The survey, conducted between June and July 2021, asked lending executives from community banks, credit unions, banks, and non-bank lenders to reveal the biggest operational challenges within the industry. According to the results, 56% of respondents believed that turnaround times are the biggest challenge facing the industry; the top answer among those surveyed.
In addition to turnaround times, other top challenges included operational capacity, volume and staffing (34%), which tied with technology implementation and integration (34%), followed by communication (31%), training and time management (both at 19%), and process improvement/QC/errors and delays (16%).
“This feedback from the industry is leveraged to help us develop products and services that align with, and help solve these challenges for WFG’s mortgage-lending partners,” said Dan Bailey, senior vice president of WFG’s Enterprise Solutions and Lender Services divisions.
Vendor costs and fees, data accuracy and quality, and remote work were the lowest on the list of operational challenges for lenders.
