Lets Waste Some Money!

With the Mortgage marketplace in the turmoil it's in today, Mortgage Brokers need to do more to retain clients. They need to provide better services and use better technology to acquire new clients.
I started out in the Mortgage industry back in the day's when a FNMA 30 fixed was at 10%, so it's been awhile and I've seen alot of things change. I've seen a couple boom times and I've witnessed times when the industry went thru slow periods.
Today's borrowers are more savvy than ever. They do their home work!
As a Mortgage Broker you need to continually stay on top of program offerings and rates, you also need to provide the best customer service possible. Borrowers are always wanting updates on the status of their loans as are their Realtors.
It can get pretty hectic, especially if you have a good volume of loans in your pipeline.
Processor are constantly fielding calls from Borrowers, Realtors and from Loan Officers, needing constant updates. Your Processor's time is better spent processing files than fielding phone calls.
This is one area that I've seen lots of room for improvement with most Mortgage Brokerage firms. It's also one area that I watch them throw money away on.
A Processor's time isn't cheap, nor is it worthwhile to have her on the phone answering questions on different files.
Most people don't realize the time it takes for a Processor to stop working on a file,back out of it, open up another file, answer the questions, then go back into the file she was working on and continue processing.
The time your Processor spends on those calls COSTS!
Lets take a look at the cost of those little 5 minute phone loan status phone calls.
If you've got 5 processors, each handling 10 calls a day at 5 minutes per call, that's 50 minutes per processor per day! Or 250 minutes daily. That equates to a little over 4 man-hours daily. On a national average of $15/hour/ Processor, that adds up to about $60/day. Multiply that by an average 21 working days in a month that's roughly $1260 monthly in wasted processing time.
Why not find a way to update everyone on loan status automatically?