Managing any business requires a certain amount of efficiency from an operational standpoint. If your business isn’t organized it will be apparent to your customer, and that is the case with mortgage branches.
With so many steps to the loan process and tensions sometimes running high because of the scope of purchasing a home, it is best for mortgage branch managers to do everything in their power to increase efficiency throughout their business.
One of our clients summed it up well here:
“Mortgage branches need to know how many loans have been originated and what stage of the process those loans are in, such as determining which loans have been sent out with documentation and which are scheduled to close. This type of information gives you an idea of where your business is at so you can properly forecast. Trying to collect data about your branch has historically been a cumbersome process and because of that it falls by the wayside.”
Don’t let things that can increase efficiency fall by the wayside.
Here are some tips on how to increase efficiency in your branch.
Track Your Pipeline – You should be able to quickly analyze how many leads you currently have and where those leads are coming from. You should also know which staff members are tracking loans and if they (and the software they use) could get better.
Keep Tabs on Your Sales Team – The lines of communication with your sales team should always be open and you should understand how they operate. Regular meetings (preferably every week) are a good way to do this. As you get updates from them, you can make course corrections as necessary. This promotes consistent improvement and accountability.
Forecasting – If you can map out quarterly projections and set expectations throughout your branch then efficiencies should go up. Goals should be set for your loan officers and processors and you should offer guidance as needed.
Use Technology – Mortgage Intelligence Platforms like X-Ray are a must. X-Ray is able to communicate with all of your current data-tracking software, which will allow you to pull the necessary data to check loan statuses quickly. You will be able to identify bottlenecks, simplify the management of loans, track major production and operation goals, view your loan statuses on mobile devices, improve compliance and accuracy and more.
Instead of putting out fires constantly because of inefficiencies, branch managers should follow these tips so that they can spend more time growing their business by providing their staff the tools they need so that the consumer is properly taken care of.