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How to Run a More Profitable Mortgage Lender Business

There are many ways for the mortgage lender to increase bottom line profitability. Most of them, like risk mitigation and regulatory compliance, are difficult and costly and the returns are not always commensurate with the effort. But there is an easy way to improve the lender’s bottom line. It comes from knowing exactly how the company is operating, providing management with the information it takes to make better decisions.

 

Which loan officers are really producing company profit, and not just volume at high expense? Which branches are really producing, after all of their costs are analyzed? Without this information, management is forced to guess about where to spend its resources. The data lenders need should be in their General Ledgers, if they can only get to it.

 

In the June issue of National Mortgage Professional magazine, I wrote about this. I wrote about the need business and financial managers have for efficient , feature rich mortgage loan level accounting software that can easily import loan level data directly from the loan origination system.

 

Business and financial managers need an efficient, feature rich mortgage loan level accounting software that can easily import loan level data directly from the loan origination system. This information becomes part of a data warehouse inside the accounting system that includes all of the loan related information for each specific transaction. In addition, the right software can hold information particular to each origination, such as branch code and loan officer, as well as a full escrow breakdown and more, including:

 

● Borrower information

● Funding/sale Information

● Loan Purchase investor

● Interim Servicing

● Financial KPI’s

 

Build in some robust reporting capabilities to allow for detailed analysis by loan number and multiple cost centers, providing financial reports with multiple column and row layouts with full drill down capabilities and management can really see what’s going on inside the business.

 

Read the whole story in the June issue and then visit our website to find out why Loan Vision is the only mortgage industry accounting software that provides real insight into the loan origination business. We’re making a difference today for over 40 of the nation’s best originators. Find out what we can do for you.

 

Pick up the June issue of NMP to find out more or visit us online at www.loan-vision.com.


By Carl Wooloff


About the author:

 

Carl Wooloff is Mortgage Bank Accounting Technology Product Specialist at Bestborn Business Solutions, the company behind Loan Vision, the mortgage industry’s fastest growing provider of accounting and financial management solutions. Carl can be reached at Carl.wooloff@bestborn.com.


 

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With Loan Vision, growth has been facilitated through allowing the business to run reports and extract key data quickly and efficiently"
Oystein Konsmo, Chief Financial Officer, NOVA® Homes Loans
Moving to the latest version of Loan Vision will allow us to automate more and get more information to the decision makers in the branches without them having to reach out to the head office
Oystein Konsmo, Chief Financial Officer, NOVA® Homes Loans