On the July 6 episode of my Lykken on Lending online radio show, our guest--Brian Fitzpatrick of LoanLogics--made the comment that "the industry has become a series of checklists." Our activities consists primarily of completing certain necessary tasks and moving on to others. It's all about workflow. We finish Step A, and then we can move on to Step B. The quicker we get through one step, the quicker we can move on to the next. So, how to we move with greater speed? Brian's answer is automation.
The more tasks on our checklists that we can automate, the more time we'll have to spend on later tasks down the line. Many of the procedural things we have to do require very little conscious deliberation but take up quite a bit of time. These are the tasks that we can automate. The fewer decisions we have to make, the quicker we can move. Speed is the secret to success, and automation is the secret to speed.
If there is one thing that is going to make an organization competitive in the regulatory overloaded mortgage industry of today, it is speed. With all of the hurdles we need to jump through, getting more done in less time is the secret to success. The quicker we can finish our compliance-related tasks, the quicker we can move on to revenue-generating activities. Speed is everything. So, how do we get faster?