Stewart In The Studio E13 - Delivering Solutions for Every Stage of the Full Mortgage Life Cycle

Is it possible to slash mortgage origination costs by 40%? Today, we tackle that very question with insights from Freddie Mac's 2024 Cost to Originate Study. Join Marvin Stone, SVP of Strategic Initiatives at Stewart Lender Services, as he explores how some forward-thinking companies are already achieving loan origination costs at nearly half the industry average. Discover the transformative power of a fully digitized mortgage process and learn actionable strategies to enhance efficiency and reduce expenses from application to funding.

In this episode, we spotlight Stewart's innovative solutions designed to streamline operations and pass savings on to everyone involved. From cutting-edge credit and verification integrations by Stewart's Informative Research to instant title options and automated closing disclosures, we cover it all. Plus, learn about Stewart's Allegiant Reverse Services and their leading role in home equity conversion mortgages. With comprehensive title, settlement, and appraisal solutions, Stewart is equipped to support lenders in scaling operations from Main Street to Wall Street. Tune in for an insightful discussion packed with practical tips to optimize your mortgage lifecycle.

Transcript

Speaker 1: 0:00

The price tag of bringing a mortgage loan to the finish line keeps climbing. Stay tuned to learn how Stewart helps mortgage lenders attain higher efficiency while lowering costs through smart product selection and digitizing the process across the full mortgage life cycle, from the Stewart headquarters in Houston, texas, usa. It's Stewart in the studio. We're live in three, two, one and we're on the air. Live in three, two, one and we're on the air. Hey, welcome everyone.

Speaker 1: 0:30

I'm Marvin Stone, svp of Strategic Initiatives here at Stewart Lender Services, and in this episode of Stewart in the Studio, we're going to be talking about Freddie Mac's 2024 Cost to Originate Study, and it shows that the average origination cost has increased 35% in just the past three years. If you're a mortgage professional listening I get it you already know that fighting increased cost and inefficiency is pretty much your everyday reality, but there is hope amidst their four key findings. First, while average origination costs have increased by about $3,000 per loan in the last three years, we can learn from the top cost effective companies, who originate loans at nearly one-half the cost of the industry average and a shocking 2.4 times less than the bottom 25%. Basically, there is a lot of room for improvement and a lot that lenders can implement right now to reduce costs. Second, we know that mortgage decision makers believe that a fully digitized mortgage can save up to a whopping 40% in costs. So in the next few minutes you'll see how Stuart can bring you greater efficiency and savings through digitization and smart product selection across the full mortgage lifecycle. As a reminder, if you'd like to learn more about the solutions discussed in this episode, please fill out the contact us form or email solutions at stewartcom. Okay, while Stewart has been performing real estate closings and title services for about 130 years now, today Stewart is uniquely positioned to help lenders succeed across the entire mortgage lifecycle, from lead generation and qualification all the way to servicing. But in this episode we'll specifically take a look at opportunities for efficiency and savings across the core transaction milestones application processing and underwriting, ending in approval, closing and funding.

Speaker 1: 2:15

Let's start with one of the most recent hot topics credit and verifications. One of the biggest cost drivers lately is the sharp increases in credit costs we've seen over the past couple of years. Stewart's Informative Research has cutting-edge integrations for nearly every point of sale and loan origination system out there. Recent enhancements give lenders maximum control over how and when credit and verification services are ordered. Their services include the full range of credit reporting options and their verification services bundle seamlessly integrates the verification of assets, income and employment. By bundling credit reports with verification services like assets, income and employment, lenders streamline the process, increase profitability and cut costs. They save money by setting the timing of the data billing event, usually at loan closing, while still getting the info they need quickly and accurately. In the end, it's about making the process smoother and passing savings along to everyone involved. We've reimagined the title process by offering instant title options, closing disclosure automation and enhanced curative services across our centralized title solutions and our unique interchange program allows lenders to provide a much more secure and consumer-friendly guided experience through the closing process for their borrowers without any integration needed on the part of the lender.

Speaker 1: 3:34

Stewart's Allegiant Reverse Services is the leading title provider for home equity conversion mortgages. At Stewart, we're often known for the hundreds of local offices we have around the country, but lenders also turn to Stewart for our national centralized title and settlement solutions for purchase, refinance and even reverse mortgage transactions. As the leading appraisal management company, or AMC, stuart Valuation Intelligence offers the broadest range of valuation and appraisal solutions, including traditional, hybrid and desktop appraisals, along with BPO's evaluations and AVM-based evaluation solutions. Modernization efforts from both GSEs seek to better use data and technology as part of the appraisal process, and SVI is a verified and approved provider of GSE property data reports and the technology needed to supply them. In addition, we have title and settlement solutions for investors of every size across all 50 states. Our teams at Stewart Investor Solutions and BCHH Title handle some of the largest and most complex transactions, often spanning dozens of states and millions of dollars.

Speaker 1: 4:37

As you scale your own operation, know that you can scale with Stuart, as we help you handle anything from Main Street to Wall Street.

Speaker 1: 4:44

In today's competitive lending environment, providing a great borrower experience is crucial, and that's why Stuart takes signing seriously. Stuart's Notary Cam and Signature Closers have come together to offer remote choice so your customers can sign in person or online totally at their convenience. Your customers can sign in person or online totally at their convenience. Notary Chem also now offers a complete done-for-you eNote framework for lenders wanting to obtain savings from implementing eNotes Without the complexity and costly integrations across multiple technology partners. Moving to eNotes is a great path to reducing dwell time on warehouse lines, which can lower costs significantly. With fraud making headlines nearly every day now, it's critical that your partners take security seriously. Stuart partners with industry-leading certified to offer the greatest protection possible for all involved. It's clear that the cost of manufacturing a mortgage continues to rise. You can put Stuart's credit verification, title escrow, valuation, appraisal, signing, funding, integration and done-for-you eNote solutions to work to enhance your operation with one partner and one agreement. Thank you.