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One of the best approachs for boosting business is to benchmark, or to look at the most successful ideas and techniques within an organization or another company and duplicate them.
Benchmarking is a management tool that can help mortgage banking companies not only keep up with the competition, but also search for ways to get ahead. In-depth studies may be employed as key components of benchmarking by helping to identify where certain opportunities lie for a specific company.
Several companies are designing and conducting process benchmark programs for lenders.
Washington, DC-based KPMG Peat Marwick LLP's annual mortgage production performance study, MorPro, provides data regarding cost and productivity measures, as well as an analysis of the trends and best practices used by top-performing mortgage origination companies.
"Lenders need to understand how to take advantage of their strengths and where to make improvements," said Geoffrey Oliver, co-managing director and partner of KPMG Peat Marwick LLP's National Mortgage Finance Group. "Performance measuring is essential to understanding a company's strengths and weaknesses. It is also the latchkey to successful strategic planning, budgeting and goal setting."