Financial institutions seeking to enter the home mortgage business in their local market need a starting point. Our knowledge and experience can help you get there sooner. We have developed a simple five step process that will get you started. Our objective is to have you operational with a safe, sound and compliant system, within approximately 45 days.
Step I, Business plan:
We will meet with senior management to assess your short term and long term goals and objectives. Based upon those findings, we will develop a business plan to put you in business, in a compliant manner that will satisfy your regulator.
Phase II, Operations:
Mortgage technologies will play a key roll in the plans success. Your current vendors may or may not have the best entry solutions to meet your needs. We will evaluate those systems as well as others to identify the appropriate, costs effective tools that are the easiest to implement. These tools should include:
- Loan origination system
- Loan closing system
- Loan servicing integration (interim or permanent)
Other operational controls will include work flow processes for
- Loan program pricing
- Quality control / Fraud prevention
- Loan closing
- Loan sales, commitment, shipping and post closing
Phase III, Product development:
We will establish relationships between your institution and secondary market investors who will provide you the best products, at competitive pricing, with cost effective delivery processes. We will also prepare, submit and follow up on your approval application with at least one agency, FNMA or Freddie Mac. The relationships we establish on your behalf will be more than enough to get you started and provide a comprehensive menu of conforming and non conforming products.
Phase IV, Policies, Procedures and Compliance:
Policies, procedures and compliance controls documents will be prepared for board approval. These documents will satisfy the needs of secondary market investors as well as your regulator.
Phase V, Financial measurement and reporting:
Mortgage banking can be very profitable and it is imperative to understand the financial performance of your operations. We will work with management and your CFO to identify key financial performance data to be reviewd. We will then help establish adequate measurement and reporting processes.
Call today to discuss your mortgage banking future.