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Outsourcing to Stay Profitable

It’s not news that margins are down and costs are way, way up.

According to the Richey-May Select Q1 2022 Snapshot, the cost to originate increased 33 basis points (10%), or $1,300 per loan (13%) over the quarter. The largest cost per loan increases were seen across back-office expenses, which rose 28% from Q4 2020 and are up nearly $1,000 per loan from Q1 2021.

Outsourcing is an effective cost-saving strategy that can replace staff if hiring and retention is an issue, or it can be used as a seamless supplement to your team. Smart outsourcing of certain tasks and roles or deploying a complete end-to-end solution can improve margins and boost efficiencies in any market but can be especially beneficial in a downturn.

Headquartered in downtown Des Moines, Iowa, Gooi has an experienced, highly trained team who is 100% focused on providing streamlined, accurate back-office services to minimize the effect of fluctuating volumes and staffing gaps. We work in your world and see first-hand the issues you encounter, so we are able to align our team with yours for maximum communication and efficiency. This collaborative approach provides support that can relieve some of the pressure on your management team.

We can effortlessly manage the many guidelines, delivery options, overlays and compliance issues due to working with multiple investors. Our limited warranty minimizes your risk of costly errors due to overworked or undertrained staff. We also hold ourselves to a higher standard than some providers as we are fully licensed in a majority of the U.S. and are working towards obtaining licensure in additional states.

Our variable cost model provides increased lender profitability no matter what the market dishes out. With margins continuing to shrink, our services offer increased cost-savings and value like never before. The end result of our partnership allows your loan officers to do what they do best which is drive originations and generate income without the distraction of operations. If you would like to see how working with us can save you time and money, please contact me today!

By Laura Rosenberger