As the New Year is well underway, I am still reflecting on the past year… the struggles, the successes, the lessons learned. If business continuity plans had any gaps, weaknesses or flaws, 2020 was quick to point them out. Already having a remote workforce in place gave us a head start on managing our business when the pandemic hit and helped mitigate health risks for our employees and deliver our services without disruption to our clients.
Our investment in a robust loan origination system allowed us to expand rapidly to meet the huge influx of volume. Relationships with strategic partners played a key role in that we were able to use a blend of onshore and offshore resources to offset the tight labor market, escalating salary requirements, high cost of hiring talent and training new staff.
Another “a-ha moment” was recognizing the importance of leveraging automation processes to bring powerful and nimble resources to lower labor costs, increase operational efficiencies, manage capacity fluctuations, improve quality, and increase growth and scalability options. Along with a strategic partner, we are deploying robotic process automation within our LOS to obtain the highest possible efficiencies in our underwriting services offering.
As we strive to see the positive in difficult situations, the lessons learned from 2020 have created the foundation for our future and the eventual return to a normal purchase market.