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Online mortgage loan Source: Shutterstock

For most credit unions, mortgage lending is only one product in a full menu of financial services offerings. Unfortunately, due to the complexity of mortgage lending and the significant regulatory oversight that comes with it, home finance typically requires its own department, despite the fact that it may not account for a major portion of the institution’s annual revenue in comparison to other products.

Departmentalizing home finance makes regulatory compliance and delivering a high-quality member experience attainable, but at a price. Part of the price is paid in additional overhead, including salaries and facility-related expenses. But when the mortgage department is placed in its own silo, the cost also includes lost efficiencies and missed opportunities. The negative impact business silos have on marketing automation is perhaps the highest cost the enterprise pays.

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