Mortgage Industry News

Earlier this week, I heard about how Automatic Data Processing (ADP) came to be a leading global business-to-business outsourcing firm today valued at $9 billion.

In 1949, in a New Jersey textile manufacturing region, textile mill accountant Henry Taub realized the burden payroll represented to manufacturers.  Payroll was mission critical to the mills, but their work had nothing at all to do with payroll per se. Textile mills employed a lot of people, and by that era employees were unionized, so payroll was subject to scrutiny and enforcement by Federal regulation.

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By Super Bowl Sunday, most folks that made New Year’s resolutions know where they stand. You’re either going for the goal line or you’re watching Groundhog Day. Based on our market intelligence, many mortgage lenders vowed to improve per loan profitability by trimming overhead this year. Others adopted policies to improve loan file compliance and salability by tapping deeper industry expertise. We know this is true because inbound calls and queries for our closing and post closing services poured in unexpectedly in late January and have not relented.

We’d foreseen a more traditional mid Q1 new business bounce. Typically, December is virtually a loan origination holiday and January is when senior management restores discipline. Clearly, something different is at work this year.

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Ruth Lee

I found this question on an industry networking site.  This question was posited by an assistant vice president for an international (BPO) business process outsourcing firm… I assume looking to penetrate mortgage market outsourcing.  The reason it is notable – it highlights the reality that we work in an industry that requires specific knowledge, with process management that cannot be addressed in a few questions or in a couple of weeks of “mortgage boot camp.”  Our industry vocabulary is contextual…  Therefore, this question doesn’t make any sense… I know what he is asking…but as stated – it has to be interpreted….Refinances can be first mortgages and a refinance, by definition, is a new loan.  I believe he is asking purchase/refinance – but that isn’t what he asked.

“Please explain the key similarities and differences in the process between First Mortgage Originations(new loans) and refinance loans.”