Just an FYI Chase just rolled out an automation tool for automatic loan modification to prevent people from refinancing. They currently targeting qualified customers by using their mobile apps. This is a trial period where they don’t need loan officers or processors to look at the file and get you qualified. Customer just submit it through site or mobile app and the systems will automator generate approval rates and terms. If it’s successful they will start cutting in the originations department and Chase is the first to started this program. I’m sure other banks will follow in the future.
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If your job is so worthless a half assed written code can replace it then maybe you should do something to better position yourself in the job market. Just a thought
June 2020 next wave
HLA = Home Lending Advisor. The term used to be Loan Officer, but you know how Chase loves to change titles all the time. Like it even matters.
Does HLA mean Home Lending Associate?
Wrong. Retail HLA's are NOT overpaid. Mortgage origination is still a complicated process which can turn into a real nightmare if you don't have a competent HLA guiding the ship. On the flip side, a c-appy HLA will only make the problem worse. I have to applaud Chase in that they got ride of thousands of c-appy HLA's (although they should not have been hired in the first place). The result is that the current HLA staff are for the most part competent, high producing, and valuable. Call center and CD HLA's are order takers who don't have the same connection that an HLA in the field will have. The customer satisfaction surveys with the HLA's in the field have gone through the roof because the HLAs that remain are solid. Going to a straight call center model will impact the customer surveys in a negative way, and Chase knows this. They can't go 100% to the Quicken model because they aren't quicken. They are a bank and the bank customers expect a different experience. They are still trying to figure it out, but completely abandoning HLA's has risks and Chase management knows this. It will be interesting to see how it all plays out.
Damn that’s f—ed up
100%correct. These retail hlas were overpaid and they will move tonthebcall center model to keep profits up.
Your partly right. Of course it's going to be successful. People will get a lower rate at no cost and no hassle. However, it will be offered only to the most qualified customers. The part about "if successful they will start cutting in the originations department" is hilarious and inaccurate. The biggest threat to originations is the call center model (like Quicken) which Chase is in love with. That is the real threat to retail HLA's, and it's real. It's just a matter of time. No matter what management says, that's where Chase is headed. The call centers are in place, and they are slowly removing retail HLA's and replacing them with CD (consumer direct-call center) or LDO (lending development officers) who cover 25 branches and just trouble shoot for the call center people. It's going to get ugly in the years to come.