According to the most current survey, as inflation rises, more people and businesses, including mortgage Lenders, are tightening their belts and placing cost-cutting strategies at the forefront to give themselves more breathing room.
Fannie Mae has published its latest Mortgage Lender Sentiment Survey (MLSS) for the second quarter of 2022, continuing a quarterly survey of mortgage officials that began in 2014. The survey found that Lenders cut costs as originations dry up due to general affordability and interest rate constraints. This quarter’s poll was completed by 210 senior loan executives from 189 lending institutions in May 2022.
Overall, the survey indicated that 20% of respondents named cost reduction their most important priority right now, and 19% cited it as their second most important priority, for a total of 39%. These figures are up from 3% and 9%, respectively, in the previous quarter. According to the survey, Lenders’ top three priorities are talent management and leadership (37%) and business process streamlining (34%).
At eHousingPlus (eHP), we understand that the lifeline of the Affordable Housing loan is the Lender. One of our top priorities is to find ways to streamline business processes for the Lenders continually. The eHP team knows that Lender Success = Program Success. As a result, we host Virtual Lunch and Learn with eHousingPlus, co-hosted with our Agency Partners. Our Lunch and Learn is a series that opens up new lines of communication with Lenders and highlights our Agency partner’s Programs. Sessions are hosted on various topics, allowing us to explain the programs from reservation through compliance approval. Faced with the need to engage and mass communicate, the eHP team led by Paloma Miranda and Sue Denihan took to the ways of virtual meetings with Agency Partners. The series is hosted in a live environment discussing Lenders’ challenges. We answer questions, provide direction, and most importantly, make sure they understand how to access the best-in-class technology Lender Tools we offer at their disposal.
Our eHP FrontPorch® is an end-to-end workflow suite designed for the growing needs of our Lender partners. Our all-new tools and workflow areas are designed to improve lender engagement, collaboration, and success. eHP FrontPorch® allows you to visually map each step of your workflow using the variety of tools listed below for maximum efficiency and productivity while maintaining the highest level of accuracy.
- eHProForms provides lender partners with all the pre-populate required Program Forms. In addition, if the loan details change, the lender can easily update the information in the eHPortal® and reprint them.
- eHP Digital Docs® and eHPay Platforms®, these tools revolutionized the loan delivery and payment process from paper to a fully digitized operation. They are available to the Lenders without any financial investment of their own.
- DocStation is the new pipeline view for loan officers to monitor loans, view the files submitted, any uploaded documentation, and see the status of loans in the workflow. This transparency enables you to log in 24/7, see what is happening with loans, and monitor progress.
- eHP Deficient Compliance Files area is a quick and easy way for Lenders to view and manage all deficient files effectively. With one click, they can view all Compliance Deficiencies, make the corrections and upload, or reply to items in question, all in one easy-to-access tool. By utilizing our Compliance tools, Lenders avoid unnecessary fees while maintaining the highest level of accuracy in a timely manner.
- eHP CollaborationStation® transforms the exchange of information between external and internal partners, improving communication, and digitizing the process. Lender partners can use the portal to create, view notes, and send messages, increasing transparency throughout the process in real-time.
- eHPlaylist® is a video platform that features curated on-demand content aimed at assisting a vibrant lender audience achieve success. These short and concise how-to tutorials will provide our lending partners with the information they need at the click of a button.
- eHP QuickTips® is searchable content that breaks down the most relevant advice to help bring Lenders up to speed. These include helpful information, frequently asked questions, and concerns or serve to educate on various topics so Lenders can make more informed decisions on how to move forward.
As may be seen, our eHP FrontPorch® is a win-win for our Lender partners, increasing output for the HFA program and new homebuyers. We are very proud of the eHP Team and their commitment to bringing innovative solutions to market.
Stay tuned for eHP FrontPorch® updates!