Guts, grit, and determination. A true innovator. Powerful words that aptly describe industry veteran and COO of Mortgage Pro Home Loans, Andrew Andreasen.
This past week we had the honor to sit down with Andrew to understand what his team is doing to prep for the new year.
Most mortgage lenders and industry insiders agree that the outlook going into 2025 is not so good. As a seasoned operator in this space for decades, Andrew recognizes the pattern we are in and knows that now is the time to change. The goal is to not only survive this period of low volume, but to also be best positioned to excel when the market ultimately comes back.
Let's dive deeper into the specifics for the Mortgage Pro team and recommendations for Lenders across the industry.
Mortgage Pro’s Focus for 2025
1. Efficiency as Survival’s Cornerstone
“We are committed to a process-oriented, atomic level approach. We need a process that is manageable, scalable, and supports production. We feel that partnering up with Wilqo, who shares that vision, will give us a competitive advantage”.
Andrew underscores that gaining efficiency in every aspect of the business is the whole key to surviving now and thriving in the future. “We have always wanted to streamline our operations, but the software platforms available in the market have never supported how we actually want to do business, until now” stated Andrew.
“An example is we don’t want to wait to push to processing,” he notes. “Instead, work should begin as soon as the first task is available.” Andrew emphasized the amount of unnecessary waiting built into current processes.
2. Sound Integrations
“Integrations are incredibly powerful but are seldom implemented in a cohesive manner” (jokes about Frankenstein and patch-work quilts ensued). Mortgage Pro is focusing on configuring their workflow with Wilqo to get the most out of these integrations. The balance of automation, data extraction, and getting information to the right team members at the right time is key.
3. Reimagining Loan Processes
“We are erasing the way loans used to get done,” says Andrew.
The industry knows that it needs to change but no software, until now, has provided a platform for that change. “Loan Officer Assistants, Junior Processors… the thoughts have always been there, but software was the roadblock.”
By embracing a fresh perspective by shifting to Wilqo, his team is restructuring workflows to better meet the needs of a changing industry.
Andrew’s Advice for Lenders in 2025
1. Invest in Processes First, Marketing Later
Andrew advises lenders to focus on building efficient processes before advertising their capabilities.
“Get your process correct, now. When the market inevitably turns for the better, you’ll be positioned to avoid your old mistakes while outperforming your competition” By focusing on process, Andrew emphasized how this will improve bottom lines and the overall borrower experience.
2. Adapt to Economic Shifts
Acknowledging the rough quarters ahead, Andrew views this as a “wonderful opportunity for those willing to fix their business models.” With servicing portfolios under pressure from fluctuating interest rates, lenders must diversify and strengthen their core operations.
3. Tailor Borrower Experiences
Modern borrowers demand personalized engagement. Lenders should “reward clients for the way they’ve managed their finances” with efficient, customized processes that reflect their financial management. “Tailor the needs list according to the client,” Andrew advises, a strategy that enhances borrower trust and satisfaction.
4. Stay Strong in Underserved Markets and FHA Loans
A heart for the underserved drives Mortgage Pro’s belief in the enduring value of FHA loans. As automation simplifies verification and record-keeping, FHA products remain vital for segments that traditional lenders might overlook.
Mindset Shift: From Surviving to Thriving
Andrew’s overarching message is clear: “The old way of thinking needs to go away.” To thrive, lenders must overhaul legacy practices, embrace innovative technology, and cultivate adaptability. “If there’s a new way to do business, now is the time to fix it,” he asserts.
Takeaway for Lenders: Efficiency and innovation aren’t just buzzwords, they’re survival tactics for 2025. By leveraging the correct technology, refining processes, and prioritizing customer-centricity, lenders can navigate the challenges ahead and emerge stronger.
