Adapting Loan Workflows To Serve Diverse Communities

adapting loan workflows

In order to maximize loan production efficiency, and gain all of the benefits associated, a loan originator and their team must develop and hone their workflow, polishing away blockers and rough patches until what remains resembles the well-oiled machine that was sought.

But what happens to that carefully planned workflow when variables are changed?

A loan originator that is not prepared for these inevitabilities will find themselves unable to provide the same level of service to every prospect that walks through their doors.

We say “inevitabilities” because data has shown that the demographics of the country continue to change and evolve into a more diverse landscape along several axis. These different groups may, and often do, prefer to conduct business differently or have needs that go beyond a “one-size fits all” loan workflow.

As a software company, we have often lauded the potential for Millennial homebuyers and their desire for a technology-forward mortgage process which can be executed from a mobile device.

That is just one group of people and their preferred workflow.

What happens if your borrower is on the other end of the generational spectrum, and does not have the skills to navigate a technology-forward mortgage process?

Or how about being able to serve the fast-growing segment of Hispanic homebuyers who may or may not require resources and guidance in the Spanish language?

Do you have a workflow that accommodates people with an alternative credit history?

As our communities become more and more vibrant and diverse, there will be opportunities for loan originators to develop their brand profile and be known as an LO who provides the same level of service and experience no matter the client’s background.

What if it meant adding 10% or more to your pipeline every year?

When we spoke with Legacy Mutual’s Jennifer Hernandez, a bilingual Spanish-speaking LO in Houston, TX, that is the sort of impact she was creating for her business by being able to serve a demographic that not a lot of her competition could, or would:

“It does really help me be able to help people that I would normally have to turn away because of the language barrier. I have two bilingual people on my team both on the front end and the back end because it is important and it’s something I know that we need. We actually just brought on a big realtor account where they’re going to have a lot of Spanish-speaking people. It definitely gives me an edge that is very helpful in this market”, said Hernandez.

What she did was not to wholesale change her business, but to acknowledge the need and put pieces in place that allow her to adapt her normal workflow to serve a vital market in her community.

Considering that over the past decade Hispanics have accounted for 62.7 percent of net U.S. homeownership gains, you could argue that not only did she remove barriers to homeownership, but also made a prudent business decision. This has also positively impacted her brand recognition as well.

“Agents know that I’m the bilingual loan officer and there’s not a lot of good bilingual people out there.”

What does the makeup of your community really look like? How can you ensure that every person in that community can access your services and enjoy the same streamlined borrowing experience that their neighbor had?