MReport October 2021

TheMReport — News and strategies for the evolving mortgage marketplace.

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42 | M R EP O RT O R I G I NAT I O N S E R V I C I N G DATA G O V E R N M E N T S E C O N DA R Y M A R K E T THE LATEST ORIGINATION Industry Concerned Over Rise in Turn Times A new survey of industry execs has found that lengthy turnaround times on real estate transactions topped the list of most pressing operational concerns. W illiston Financial Group (WFG) has released the findings of its 2021 survey of WFG Executive Round- table members and other industry leaders, and the results find a marked increase in concern over the impact lengthy turnaround times are having on real estate transactions. Topping the list was "Turnaround Times," which 56% of respondents selected. In WFG's first survey, taken in fall 2020, ap- proximately 25% of those surveyed chose turnaround times as a major challenge. The other most concern- ing operational challenges were: Operational Capacity, Volume and Staffing (34%), which tied with Technology Implementation and Integration (34%), followed by Communication (31%), Training and Time Management (both at 19%), and Process improvement/QC/ Errors & Delays (16%). Regarding title and settle- ment, the chief concern identified by those surveyed was again Turnaround Times (41%), followed by Communication (34%), Data Accuracy & Quality (25%), and Process Improvement/QC/Errors & Delays, and Customer Service (both at 22%). "This feedback from the indus- try is leveraged to help us develop products and services that align with, and help solve these chal- lenges for WFG's mortgage-lending partners," said Dan Bailey, SVP of WFG's Enterprise Solutions and Lender Services Divisions. The survey asked mortgage lending executives from commu- nity banks, credit unions, bank, and nonbank lenders, as well as members of the WFG Executive Roundtable, to identify the biggest operational challenges facing the industry. A list was provided, along with a free-form fill-in option, from which they were to select the top three operational challenges they feel are most se- vere. "Since our founding in 2010, WFG's mission has been to take time and cost out of the real estate transaction for all participants," WFG Executive Chairman and Founder Patrick Stone said. "In keeping with this purpose, we strive to proactively communicate and collaborate with our clients to develop solutions that address their most pressing operational concerns, enhance operational ef- ficiencies, and elevate the customer experience."

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