Most mortgage bankers follow the business model of generating small returns on large number of loan transactions. The amount of income – fee income and other non-interest income – generated in mortgage banking is primarily controlled by the marketplace and competition. A profitable mortgage banking business, then depends on controlling expenses of the operations. Individual components of the mortgage banking operations must be effectively monitored and managed. Such scenario makes the role of an effective Encompass360 Administrator much more demanding.
Production costs can be critical in the mortgage banking, here is a scenario;
The costs in production of mortgage loans can be fixed costs and variable costs.
It’s essential for the viability of a mortgage originating operation to have fixed cost personnel to be retained.
These fixed cost personnel include a set of high-quality underwriters, closers, QAs, compliance personnel and back-office.
Apart from these fixed costs, there come the variable costs associated with origination staff or servicing operation.
As the loan volume decline, the fixed costs remain the same and cost per loan increases.
Increase in cost per loan can lead to lower profitability and in some case, operating losses.
These production costs can lead to pressure which causes lowered underwriting standards to maintain volume.
And, lowered underwriting standards leading to defaults and penalties.
Third party integration
A holistic view of the mortgage industry
Knowledge of the support systems in Mortgage industry
Analytical skills to understand unique business drivers
Ability to adapt business processes with evolving regulations
Accuracy and ability to handle emergencies
Networking and updated knowledge of industry best practices
Since these professionals are required based on a volume of the loans originated at an organization, they may not be required on a full-time basis.
With our client’s demand for Encompass360 Administrators on a part time or contract basis, TakeFive Consulting started offering Encompass Admin services as a customizable package. Here’s a detailed look at Encompass360, a prominent support system and its administration on contract offered by TakeFive Consulting.
TakeFive’s Encompass360 administration on contract program is designed to create a work environment for your Encompass360 users to maximize their efficiency, improve quality and reduce cost and time input in originating mortgages.
Company Information feature is used to enter company information and licensing data for the mortgage origination company and its branches.
When a company does business in Maryland or Kansas, the appropriate option for Statutory Election in Maryland or Kansas can be selected for first lien, subordinate lien, junior, closed-end, and open-end loans for subject properties.
Create Network company password to protect any unauthorized access to Loan mailbox and any electronic service providers. When its changed, its shared with all users.
External company setup
originators such as brokers) or the compensation being paid to your company by a wholesale lender if your company is acting as the broker.
Tables and fees
Take Five Consulting draws from years of experience in mortgage banking to offer effective Encompass Administration tasks quickly to streamline the process from the very beginning.