MReport November 2021

TheMReport — News and strategies for the evolving mortgage marketplace.

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32 | M R EP O RT FEATURE 03 Leverage Cloud- Based Document Management and File-Naming Systems M anual or disorganized digi- tal systems do a disservice to processors working to quickly move through files. To ensure processes flow smoothly, access to files and documents requires a specific filing structure for every loan, processor, and team. A uni- form naming convention can help team members confidently search for and find what they need. Furthermore, certain items like payoff statements, rate locks, title quotes, and disclosures have expiration dates. Lenders need a system to alert them and any third parties to update docu- ments when required. 04 Tap into Automated Task Lists O ne of the most significant issues in processing is that of differing, disjointed systems— every employee, loan officer, processor, underwriter, and title company manages their tasks differently. For a mortgage branch to operate efficiently and profitably, approaching task management from a systems perspective is no longer a "nice-to-have." Managing workflows and tasks like that of a fast-food restaurant or assembly line is needed. Every step of the loan has a transparent process, so the right person is doing the right thing at the right time. 05 Employ Time Saving Insights and Dashboards A mortgage company's LOS does not provide a full picture of what is needed to push different loans to the next steps and prevent bottlenecks in the pipeline. To combat this, many mortgage teams resort to spending more time in meet- ings, check-ins, status updates, and reporting. This is incredibly inefficient. While meetings and reporting can provide useful data for management to make effective decisions, the time consumed is outrageous. Teams must also be able to forecast closings, revenue targets, goals, and production to know when to step up marketing and when to take their foot off the pedal. Historically, spreadsheets have been used to provide this information and are updated manually each day. While spread- sheets can be useful, there is still one huge problem—they require a human to update, and humans make mistakes. Additionally, manually updating spreadsheets still devours valuable time. The solution lies within a system that features dashboards that are automatically updated and accessible to each member of the mortgage company's team. 06 Implement an Assembly Line Philosophy T he best teams have a method for managing workflows and tasks similar to an assembly line. Consider Henry Ford. He noticed that when you have one mechanic work on one car at one time, the mechanic needs to have a breadth of understanding, specialization, and knowledge to excel at each specific task. This also slows production. Ford then realized the need for a specialized workforce. Instead of having one mechanic build the entire car, you make one em- ployee responsible for the engine, another for the wheel hub, an- other for the interior, and so on. You create a conveyor belt to pull the car from one station to the next, so instead of moving tools, you move the work product. For mortgage teams, automated task management streamlines processes so that processors get the most done in the shortest time. Leveraging tools like this allows the team to look at a screen and have the work come to them—fully prioritized. Do you have someone within your processing team who is a rockstar? The processor that every loan officer wants working on their loans because they're faster and more efficient? While processor bias is common, it leads to organizational inefficien- cies. Instead, teams should focus on eliminating this bias by removing FIFO processes, enabling parallel processes, implementing cloud- based document management and file-naming systems, automating processes and tasks, employing insights and dashboards, and implementing an assembly line philosophy. Those who do will not only deliver better experi- ences but also increase their competitiveness. ADAM BATAYEH is President of Lodasoft, an award-winning mortgage task automation software designed by mortgage veterans to enhance productivity and quality. The Lodasoft Digital Workflow Platform leverages enterprise intelligent loan manu- facturing (ILM) to drastically reduce the cost to originate. Lodasoft enhances workflow throughout the enterprise's lending lifecycle by implementing task-based automation, identifying training opportunities, and freeing branches and internal staff to focus on growth. For more information, visit Consider Henry Ford. He noticed that when you have one mechanic work on one car at one time, the mechanic needs to have a breadth of understanding, specialization, and knowledge to excel at each specific task. This also slows production.

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