Leverage Partner Technology to Minimize Your Origination Costs
There are a number of factors that ultimately determine success and profitability in today’s lending environment. However, there’s one you hear about more often than the others – the cost to originate a loan. It’s a fickle factor that can be impacted by outside influences like interest rates and government regulation – but there’s another influence that lenders have more control over.
Leveraging Technology is Key
We recently studied the most cost-effective lenders and regardless of size, they had one thing in common – a commitment to investing in technology and automating their processes. The question my team often fields from lenders is “how do we do it”?
While some larger lenders have additional resources that allow them to develop their own solutions, there’s another way for medium- and smaller-sized lenders. They can leverage partner technology and solutions to help them reduce cycle times, cut costs and deliver a superior borrower experience – and because they often carry lower overhead costs than their larger competitors, they can see an even larger percentage of loan origination cost savings.
Medium- and smaller-sized lenders can leverage partner technology – and because they often carry lower overhead costs than their larger competitors, they can see an even larger percentage of loan origination cost savings.
Solutions through loan origination system (LOS) and point-of-sale (POS) providers, third-party asset and income providers and innovative fintechs can all give lenders a leg up with minimal dollar and resource investment. But for lenders that originate loans that will end up being sold to Freddie Mac, they can also rely on us as a trusted advisor. They can think of us as a guide – one that can help them identify automated solutions that are built into the tools they’re already using and offer best practices to get the most from those solutions in their specific situations.
Lenders can think of us as a guide – one that can help them identify automated solutions that are built into the tools they’re already using and offer best practices to get the most from those solutions in their specific situations.
Your Trusted Advisor
We’re in an increasingly competitive market where borrowers demand easier, faster, online experiences. If you can deliver them, you’re going to succeed in increasing borrower satisfaction while decreasing costs. You don’t need to do it on your own. It’s the goal of my team to make sure you have the solutions and support you need to adopt and implement them.
No matter where you are – wanting to learn more about how to get started with our solutions or already using them and looking to get the most out of them – we’re here for you. Contact your Freddie Mac representative or the Customer Support Contact Center (800-FREDDIE) and let us know how we can help.