WASHINGTON—Lenders continue to stress business process streamlining and consumer-facing technology are two of their top three priorities, reported Fannie Mae.
Those findings are from Fannie Mae’s latest Mortgage Lender Sentiment Survey (MLSS) special topic analysis.
While the results are largely the same as those in a prior Fannie Mae survey, the organization’s economists stated what is new is lenders expressing a need to adopt new workplace strategies and manage increasingly distributed workforces. In addition, talent management and leadership moved up to the second spot. Fannie Mae stated the change is likely due to the pandemic.
Other Findings
Other findings include:
- Business process streamlining remained the top priority for a plurality of mortgage lenders for the second consecutive quarter, while talent management surpassed consumer-facing technology as the second most important business priority
- Lenders’ business priorities appear to be consistent with their assessment of market threats and trends. Once again, most lenders cited “online direct-to-consumer lenders” as their biggest expected competitor over the next five years, followed by mortgage brokers. Many pointed to direct-to-consumer lenders’ advantages in user experience, streamlined mortgage processes, and advanced analytical and marketing capabilities, Fannie Mae reported.
- Lenders commented that running a mortgage business requires highly experienced professionals, who are not only knowledgeable of processes and technology but also have the interpersonal skills to provide quality customer service. Lenders pointed to employee turnover as an ongoing challenge, along with a tight hiring market, an aging workforce, and the continued need to invest in training as their key challenges.
For more info, here is the research report.