Brokers partnering with Bridgewater Bank should soon find their deals course through the pipeline even faster as the lender updates its underwriting process, all with an eye to boosting efficiency.
“We will soon be pilot testing with a group of brokerages a restructured underwriting flow,” said Todd Poberznick, Bridgewater’s assistant VP of B2B solutions. “The new process will shave 20 minutes off the time it takes to complete each file and improve efficiency by 15 per cent to 20 per cent.”
The improvements come at a time of increased competition between the channel and the banks, with brokers looking to shorten turnaround times as a way of upping client retention.
A recent CMP Brokers and Lenders survey also indicates that transaction turnaround times is a major issue for mortgage professionals. That complete report comes out in the October issue of the magazine, and suggests brokers are largely satisfied with Bridgewater in that area.
Still, the lender, like many, is moving to up its own competitive edge.
It recently completed staff training on the process, said Poberznick, and is scheduled to implement it with a select group of brokers in October. The formal rollout will be in November.
The plan involves designating a team of eight underwriters dedicated to dealing directly with brokers to ensure that documents are in order and processed promptly, he said.
“Under the previous system, brokers had to interact with three people to process their mortgage deals,” Poberznick said. “With this new process, brokers will only need to deas with a maximum of two people.”
With the new process, brokers only communicate with the underwriter and the closing agent, according to Poberznick.