Partnerships Matter!
SCA 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 insight and information about partnerships in the mortgage industry.
By Bill Dolan:
Spillane Consulting Associates provides critical services to the mortgage industry and has, for over 28 years. Why? It’s pretty simple, SCA was built on one lasting relationship at a time, and the services we have built allow our Clients to focus on building mortgage products or services that add inherent value to their Borrowers.
Mortgage partnerships are a fragile balance between your institutions best business interests and the sometimes, competing interests of your business associates and competitors. However, one thing is crystal clear, all partners need to receive mutual benefits from the relationship. Without question, this is an extremely important dynamic to understand for in the long run, a healthy partnership will be a competitive advantage for you both.
It is vital that mortgage lenders cultivate these partnerships continuously and whether you are a bank, credit union or non-depository, the cornerstone for these relationships must include:
Trust: Building trust in this industry is not always easy but it is the center of the partnership which must be cultivated and refined at all times but especially, through those tough mortgage cycles of our business.
Respect: Partnerships are built on mutual respect for one another. If your institution does not respect your services vendor company from the outset, the relationship is doomed to fail.
Mutual Benefit: This is a two-way street and the partnership in order to be successful, must provide benefits to both parties. Without mutual benefits derived by both parties, the partnership becomes unstable and extremely challenging.
Fairness & Honesty: Fair and honest partners always win out in the long run. Any short- term gain accomplished by taking advantage of a partner will destroy both the long- term relationship and destroy the trust.
Without these ingredients, the partnership will be extremely difficult to maintain. And keep in mind, these components above must all be present because they feed off of one another and allow the partnership to be productive for years to come.
If you are looking to explore this type of a long-term partnership in any of the following areas:
Management Solutions
Mortgage Lending Technology
Quality Control
Compliance
Training & Staffing
Contact Spillane Consulting Associates at (781) 356-2772 or visit our website at www.scapartnering.com
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.
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(781)-356-2772
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