How did we do in 2014? I am both blessed and proud to say that we did pretty darn good. Growing a business always comes with its hazards and challenges. Sometimes growing too quickly can mean a drop in quality and customer service. We are indeed growing, however I am mindful and focused on sustainable growth that doesn’t require a sacrifice in performance.
Moving forward, it is my goal to continue to improve performance while growing modestly. We absolutely accomplished this in 2014.
2014 saw overall Mortgage Lending plunge 36% to it’s lowest level since 1997 (Source Mortgage Banker’s Association). Refinance volume dropped significantly and home purchase loan volume dropped slightly. Many lenders reduced staffing accordingly and very few companies achieved growth compared to the prior year.
Transparent Mortgage 2014 – Scorecard
- Increased total loans closed by 32% and our funded loan volume by 77%.
- For the 2nd year in a row, we once again closed over 97% of the loans we put into process, improving the standard of quality and performance that our reputation is built on.
To put it another way, we only submitted one loan into underwriting that we were not able to close. Unfortunately, the reason this one loan was not able to close was due to a material fact that was not disclosed on the initial application. That’s why we encourage transparency and honestly from the start. Granted there were a few loans that did not close because the buyer cancelled escrow on a new home purchase, but that happens from time to time and is completely out of our control and not indicative of our performance.
About the Author – Since 2003, Beau has been a mortgage professional and is a leading mortgage broker and lender in San Diego. As Founder and Senior Mortgage Advisor at Transparent Mortgage, he is truly committed to serving the needs of his clients and raising the industry standards for integrity and transparency.
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Contact Beau today: 619-888-3606 or email@example.com