Choosing the Right Home Lending Partner: A Key to Mortgage Success
For a financial institution to compete mortgage banking, really they need one big commitment. That’s the commitment to promote home loans.
And so with the right partners, well, what kind of branding and how do you get the confidence that my partners can help you deliver? So you can start off slow, but you need to be able to make sure that your website communicates all the different products and services you offer. And you also need to offer niche products such as, you know, construction, home renovation, or reverse mortgages. While they’re not important, they’re the perfect fit for that applicant. And they’re expecting you to meet all of their needs when you apply. The second component of finding the right partner is how does those services get seamlessly handed off? Some institutions want to stay involved with the borrower communication. Some institutions want to let white glove service handle the whole start to finish. So it really depends on your financial institution’s needs and their skill set. So a lot of times mortgage lending partners compliment any financial institution, not replacing or becoming the whole thing. And having the values that are important to a regional bank or credit union is also really important. So NAVPROs, we take the community lending component very serious and as a division of land home financial services, they’ve been financing since 1988. They service over 35,000 loans. They’re Fannie Mae Freddie Mac seller servicer, Ginne Mae Issuer. There is nobody else that’s involved. We own that soup to nuts to help you give amazing service.
FACTS:
32% of surveyed applicants believed “Variety of loan terms and product options available” was an important factor when selecting a lender. Source: ICE Mortgage Technology 2024 Borrower Insights Survey.
45.34% of home loans made in Q1 of 2024 were not 30 Year Conforming Fixed Rates. Source: Mortgage Bankers Association 2024 Q1 Quarterly Performance Report.
Over 32% of home loans made in Q1 2024 were Government Loans (FHA/VA/RHS). Source: Mortgage Bankers Association 2024 Q1 Quarterly Performance Report.
