Unit Cost: Mortgage Loan Servicing
This PDF report includes benchmarking data (in a visual, chart-based format), an comprehensive KPI definition, characteristics of high performers and technical details on measuring Unit Cost: Mortgage Loan Servicing. Purchase and download this easy-to-understand, presentation-ready report immediately to compare performance levels, set attainable performance targets, and push towards best-in-class performance for this KPI.
What is Unit Cost: Mortgage Loan Servicing?
The total cost of mortgage loan servicing operations (including labor, technology, occupancy and other overhead costs) divided by the average number of mortgage loans in the bank's servicing portfolio over the same period of time.
Why should Unit Cost: Mortgage Loan Servicing be measured?
Unit Cost: Mortgage Loan Servicing measures the average operating cost incurred by the bank, or loan servicer, to service a single mortgage loan over a defined period of time (e.g., monthly, quarterly, etc.). While loans within a servicing portfolio generate revenue through interest payments, servicing fees and/or secondary marketing earnings, overhead costs related to ongoing customer service (i.e., loan servicing) should be minimized to improve the profitability of the institution's loan portfolio. There are several areas where efficiency can be improved to control costs, including call center operations, loan boarding, loan data quality control/maintenance, and payment processing. The customer service call center is typically an area rife with improvement opportunities - more robust self-service options, standard call routing procedures, improved call forecasting and staffing practices and accessible IVR/VRU menu options can help to improve capacity, service levels and efficiency within the loan servicing function.
Download a Sample Unit Cost: Mortgage Loan Servicing
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