Top Tips to Address the Approaching CFPB Rules Written 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 USEFUL LINKS Lending Systems Mobile Technologies LendCycle LendCycle Plus Advisory Data and Analytics CONTACT US Wipro Gallagher Solutions 810 Crescent Centre Dr., Suite 400 Franklin, TN 37067 1.800.989.9996 1.615.221.7300 wgs@wipro.com SIGN UP JOIN OUR MAILING LIST Your Name Email Address * * = required eld Proud Winner of the "Harnessing Mobile" Award Learn More Media Contact Robyn Mahoney 303.882.6802 robyn.mahoney@wipro.com The 10 Principles of Eective 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 eective performer, regardless of market and regulatory conditions. For that reason, we were compelled to identify 10 principles of eective 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 eective 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. Eective 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 ngertips. Make it work for your benet. 4. Simplify Processes Seek out opportunities for back-end process simplication by regularly posing the question, is there a better way? The eective lender continually renes their operation. 5. Manage Change, Holistically It 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, eective 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 signicant productivity gains while ensuring high quality loans. 7. Start Compliance Initiatives Early Waiting for Dodd-Frank and the CFPB to nalize their rules will only leave lenders scrambling to comply at the last minute. The eective 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. Eective 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 Eective 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 oer 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 eective 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! Wipro Gallagher Blog Knowledge Center / Blog Wipro Gallagher Blog Home Products Services Advisory About Us Knowledge Center Copyright 2013 Wipro Gallagher Solutions all rights reserved CONTACT US PRIVACY SITEMAP