As mortgage rates continue to stay near historic lows, homeowners everywhere are hoping to capitalize and refinance and purchase at a lower rate.
This is causing the number of new loans to skyrocket to record highs and is proving to be a challenge for some lenders. Overwhelming volume is resulting in longer processing time and ultimately delayed closings.
Service First continues to close on time, even with record volumes.
“We’ve worked to build an efficient platform where our average time to close is still 30 days,” said Dee Hoyle, Executive Director of Operations. “We have a non-linear system where multiple departments are able to work on a loan simultaneously helping us significantly cut down on time required to get a loan to closing.”
Using this process has allowed Service First to be prepared to process loans, even of this volume, in a timely manner. Hoyle touted his team’s ability to work together, streamline processes, and utilize the resources the company offers.
“We don’t use technology just to say we have it,” Hoyle said. “We use it so we can not only process in a timely manner, but to also give back as much value to our borrowers as we can. I believe that’s what sets us apart.”
Dee Hoyle is the Executive Director of Operations for Service First Mortgage and is a Managing Vice President of the company. Dee joined the company more than 14 years ago and rose through the ranks to his current role. For the past 12 years, Dee has been a part of the secondary marketing department and has helped with the growth of the company by establishing new relationships with correspondent lenders, initiating a company hedging program, and obtaining approval with government agencies.