How to Manage Your Overflowing Mortgage Pipeline? – Mortgage booms sometimes come out of nowhere, leaving loan officers and originators overwhelmed with overflowing mortgage pipelines. When you’re overwhelmed, you’ll need to learn how to manage your overflowing mortgage pipeline so that you can make everyone’s jobs easier. Here’s how you can manage your overflowing pipeline while capturing new leads and continuing to serve your existing borrowers.
Table of Contents
Use the Right Tools
If you’re not using the right tools, you’re simply adding work onto your already frustrated originators and loan officers. Mortgage pipeline software can help you track and automate parts of your process to ensure that all of the work gets done properly and at the right time.
After all, you can’t manage your overflowing pipeline without first getting a handle on your pipeline itself. Mortgage pipeline software is cloud-hosted and web-based to allow you to access it whenever and wherever you are. It also offers analytics, hedging scenarios, and testing to make sure that your pipeline is airtight to reduce risk.
Hire More Staff
If your loan officers and originators are continuously working longer hours due to overflow and more individuals buying homes, then you’ll need to lessen their burden by hiring more staff. Hiring interim staff can ease the workload for your team and make them more productive. New staff members can do simple tasks, such as calling borrowers for documents and following up on requests. The easiest way to find these individuals is through a job board so you can sift through resumes with ease.
Once you’ve hired a few assistants, you can train them on a few of the more time-consuming tasks that don’t require a lot of experience or expertise. Then, instead of training them on the entire job, you can save time while they work on the time-sucking duties of your originator and loan officers.
Hiring more staff allows you to hire a range of individuals that can benefit your business, offering you an opportunity to build teams that fit your culture and train them exactly how you’d like them to be trained.
Temporary employees can be hired quickly when your pipeline overflows dramatically and you need help immediately. You can even hire remote teams to help with more of the administrative work and host weekly meetings with them through video chat to ensure that the work is getting done.
Interns can also be a great opportunity for originators and lenders because they come with their own level of excitement. While they come with very little expertise, you can teach them more and more until you decide to hire them and keep them within the company long-term.
While hiring may not seem like the right solution, especially if you’re working on a tight budget, it might be the only solution. If your current team is working long hours every day to meet deadlines, you can expect the quality of their work to drop, which will essentially cost you money and contracts in the long run.
Partnerships
To control the service and message of your mortgage products, you may choose to keep processes internal. Staffing up or down can be challenging and requires a ton of money. It can also be difficult to find and keep the level of expertise necessary.
In cases when hiring more individuals isn’t an option, you can choose to bring on a partner. A mortgage partner can help you with your mortgage needs without the need for you to hire more people internally. A lending partner can help you with ongoing needs, from overflowing mortgage pipelines to growth opportunities that allow you to boost your revenue.
Don’t wait until the last minute to find a partner, though. Finding a partner in the midst of a boom can be more difficult. Most partners will use their existing and new capacity to support their own clients and maintain their service levels. If you want to get a partner, make sure to plan ahead.
Mismanaging an overflowing mortgage pipeline is bad business. It can hurt your company’s bottom line and make things harder on your staff. Use the tips in this article to better manage any overflowing mortgage pipeline.