Leveraging Specialized Expertise in Mortgage Lending with NavPros
In the case of a larger lender, they’ve got all these specialty roles. So there’s 15 different roles to manufacture a home loan.
And those people that touch the loan really understand a very specific niche of that. And it could be the appraisal process or the closing document process. So being able to support all those different products requires more specialization. So for a larger lender, they have those tools and those departments on staff. For a smaller institution, there’s a couple of ways they can approach it. They can partner with somebody, you know, or they can narrow down their scope of products. And I don’t think most lenders and most financial institutions recognize, “I can partner with somebody who’s going to bring me all those specialty skills and those home loan programs and the technology that supports them.” And that can actually complement their team rather than, you know, be their team. And so, with today’s technology and with today’s services and working virtual, you can have a really great mortgage program white labeled to customize to fit your needs and your applicant’s needs.
FACTS:
33% of interested home loan applicants said they hadn’t saved enough money to buy a home, which is understandable given the average down-payment hit a record of $91K in May 2024. Source: ICE Mortgage Technology, 2024 Borrower Insights Survey.
The average cost to originate a loan for Q1 2024 is $12,593. Source: Mortgage Bankers Association 2024 Q1 Quarterly Performance Report.
Personnel Expenses accounted for over 60% of loan origination costs. Source: Mortgage Bankers Association 2024 Q1 Quarterly Performance Report.