“As lenders carefully evaluate their personnel and operating expenses, one area of focus that should be included is expense control. Too often, both loan and non-loan expense approval and reconciliation is managed through a labor-intensive, error-prone, manual set of processes. Particularly during high volume periods like the industry has seen over the past few years, the focus is understandably on moving loans through the origination pipeline to closing. As a result, it is virtually impossible for lenders to review all of their vendors and invoices.”
Read more on Progress in Lending Association.
August 25, 2022