SCA: News & Updates
Big News: One of the great things about SCA is the range of issues we get to see, and the wealth of knowledge we get to tap into while working with dozens of clients on a monthly basis. Today, we'll share some important updates and a message from our Director of Sales and Business Development, Bill Dolan.
SCA Announcement:
We've Moved!
Spillane Consulting Associates is excited to announce the location of our new World Head Quarters. We have officially moved to North Weymouth!
Now that we have relocated, our new office space will allow us to continue to grow and expand as a company. Furthermore, the expanded space will increase our ability to work on more complex and collaborative projects.
Our New Address is:
383 Bridge Street
North Weymouth, MA 02191
Please note that our telephone and fax numbers remain the same. Thank you to our new neighbors at South Shore Bank, who welcomed us into the new building!
A Message From Bill Dolan:
It goes without saying, that Mortgage Banking is an extremely cyclical business, always prone to both expansion and contraction as market conditions change. With the cycle we are currently experiencing, it appears one can anticipate interest rates climbing higher, homes remaining on the market longer, and volume expectations dropping dramatically, all while staff overcapacity imposes layoffs that are occurring weekly. Furthermore, it seems apparent that this cycle may continue for several quarters or more. Meanwhile, costs to originate escalate while margins grow thinner and thinner.
Many of you are currently hunkered down, budgets in hand, forecasting lower than expected volumes and revenues for 2019. Simultaneously, expenses are required to significantly be reduced or risk expenses being reduced for you! It’s not pretty but it’s REAL!
Right now, you have many difficult decisions to make. How much staff will I need to operate in 2019? What is the right number to operate efficiently or how quickly will I be forced to reduce my staff? How many of my loan originators will need training to not only adjust to a new type of purchase market (many of whom in the past 10 years have only been exposed to a refi market) and who will eventually come to the realization that they are all chasing and vying for the same loan as their competitors.
As those of us accustomed to weathering these industry changes and cycles know, the pendulum will eventually swing back and the market shift will return as it historically does. Until then, what do you need to do, how do you plan and who will listen?
For the past 27 years, Spillane Consulting Associates has provided the experience knowledge and the solutions necessary to face these times with our Partners head on!
Working with SCA allows you the ability to confer with us in finding interim solutions during such times. One way to maintain quality service to your Investors, Borrowers and your own financial institution during this period may very well be to outsource many of the day-to-day functions you and your organization presently perform.
SCA performs the following functions:
Pre-Funding Quality Control
Post-Closing Quality Control
Appraisal reviews
Credit Reviews (TPOs)
Compliance Reviews
Furthermore, our Clients look directly to SCA during these cycles to meet their staffing needs: processors, underwriters, closers, post closers, secondary marketing, systems consulting that may include on-site or remote temporary and permanent systems administrators for implementation of POS, LOS, product and pricing engines as well as workflow optimization reviews, a 24-hour compliance hotline as well as enterprise risk management consultants. These are just a part of the arsenal of talent that SCA’s team has readily available to you. Our management consultants are here to assist you with both your short term as well as your long- range strategy in 2019 and beyond this cycle. SCA is ready to partner with your institution in order to maintain a highly successful operation for both you and your organization.
Need someone who will listen to you? Contact us!
Sincerely,
Bill Dolan
Director, Sales and Business Development
Spillane Consulting Associates has served the residential mortgage lending business since 1991. We have specialized in mortgage banking consulting services and provided quality control reviews, risk management and process consulting and employee training to credit unions, community banks and non-depository institutions. We are a thought leader on the strategic growth of residential mortgage lending. You can learn more by visiting our website, or scheduling a meeting with me or one of my colleagues.
SCA Compliance Hotline: Need a question answered quick?
Call:
(781)-356-2772
Thanks so much for reading our weekly newsletters. We're not always going to be perfect, but because we always do our best and try not to overpromise, we hope that we're always going to be trustworthy. Your calls and e-mails are very helpful - please keep contributing.