Post-Trid & the New C's of Mortgage Lending
While most are familiar with the old-school 3 C's of lending, 'Credit, Collateral & Character' or 'Character, Capacity & Capital' (depending on what mortgage school you went to), there is a more modern-day set of C's which have emerged and taken center stage on modern-day lending.
Clicks & Cures & Costs & Compliance, oh my...
In today's world, Clicks, Cures, Costs & Compliance dominate or are at the root of most discussions, challenges and issues for just about every lender out there. Confusion is also sitting on the sidelines, vying to make that list for many! While the original C's are clearly still crucial principals to solid & sound Mortgage Lending, the new C's we face are byproducts of technology and regulatory changes which must be conquered by every lender in today's market.
So, here's the mission...
Reduce Clicks - Clicks take time, time is money, money drives up costs. Every click that can be automated or eliminated gets us that much closer to the next file in line, one more (or less) touch, shorter turn times and happier customers.
Eliminate Cures - Cures suck. Period. Clearly we don't work as hard as we do, just to lose money each month out the backdoor for stupid mistakes, or regulatory ambiguity. A solid workflow with appropriate checks & balances, automation and stop-gap hard-stops is crucial. Our clients all but completely eliminate cures!
Streamline Costs - Easier said than done? No, not really - we got this. Reducing those clicks, removing unnecessary stare & compare or manual processes, and dialing up efficiency and automation wherever plausible is key. KensieMae specializes in helping Lenders streamline costs and boosting loan profitability.
Conquer Compliance - Like that step-uncle no one wants to deal with at Thanksgiving, he's gonna be there, and we just have to find a way to deal with him. Today's CFPB penalties alone range to 25k per day, per offense, and no one wants an undeliverable loan. Through tools, rules, workflow, hard-stops, and of course - automation, we can make it so much easier to deal with that uncle, you'll forget he's even there!
KensieMae takes great pride in helping lenders achieve concise control, confidence and clarity to workflows and systems, to eliminate confusion & chaos, and help tackle these new C's head on. Here's How...