What are Mortgage Lending KPIs?
Mortgage lending KPIs and metrics measure the effectiveness and efficiency of the loan process – from sales through closing, and beyond. The mortgage origination process has several distinct steps where KPIs can be implemented – sales, application processing, underwriting, close/post-close and funding. After a mortgage has been closed, the lender either retains the loan for servicing (and securitization), or sells it to another financial institution – KPIs can also be measured within these processes to track service levels and/or loan profitability.
Using KPIs and Metrics to Manage and Improve Mortgage Operations
Measuring the efficiency of the loan process – and the quality of loans being originated by the institution – is critical for both sales growth and compliance. Take loan officers as an example. An effective manager must be able to understand where each officer stands in terms of actual versus targeted production. And beyond that, they must understand the risk profile (typically expressed as a risk score, or rating, for each loan) and interest rate spreads for each loan officer to ensure they aren’t sacrificing quality for production volume.
Mortgage KPIs: The Top 5 Metrics for Managing Mortgage Operations
Originating and servicing mortgage loans is a highly transactional business, lending itself to systematic KPI measurement and management. Digging down into detail on each mortgage sub-process is worthwhile, but there are also some top line metrics that executives and managers should always be aware of – here are the top 5:
- 1.Total Loan Production ($)
- 2.Loan Yield Spread
- 3.Mortgage Closing Cycle Time
- 4.Unit Cost: Loan Origination
- 5.Mortgage Application Pull-Through Rate
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