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Mortgage Lending Improvement

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  • #24244

    zachrei
    Member

    Hello All,
    I am a recent grad and trying to get into a mortgage lending institution as a BPR analyst. I have experience in process improvement projects but none in the mortgage lending industry. Does anyone have anything I might be able to use as a means to get up to speed on the mortgage lending process, best practices, where the industry is headed and how effective is internet technologies making this process more effective/efficient and more appealing to customers?
    Lastly, I am a starving grad so training or expensive books are definitely out my budget (regular school was expensive enough)
    Thank you all for your feedback.
    Regards,
    Zach

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    #58137

    April
    Participant

    Hi Zach,
    Here is a link that may help you out!
    http://www.homeloanlearningcenter.com/
     
    April
     

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    #58138

    zachrei
    Member

    Thanks for the link April. I appreciate the info but I’m looking more to understanding the internal process rather than the process that the customer goes through. For example: origination, production, servicing and the others.
    Regards,
    Zachrei

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    #58139

    April
    Participant

    Maybe this link will help instead.
     
    http://www.mbaa.org/
    April
     

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    #58190

    Ronald
    Participant

    Zach,
    Some ideas:-
    1. Originations (Underwriting, Conveyance, Valuation processes) – look at what’s driving turnaround time – from receipt of a customer application to the transfer of funds. Expected drivers could be forms incorrectly filled, parts of application missing, backlogs in the processes etc.
    2. Servicing of mortgage loans – what is driving customer redemptions? (where customer may transfer to different lender). Business goal is to increase originations and reduce redemptions to grow the size of your mortgage book.
    3. IT/Internaet technologies – Online applications for Brokers and borrowers, Document imaging for mortgage application packs, document workflow, auto bank reconciliations for borrower payments etc.
    The list could go on…. Take a look at the Council of Mortgage Lenders website http://www.cml.org.uk. It has some good research and consumer information which will explain the process from a customer view point (which is a good way to initially look at it!). Also explains terms such as Conveyancing, Valuation etc.
    Also I would advise that when applying to Mortgage Lenders that you ask for information up front (before interview). Good luck!

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    #59541

    misba
    Participant

    The Board proposes to cover certain requests for the preapproval of home purchase loans. Currently, lenders are not required to report preapprovals, although originations that result from preapprovals are reported.————————-Misbah

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    #59557

    sharoosunidhi
    Member

    Hi, Budget is a document which documents the Plan of the business, This may include the objective of business, Targets set, and results in financial terms, e.g. The target set for sale, resulting cost, growth, required investment to achieve the planned sales, and financing source for the investment. Also Budget may be long term or short term. Long Term have a time horizon of 5-10 years giving a vision to the company, short term is an annual budget which is drawn to control and operate in that particular year.==================================sharoo

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