Blog post was written by attendee, Dave Stephan, Inlanta’s TPO Manager.
The Wisconsin Credit Union League 2017 Convention and Expo just wrapped up last week. I was told by a WCUL representative that this conference is one of the largest state CU conventions in the country and I believe it! With over 90 exhibitors and 500 attendees, it was one of the largest state industry trade conventions I have attended.
It seems there was no shortage of Third Party Origination (TPO) service providers that were exhibiting. I was told there were more this year than ever before, and in fact, it was Inlanta’s first year at the show as well.
Why so many? Mortgage Compliance is an indifferent master. It doesn’t care if you’re a bank or a credit union – we all, by and large, have to follow the same rules. The MBA reported in late 2016 that while per loan profits rose by about 5% from earlier in the year (likely from refi’s which are no longer in play), production expenses per loan remained at a historical high of $6,969. With those kinds of numbers, it seems pretty clear where TPO providers are looking to provide value to credit unions and their members.
We can give a credit union the ability to originate loans including conventional, FHA, VA, USDA Rural Development, and jumbo for their members that would otherwise be cost prohibitive from an administrative or compliance (see above!) perspective. Back-office functions, including issuing disclosures, processing, underwriting, and closing along with the respective compliance burden are all handled by us. That allows the credit union to focus on their member, providing the highest level of service at the lowest possible cost which fits perfectly in their mission as a not-for-profit institution.
Inlanta is a Wisconsin-based company with a nearly 25-year track record as a leading provider of Mortgage Services. Let us show you how to increase your mortgage production and fee income and reduce costs.