Over the next 5 years, the broker market for loan origination is expected to take 56 percent of the market share. That increase jumps from the anticipated 20 percent in 2020, 18 percent in 2019, and 11 percent in 2018.
With this spike in numbers comes the ability for mortgage loan originators (MLOs) to take on more work, thus increasing their business and its revenue.
However, with this increased workload comes the risk of decreased customer satisfaction. After all, when you spend a majority of your day doing tedious, back-end tasks, you find little time for keeping up with the client.
With this being the problem, the answer is to find a solution as to how MLOs can meet borrower demands. After all, most of our work as loan originators comes off of the back of referrals, and unhappy customers will hurt the business down the line.
What are your options when business increases?
To meet the demand of the market that is expected to thrive over the next half-decade, MLOs will need to act. Trying to take on all the tasks associated with the increased workload will ultimately lead to negative results.
Mistakes are made when originators are drowning in tasks and attempt to take on the workload on their own. For this reason, many loan originators choose to move forward with one of two options:
- Hire internal processors – This method is costly for many and pulls a significant chunk of cash flow from the business.
- Contract processors – The downfall here is that contract processors simply cannot scale.
These issues combined with the capped commission rate of 2.75 percent leave many MLOs searching for an answer.
What is the solution to how MLOs can meet borrower demands?
How does your current business operate? How many software systems do you currently use to keep your day-to-day functions moving? Do you have separate systems for the following?
An all-in-one digital platform can pull all of these into one location, and that’s exactly what we’ve done with Wemlo. The system is completely agnostic, meaning you can log into Wemlo and utilize any of the previous tools you’ve been using with the benefit of one single location.
Wemlo is the first service cloud for mortgage brokers, combining mortgage processing with an all-in-one digital platform.
So then how does this become the solution to how MLOs can meet borrower demands? It automates those tedious, back-end tasks that your clients don’t even know exist. In the eyes of a customer, you should be just as excited and involved in the process as they are. With an all-in-one tool like Wemlo, now you can be.
Interested in learning more about the benefits to your business?
See how this product can cater to your individual needs with a free demo. Our representatives are standing by and ready to help propel you and your business.