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55 December 2024 F E A T U R E S T O R Y December 2024 » Incorporating Change Into Company Culture Far-reaching pivots of this nature are not easy and a critical aspect of suc- cessfully implementing these changes is incorporating the new mindset directly into the company culture. Workflow im- provements cannot succeed in isolation; they must be accompanied by a cultural shift that prioritizes efficiency, cost management, and collaboration with the right vendors. Here is a few ways that management can help get the entire team on board to foster this change: • Educate Employees: Everyone involved in the mortgage process, from loan officers to quality control teams, should clearly understand the benefits of the new workflows, as they affect both lender and consumer. Regular training sessions, workshops, and internal communi- cations can help employees adapt to the changes and understand why they are necessary. • Empower Decision-Makers: Put power in the hands of key deci- sion-makers within the organization to evaluate and implement new verification workflows. This could involve forming a task force that in- cludes representatives from various departments—such as compliance, operations, and IT—to ensure that all angles are covered. • Monitor Performance: Estab- lish clear performance metrics to monitor the success of the new workflows. It should be plainly un- derstood and tracked how well the change is being implemented, and if there are any blind spots that are leading to stagnation or resistance. Tracking could include metrics relat- ed to cost savings, processing times, and borrower satisfaction. Regularly reviewing these metrics will help lenders fine-tune their workflows and confirm that they are achieving the desired outcomes. • Partner With the Right Vendor: As mentioned above, working with a trusted and experienced verification provider can make the transition to new workflows smoother. Lenders should seek out providers that offer not only the range of verification services that are needed, but also consultative support to help them implement and refine these new deliverables as they transition to the new streamlined process. Improving Business Outcomes With Enhanced Workflows T he mortgage industry is undergo- ing a significant transformation in many areas, and one notable area that is rapidly evolving is how verifications are conducted. By reevaluating workflows, selecting the right verification provider, and incorporating a new mindset on how verifications should be handled into company culture, lenders can lower costs, drastically improve efficiency, and stay ahead of both competitors and regulatory changes. The key to success for this path lies in a comprehensive approach that combines technology, process improvement, and a cultural commitment to continuous innovation. As lenders continue to adapt to these changes, those that embrace this new mindset will be best positioned to thrive in today's razor-thin housing market. Women in Housing Leadership Awards HONORING THE ACHIEVEMENTS OF THE MORTGAGE INDUSTRY'S Top Women Business Leaders Brought to you by & YOUR TRUSTED SOURCE FOR MORTGAGE BANK ING AND SERVICING NEWS SEPTEMBER 2024 Magazine Subscribe to MortgagePoint and MortgagePoint Digital now! Call 800.856.8060 to take advantage of our special offer! Experts you trust. People you know. News you want. MortgagePoint is putting essential mortgage market news at your fingertips with our new digital edition, now available online via your smartphone, tablet, or computer. Enjoy the magazine at your desk, and tap into MortgagePoint Digital's easily accessible platform anywhere, anytime. Committed to giving originators, servicers, and all lending professionals access to smarter perspectives, MortgagePoint believes it's time to think differently about the mortgage industry. Because the American Dream is evolving . . . are you? Brought to you by & YOUR TRUSTED SOURCE FOR MORTGAGE BANK ING AND SERVICING NEWS Magazine APRIL 2024 ECLOSINGS AS A SOLUTION ... NOT THE PROBLEM Angel Hernandez of Stavvy takes a look at how disjointed tech stacks are costing every stakeholder in the closing process, from lenders to homeowners. ACCESS AND EDUCATION DRIVING HOMEOWNERSHIP AMONG DIVERSE COMMUNITIES BRIDGING THE HOMEOWNERSHIP GAP IN THE LGBTQ+ COMMUNITY Pursuing education and reaching out to the LGBTQ+ community will help lending and real estate professionals build their business and advance the homeownership rate within the community. THE IMPORTANCE OF VACANT PROPERTY REGISTRATIONS How tracking vacant properties can help owners avoid the nuisance and expense of violations, while keeping their properties maintained and up to community standards. IN THIS ISSUE With the White House announcing a raft of housing-related proposals in his State of the Union, MortgagePoint asks industry experts and economists to gauge how effective they could be...and if they have a shot of being implemented. A WORK IN PROGRESS SIMPLIFYING THE DIGITAL MORTGAGE PAYMENT PROCESS How enhancing payment processes with modern technology can smooth the remittance experience for consumers, and enable greater speed, efficiency, and control of collections for lenders. BRINGING THE MORTGAGE JOURNEY FULL CIRCLE WITH DIGITAL TECHNOLOGY As mortgage technology continues to evolve, Joey McDuffee of Blue Sage Solutions details how the end result is not just the ability to perform operations quicker, but to achieve optimal cohesion across a mortgage lender's entire operation. HOW TO BUILD VOLUME IN TODAY'S MARKET Wading through a down market is a challenge for all in the industry, but positioning yourself to help navigate through the complexities of the current market can turn you into a homebuyer's hero. EXPERT INSIGHTS ATTRACTING CUSTOMERS IN A DOWN MARKET A Q&A With Nate Den Herder, MBA, Founder and CEO, Ardley Technologies Brought to you by & YOUR TRUSTED SOURCE FOR MORTGAGE BANK ING AND SERVICING NEWS JUNE 2024 Magazine GOOD SERVICE IS SUSTAINABLE VRM Mortgage Services' leadership team discusses how the company's "diversity of thought" and commitment to serving communities has made them an industry staple for nearly 20 years. ALSO IN THIS ISSUE: