Managing Mortgage Loan Costs in a Competitive Market

How Lenders Can Save Money and Avoid Investing Resources in Unqualified Borrowers

Losing borrowers at the beginning of the mortgage process leaves lenders footing the bill for these expenses, adding unnecessary costs to an already overstrained business model. By utilizing the best tools and techniques, lenders can start saving from the beginning and have more impact on the ratio of applications to closings. 

“When someone first applies for a loan, the lender almost immediately orders a credit report. If the applicant is rejected, the lender won’t always charge the borrower for that so the lender ends up covering the expense themselves. Today, it isn’t unheard of to have 40% of applicants fall out of the loan process at the credit score application stage, so lenders are incurring a lot of unnecessary costs.”

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Read and You'll Learn...

The current economic climate that’s contributing to a very competitive housing market

The 3 main factors that can cause borrowers to not qualify for a loan

How to find efficiencies early on in the process so lenders can start saving on upfront costs and invest only in qualified borrowers 

Real-world case studies demonstrating how lenders saved big on out-of-pocket expenses