TheMReport — News and strategies for the evolving mortgage marketplace.
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Th e M Rep o RT | 23 Feature wants and delivers it seamlessly, so there are no problems to resolve. 2. The other approach, which is the one the mortgage industry has largely implement- ed, is to rely on humans to fix problems for customers as they arise. What now intervenes with the latter approach is a customer's impatience with what should be a systematic process with little—if any—room for error or disruption. Here's an example: if every time I order a steak from a particular restaurant, the chef is quick to fix it if it doesn't come out as ordered, that's nice. But why can't my steak simply be prepared the right way, initially? If a retail lender is spending more time chasing solutions to problems or correcting defects that could be prevented earlier in the loan manufacturing process, that lender isn't adding value to the customer's experience. To meet the needs of today's customers, retail originators need to go deeper, extend beyond traditional practices, and invest in establishing more meaningful, trusted rela- tionships with their customers. Originators need to be educated on how products work in their market and for whom, so they can better inform and lead their customers to the financing that best suits each individual circumstance. This empowers originators to establish these deeper relationships, and it's more efficient and more cost-effective for both sides, which ultimately creates a better, more intentional customer experience. The Future of Retail Y ogi Berra once said, "The future ain't what it used to be." As consumers be- come savvier, the competition becomes more aggressive, and the CFPB pushes for greater transparency, retail lenders are being forced to rethink how they're doing business and how they need to evolve. Moving the industry forward will mean reinventing or, at the very least, reiterating processes and patterns. It may not be easy, but it is necessary. By implementing a more systematic and value-driven approach, not only will retail lenders be able to reduce operating costs and offer better pricing, they will allow originators to better cater to their cus- tomers' needs while serving as a trusted partner for the long term. Howard MicHalski is executive managing director of W.J. Bradley Mortgage Capital, one of the largest, privately held residential mortgage banking firms in the United States. Find out how ServiceLink can optimize your disclosure delivery process. Lenders who offer an electronic disclosure process can streamline delivery and tracking of the Loan Estimate and Closing Disclosure saving up to four days over traditional mail-away processes while helping to maintain compliance with CFPB Integrated Disclosure Rules. Every Day Counts Dear John Q. Public, Your Lender has sent you documenta on to review. It's simple to acces your order: 1. Go to: Authen ca on Web Site 2. Follow the Ac on Steps to create your account and access your documents. ClosingStream ClosingStream ServiceLink 800.777.8759 salessupport@svclnk.com svclink.com