Lenders spend money serving borrowers early on in the application process, even when those borrowers don’t end up qualifying for a loan or go with another mortgage company. Losing borrowers early on leaves lenders footing the bill for these application expenses, adding unnecessary costs to an already over-strained business model. As such, lenders need to exploit every opportunity to be more efficient in their loan process and start saving on upfront costs and invest more in qualified borrowers. By utilizing the best tools, lenders can reduce out-of-pocket expenses from the beginning and have more impact on the ratio of applications to closings.

Publisher: Informative Research
Date: July 2018