Progress is defined as “a forward or onward movement” and “gradual betterment.” No industry, lending or otherwise, can exist and/or thrive without continued progress. The PROGRESS in Lending Association was formed to provide thought leadership to lending professionals about how to create process efficiencies through a combination of sound business strategies and technology. The ideas that come out of this association will help lenders provide a more trusted and transparent process for both consumers and investors leading to a better overall experience for all parties involved.
Why is thought leadership needed in mortgage lending today? Independent mortgage bankers and subsidiaries made an average profit of $902 on each loan they originated in the third quarter of 2009, according to the Mortgage Bankers Association. This is significant because that profit marks a decrease from the second quarter of 2009 when profits averaged $1,358 per loan, according to the MBA’s most recent Quarterly Mortgage Bankers Performance Report, which measures the performance of independent mortgage bankers and subsidiaries of banks, thrifts and hedge funds.
Why are mortgage lenders making less profit per loan? And how can PROGRESS in Lending Association help?
The answer is simple. There’s a lack of innovation. There’s a lack of new ideas to solve real business problems. PROGRESS in Lending Association was developed to give technologists and tech-minded lending professionals a voice in the mortgage space so their ideas can be embraced by lenders and other mortgage participants to enable them to be more rather than less profitable going forward. The ideas of our members will also help mortgage participants craft a better process, not just for their own institutions, but for every participant that plays a role in the life cycle of a mortgage. Read our MISSION STATEMENT .