I guess we saw this as a great opportunity to visit what we do and how. We looked at volume, locations, products, programs, expectations, procedures, bad habits, etc, and from that are determining who really needs to be doing loans, who is costing us money and causing us problems by doing loans, and who have picked up the slack from LO's who shouldn't be.
The costs, while annoying, are minimal especially from year to year renewal. But our LOs are well compensated... there is no reason that we are going to register a processor or assistant when the simple solution is to require the LO call and notify the borrower of what their rate will be like they should be. In the end, this simply more customercentric, and better relationship building.
Agreed!!! Right now our costs are somewhere
in the $2700 range. Strike that $2500 range. We are talking to employees and learning, what work it is that we thought they did and what work it is that they actually do.
We decided not to register our President or our CEO. They’ve done maybe one maybe two covered loans in the last 5 years.
I think for us, our lenders have gotten too used to having people (processors) do their work for them. They, lenders, are compensated well and we are throwing back at them some of the duties that they have passed off.