively navigate staff shortages. Not to mention, technology gives your employees back the time they need to focus on what they do best and improves turn times. This is crucial since speed is one of the most important factors borrowers consider when choosing a mortgage lender, according to ICE Mortgage Technology’s 2022 Borrower Insights Survey.

With the right solutions, you can rest assured that your organization will maintain impressive turnaround times, continue to operate efficiently, and attract business – regardless of the challenges the market brings.

Integrate Your Systems

Disparate, siloed systems of data can be dangerously inefficient and result in costly errors. Cue integrations!

By integrating your systems, you can streamline processes and mitigate risk. Imagine connecting your loan origination system (LOS) with the QC audit platform you utilize, for example. With such an integration, you wouldn’t need to log into multiple systems to submit files for audit. You could send them to your trusted mortgage QC partner with just a few clicks and without ever leaving your LOS, significantly reducing manual labor, preventing human error, and expediting the entire process.

With integrations like this one, you can move your mortgage processes along more efficiently – even when you’re low on staff. And with mortgage companies being forced to reduce their workforces by as much as 50%, this is key to building resilience in today’s market.

Improve Collaboration

Fannie Mae’s Mortgage Lender Sentiment Survey revealed that over 50% of participants feel employee collaboration has worsened since transitioning to a remote work model. With remote work here to stay, this is a troublesome finding – especially since collaboration is a driving factor in improving employee satisfaction. According to Zippia, top performing employees spend 45% of their time collaborating and workers who not only collaborate but have access to digital collaboration tools are 17% happier.

With digital collaboration tools like mortgage audit workflow automation software and cloud document management platforms, you can build a more resilient business. Teams will be able to work together even during crises that keep them from physically being together – and they’ll be happier doing it.

Take Advantage of Outsourced Support

Outsourced expertise with variable pricing can be an important hedge against rising or falling volumes. Instead of having to staff up and down, outsourced help for critical functions like mortgage quality control and whole loan purchase review ensures that you have the assistance you need – and the time to focus on critical tasks during any and every environment.

According to Fannie Mae, cutting costs is lenders’ top business priority. By outsourcing mortgage QC and repeatable operations processes to a trusted vendor, you can reduce costs by not overspending when volumes fluctuate. Doing so will help you gain a position of financial stability during low-origination markets.

Partner with an Expert in Strategic Resilience

With decades of mortgage industry experience, MetaSource helps mortgage companies build business resilience with both technology and outsourcing solutions that streamline processes. Our solutions can help you improve operational efficiency, enhance customer service, cut costs, and ensure you’re ready for the unexpected.

Speak to a MetaSource mortgage business resilience expert today to learn more about how we can help you evaluate your level of business resiliency and strengthen it.

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