Turn Times: The Most Important Topic in the Mortgage Industry Right Now
It’s no secret that the most important topic spinning around the mortgage industry right now is turn times.
Lenders across the country are working on creative ways to drive down their turn times and it’s no surprise that the two of the largest wholesale lenders are first to the party.
It seems that the play will be turning to a “ranking” or “tiering” model, where lenders will measure your touches… or efficiency with pulling loans through the pipeline. The faster you work… they faster they work and as a result you get to jump the line.
No doubt an interesting move as lenders over these past few years have broken free of “tiering” structures, but even with tens of thousands employees it seems the best way to manage a ballooning pipeline is to drive behavior by replacing the pricing carrot with speed.
Talk to you soon,