The MBA NewsLink 2023 Tech All-Star Awards nomination period is underway. Nominations will be accepted through Friday, Jan. 20.

Collaborating closely with those teams who specialize in contacting and qualifying leads quickly is a valuable way towards reaching your conversion goals. Typically, only 5-15% of qualified leads convert. The good news: companies that automate their lead management processes can see up to a 10% increase in revenue in 6-9 months.

Servicing retention generates servicing fee income and helps servicers improve the customer experience. Modern loan servicing software automates investor reporting and compliance and creates a more efficient workflow, allowing servicers to effectively service loans in-house.

In their cyclical fashion, most lenders are dusting off some antiquated home equity programs, most having spent no energy to prepare for this market opportunity. Given the past few years of overflowing refi pipelines, that is not surprising. Why plant corn if the market price for soybeans is breaking records? Conversely, multiple vendors have set themselves up to help lenders and credit unions successfully market, process, service and trade home equity loans and HELOCs.

A year that started out on a high from record-breaking originations, has now come to a close with the industry taking a long look at how to press forward.  At first blush, the next two years are likely to be challenging, but I lean more towards the optimistic view and see this time period as one filled with opportunity.

Here are three key takeaways that mortgage companies should know to help meet compliance requirements and protect borrowers and their organizations in the process.