As your Funded Loan Volume increases, your goal is to realize a higher percent margin to grow Net Operating Income. To achieve higher NOI, you need to focus on being effective and efficient in all areas of your loan process. Here are 5 areas to examine and execute programs.
Identify Key Processes
Look at each segment of your loan process and ask: “What can we do to accelerate this process while reducing costs and employee labor.” Working directly with the team members involved a particular process will yield great ideas on how to be more effective (outcomes) and efficient (time/money).
Determine Tasks and Responsibilities
Identifying which tasks are in a process and which specific individual is responsible (accountable) for that task is key to streamlining that process.
Select Best-in-Class Tools
Using the right tools for a particular task or process will drive effectiveness and efficiencies. There are many tools that use automation and even artificial intelligence to perform tasks that were manual before much faster and with higher quality.
Keep Score and Measure What is Important
Identify your Key Results Areas (KRAs) and the Key Performance Indicators (metrics and goals) for each process improvement area. Reviewing the KRAs and KPIs with your team on a regular basis and incenting success is key to accomplishing your goals.
Look for Improvements and Cost Reductions
Create a culture of “Do the Right Thing” inside your teams. Encourage discussions that drive projects around improving quality, improving speed, improving customer satisfaction, increasing employee engagement, and doing these things while decreasing costs. This is an interesting set of trade-offs but when done transparently with your team will drive improved Net Operating Income.
Using the 5 Mortgage Business Growth Levers you can continue your growth momentum from 2020 to 2021 and beyond. Now is the time to put these levers into practice, and enhance your software systems, technology, and tools to automate and accelerate your successful business outcomes. The Unify team can help you identify which of the growth levers would have the greatest effect on your business and how to implement the right software tools using a business growth platform.
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