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Streamlining the Mortgage Process

Mortgage ApplicationsOn Friday, February 9, MountainView Financial Solutions presented its monthly mortgage servicing rights (MSR) seminar, featuring Tim Rood, Chairman of The Collingwood Group, LLC. Rood presented a webinar entitled “Rightsizing Your Mortgage Business for 2018: Planning for the Uncertainties.” If you missed out on it when it was originally broadcast, now you can view a recording of the full webinar by clicking here.

Looking forward, the webinar predicted that 2018 will definitely be a purchase market, with overall strong real estate markets in cities such as Seattle, Austin, Salt Lake City, Raleigh-Durham, and Dallas. The webinar predicted the top performing states of 2018 to be Nevada, Texas, and Florida.

Las Vegas home values are expected to rise approximately 5.8 percent over the next year, having already risen 8.6 percent in 2017. On the Texas front, the webinar pointed out the influx of companies choosing to relocate or expand operations into Texas due to low taxes and a low cost of living. Home sales in Texas are expected to grow 6 percent in 2018, according to the webinar. For Florida, there is expected to be a 5 percent increase in most popular areas.

The webinar highlighted several noteworthy trends from 2017, including an increased migration from large, expensive cities into more affordable mid-tier cities. The Rust Belt saw a spike in residents moving to Chicago, and Chicago, Boston, and Seattle saw the highest share of residents staying put in those respective cities.

The webinar also explored the problem of data and document defects within the mortgage process. According to the webinar, a typical mortgage cycle from application to close averages 57 days, but only involves around 18 hours of “work in the file.” This is due to delays in receiving documents, and due to those documents often containing errors. According to the webinar, “40 percent of Documents Gathered are Incorrect or Deficient and go undetected for days or weeks” and “70 percent of Files are advanced Incomplete resulting in downstream Inefficiency and Rework.”

 

You can watch the full webinar by clicking here.

About Author: David Wharton

David Wharton, Online Editor at the Five Star Institute, is a graduate of the University of Texas at Arlington, where he received his B.A. in English and minored in Journalism. Wharton has over 15 years of experience in journalism and previously worked at Thomson Reuters, a multinational mass media and information firm, as Associate Content Editor, focusing on producing media content related to tax and accounting principles and government rules and regulations for accounting professionals. Wharton has an extensive and diversified portfolio of freelance material, with published contributions in both online and print media publications. Wharton and his family currently reside in Arlington, Texas. He can be reached at David.Wharton@theMReport.com.

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