Several studies have shown that, since the financial crisis and the subsequent creation of several regulatory agencies and regulations, banks and mortgage lenders have had to spend more time and resources on compliance and quality control. For example, between 2010 and 2017, the number of pages of regulations doubled, and actual expenses increased by over … Continue reading 3 ways lenders can reduce their QC cost by 35%
‘Tis the season - and for merchants it means a time of a rise in all transactions, especially online ecommerce. As in the past few years, this holiday season too is expected to witness a growth in online sales - 14% to 18%, as compared with 2018. Source: Deloitte’s annual holiday forecast report However, there … Continue reading Managing Card Disputes Smartly This Holiday Season
Senior executives from the mortgage industry share their impressions in this quarterly survey The quarterly Mortgage Lender Sentiment Survey® (MLSS) for Q3 2019 is out and reducing time to close is the top-most priority for lenders so that they can improve customer experience. The MLSS is a quarterly survey of senior executives of Fannie Mae’s … Continue reading 2 key takeaways for title agents from the recent mortgage lender sentiment survey
In the Insurance industry, the battle to win and retain customers is getting only more difficult each year. So, what’s driving this competition? Well, it’s clearly the era of consumer empowerment – and this is forcing insurers to stay competitive by providing innovative products, aggressive pricing, and personalized customer service. A recent survey by ‘J.D. … Continue reading Staying relevant while Insurers compete and Buyers demand more!
Data from the Federal Bureau of Investigation shows that there were over 11,300 victims of real estate wire fraud in 2018, who lost a total of nearly $150 million - a 166% increase as compared to 2017. And this may be just the tip of the iceberg, with only an estimated 12-15% of the fraud reported. (Source: ALTA) How does wire fraud work? Scammers may compromise a key email account by methods such as phishing, social media engineering … Continue reading The fight against Wire Fraud in real estate industry
In this highly competitive ecosystem, businesses are constantly looking for ways to improve efficiencies and reduce costs. But it is equally important for them to think strategically and not compromise on the quality and efficiency of service levels. We can see that customer expectations are rising and excellent customer service has become a critical factor and also a strong selling point for companies. Gartner predicts … Continue reading 4 Ways to Reduce Expenses in a Contact Center & Increase C-SAT
Post the financial crisis and the whole mortgage-backed securities debacle, lenders had been seeing more and more regulations being introduced requiring even more compliance efforts. Lenders were finding it undoubtedly hard to fight off the mounting costs brought on to enhance quality and regulatory checks and improve loan quality. With regulations around TRID, HMDA, class … Continue reading Mortgage Loan Quality: Is Compliance your Focus? Times have changed!