the 10 principles of effective
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WIPRO GALLAGHER BLOG
Top Tips to Address the
Approaching CFPB RulesWritten by Teresa Blake
Written on October 03, 2013
Does an Adaptive Approach
to Project Management
Make Sense in Todays
Lending Environment?Written by Robyn Mahoney
Written on August 29, 2013
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The 10 Principles of Effective Lending
July 08, 2013
Written by Teresa Blake
While there are hundreds of ways to improve your lending operation, weve learned that there are some
critical things that some lenders do to remain a consistent and highly effective performer, regardless of
market and regulatory conditions. For that reason, we were compelled to identify 10 principles of
effective lending based on our engagements with some of the industrys most successful lenders. Here
they are:
1. Take Care of the Customer and Referral Sources
A lender will be effective when they truly understand the customers needs and show appreciation for
their business. We encourage lenders to leverage big data and mobile technologies to deliver a unique
and memorable lending experience.
2. Be Transparent and Proactive
Anticipate the borrowers questions and answer them in advance. Effective lenders build transparency
into their origination processes. The customer should never need to call to ask the status on their
appraisal or to ask about an unknown fee.
3. Close on Time
Youve heard is said before, you are only as good as your last transaction. Remember, online reviews
and research is at every customers fingertips. Make it work for your benefit.
4. Simplify Processes
Seek out opportunities for back-end process simplification by regularly posing the question, is there a
better way? The effective lender continually refines their operation.
5. Manage Change, HolisticallyIt is easy to narrow the focus on day to day change, especially when there are important deadlines to
meet (such as CFPB). However, even with rapidly approaching deadlines, effective lenders look at change
through a strategic lens and consider the larger impact on an organization and on the customer.
6. Control Cost and Quality
Never lose sight of loan quality and keep costs in check. Using smart lending technologies, lenders can
automate compliance and experience significant productivity gains while ensuring high quality loans.
7. Start Compliance Initiatives Early
Waiting for Dodd-Frank and the CFPB to finalize their rules will only leave lenders scrambling to comply at
the last minute. The effective lender will start implementing the rules now but anticipate and plan for
change.
8. Innovate and Leverage Emerging Technology
Lenders can no longer rely on a borrower walking into a branch to inquire about a loan. Effective lenders
are early adopters of emerging technologies and leverage that technology to generate more businesses
and retain existing business.
9. Test and Learn
Test your solutions in a controlled environment, learn from that test and create a realistic roll out plan.
10. Leverage your Strategic Partners
Effective lenders collaborate with and know when and how to use their resources. Accomplishing
numbers 1-9 is much easier when you work with expert partners who offer complementary products and
services.
As a leading LOS provider in the US, Wipro Gallagher Solutions has worked hand-in-hand with some of
the most effective lenders. However, we realize that what works for one lender may not work for another
and we encourage you to contact us and provide commentary on what works for your organization!
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