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Timesaving With Mortech

Posted by Brian Hall on Sep 1, 2015 12:25:53 PM

 

 

Here at Mortech, we’re committed to providing cutting edge mortgage technology to streamline your operations, and provide you with the most accurate loan data to make informed business decisions. Allowing you to focus on taking care of your borrowers, while closing more loans.

 

But exactly how much time can Mortech save you and your business?

 

Let’s assume it takes the normal Loan Officer 45 seconds to manually grab base rates and adjustments from an investor rate sheet to calculate the rate. If a bank is selling to 10 different investors and wants to perform best ex, that would take 450 seconds (or 7.5 minutes) to check the base rates. Let’s also assume it takes 120 seconds (2 minutes) to add fees and calculate APR. That takes the scenario up to 570 seconds (or 9.5 minutes).

 

For simplicity’s sake, let’s estimate that it would take the loan officer another 240 seconds (4 minutes) to verify loan eligibility and calculate QM eligibility and HPML.  That’s a total of 810 seconds (or 13.5 minutes). If the average community bank’s loan officer gives 5 quotes per day over the course of 20 business days in a month, that would be 81,000 seconds (1350 minutes or 22.5 hours) spent calculating rates.

 

In Marksman, these 100 quotes would be returned with eligibility and compliance checks ran in under 200 seconds; we’ll call it 180 (3 minutes).  That’s a monthly time savings of 22 hours and 27 minute

 

So schedule a consultative demo today, and see for yourself how our solutions can help streamline your business practices.

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