Teraverde Current Commentary

Jim Deitch

Announcing a new book coming from Jim Deitch, Teraverde Founder & CEO

After significant research including interviews with a long list of industry leaders this new book, Transforming Mortgage Banking – The Quest for Outstanding Profit and Customer Satisfaction will be published early in 2018.

As stated in the forward,
“The world of mortgage banking has been tied down by traditional ways of doing things. In fact, there are protocols in place that trace back multiple decades to just after the Great Depression. While industries around us have been exploring new ways of doing things and (perhaps most importantly) new technologies, mortgage banking has tended to stay with the tried and true. “

Beyond that, “Since the Great Recession of 2008-2010, the U.S. has experienced significant economic shifts, but also seismic cultural shifts. While middle class ambitions in the past centered on the split-level home, today's homebuyer is turning more and more to less traditional housing options. What's more, the contemporary homebuyer herself does not necessarily fit the traditional mold defined by both the industry and regulation.

What can the mortgage industry do to respond to these changes? What are the discussions taking place amongst thought leaders to drive these changes?”

“I decided to seek transformational CEOs who are groundbreakers and pioneers in the mortgage banking and related industries and find how the best become the best at high customer satisfaction, high-profit, low-cost, high employee retention metrics.  For example, Quicken Loans has the highest customer satisfaction for seven years running according to J.D. Power, a nationally known customer survey firm.  How did Quicken do it?

The Executive Summary concludes: “The longer I am in the mortgage banking business, the more I am convinced that the elements of success-- vision, culture, customer experience, process, workflow, technology and results-- are directly linked.  The successful CEOs interviewed for this book confirmed that sentiment. Keep this model (pictured below) in mind as you work through the book.

Remember that “Results” can be whatever one defines them.  For this book,’Result’” are measured in customer satisfaction, profitability, cost, and employee retention.”

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