LRES Corp. announced that it now offers a free whitepaper, “How to Select and Manage Mortgage Service Vendors for Credit Unions and Community Banks.” The paper explains why fewer vendors with broader service offerings are one of the most effective best practices for credit unions, community banks.
This new whitepaper outlines the unique challenges credit unions and community banks must overcome when selecting and managing multiple mortgage services vendors, the company said. It addresses the challenges brought on by the foreclosure crisis, challenges brought on by new compliance rules, the advantages gained by working with fewer vendors and why smaller institutions are choosing LRES to help manage their mortgage needs.
After the Great Recession, many smaller institutions clearly saw the opportunity to expand their product sets, taking advantage of their strong local customer relationships to fill the gap left by larger lenders. The whitepaper explains that although these smaller financial institutions have won a larger share of overall mortgage originations and can compete more strongly, they are dealing with a new set of challenges, chief among them the need to carefully vet and manage all third-party mortgage service providers.
“Our new whitepaper offers advice to credit unions and community banks looking to compete more strongly in mortgage lending by reducing the number of vendors they rely on to provide their loan products,” LRES founder and CEO Roger Beane said in a press release. “LRES made the decision to expand our commitment to this market and provide a range of mortgage services tailored specifically for community banks and credit unions.”