STRATMOR Group advisors revisited past InFocus articles
published in 2023 and pulled together the most relevant advice for mortgage
industry leaders heading into the new year, according to a company press
release. The lessons learned are captured in the “The Moral of the 2023
Mortgage Industry Story,” which are available in this month’s STRATMOR Insights
Report.
“This past year came with its fair share of challenges, but
it’s the successes experienced by the lenders who were not afraid to try and
fail that offer the most hope,” STRATMOR Senior Partner and CEO Lisa Springer said
in the release. “Throughout the year, our advisors shared strategies to help
lenders think outside the box, evaluate new strategies, take risks and survive
the downturn.”
STRATMOR recapped multiple takeaways from the past 11 months
of InFocus articles and provided an index to a year’s worth of business
recommendations specifically written for mortgage lenders. The firm’s advisors
then identified four overarching themes for the year and categorized the morals
under each theme, the release notes.
Among the findings they discovered were:
Servicing holds the key to unlocking additional revenue, but
any decision will involve servicing transfers, which are intricate processes.
Each step must be executed with precision to ensure a seamless transition and
maintain trust in the mortgage ecosystem.
Secret shopping is the most impactful way for lenders to
remove the disconnection between perception and reality and pave the way for
meaningful improvements in customer experience.
Lenders and vendors both share responsibility for technology
ROI. This partnership will play a larger role in the final ROI outcomes than
the technology on its own.
Lenders will be more successful when the cycle turns if they
work on their sales compensation structures now.
“LOs perceive that they’re already delivering a nice
experience and have nothing to ‘fix,’” Seminari said in the release. “But in
today’s market they need to produce ‘wow’-inducing experiences for their
borrowers if they want to continue to grow their influence and reach.”
Seminari’s article offers three ways to impress and amaze
your borrowers this holiday season.