Williston Financial Group (WFG) has released the findings of its 2021 survey of WFG Executive Roundtable 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, approximately 25% of those surveyed chose turnaround times as a major challenge.
The other most concerning 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 settlement, 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 industry is leveraged to help us develop products and services that align with, and help solve these challenges 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 community banks, credit unions, bank, and non-bank 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 severe.
“Since our founding in 2010, WFG’s mission has been to take time and cost out of the real estate transaction for all participants,” said WFG Executive Chairman and Founder Patrick Stone. “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 efficiencies, and elevate the customer experience.”