Article By: National Mortgage News
“Many companies’ 2016 goals include redirecting significant time and investment to initiatives aimed at improving core operations. Those planned improvements, in turn, reveal a potentially important shift in attitude taking shape, one in which higher-quality customer service comes to the fore as a common strategic objective.”
In a survey of nearly 300 mortgage professionals, National Mortgage News and SourceMedia Research found that more than half of respondents spent four or more months preparing for the TRID implementation. In addition, respondents were split somewhat evenly between spending less than or more than $50,000 in preparation for the regulation, and nearly a quarter of respondents weren’t able to provide a direct cost figure. Needless to say, the new regulation cost institutions valuable time and money.
Nearly 65% of institutions named improving customer service as a top priority for the coming year. Similarly, “attracting first time home buyers” and “innovating to gain a competitive advantage” finished as other top priorities for 2016. With most of the work related to the TRID deadline now met, lenders are shifting focus to growing their businesses in 2016.