Each month we pause to reflect on the Fairway Branch Score Card to see how we are doing operationally and where we can improve. We practice this discipline because we literally exist to treat others as we would have them do unto us if our roles were reversed.
Now that might sound a little funny if you are not familiar with our team or our company, but we truly believe there is a more exciting and rewarding accomplishment beyond making a profit. Our goal and our relentless focus, is to create a consistently remarkable experience for our clients. We want the experience to be so good, clients can’t help but share their stories with their friends, families, and colleagues.
So how do we do that? First and foremost, we focus on speed to close. This month our team moved at lighting speed, with 10 loans that went from being submitted to processing to clear to close in under 10 days. Three of those loans in less than 6 days.
This is almost hard to comprehend, this timeframe includes, appraisal, title, insurance, legal disclosures, processing, underwriting, and dozens of additional tasks that need to be completed in under 10 days to make this list. No amount of kudos could adequately express how grateful I am for our operations team that comes to work with an intense desire to serve our clients each day.
In addition to the top 10 fastest closed loans, we also track a number of vital performance indicators that tells us how each department is doing and where the system might be bogged down. The beauty of the Fairway Score Card is that this tool gives us something to compete against and for each month. Our teammates are fiercely competitive and they know these vital performance indicators are directly correlated to consistently creating remarkable client experiences.
- In October we had the honor of helping 74 families finance their home (nearly all of them new home purchases).
- The wire department score is an internal metric that tells us how efficiently our closing and wire team is working. Nothing is more crucial to a transaction than making sure closing and the wire are coordinated properly. These ladies are the best of the best and it shows as we beat the company average by 5%. This score ensures our clients are not disappointed at the last moment.
- Clear to close 72 hours before signing is the single biggest goal for our team. Interestingly, our 10 fastest closed loans in under 10 days is actually pulling this percentage down. If we had 30 days to close those loans, we would have seen this 72 hour number in the 80% plus range. All in all, this is a very good number but I know our team is constantly working to engineer even faster turn times and higher scores.
- Average days from submitted to processing to clear to close 15.99 days. This number is absolutely astounding to me. We take on some of the hardest and most challenging loans in the company and for us to average less than 16 days for the entire process says a lot about the heart of this team.
- Average days CD send prior to closing 18 days. This is a vital performance indicator for the client experience, when a client sees numbers for closing weeks in advance, their nerves are settled and they can pack their belongings and prepare for the move in ease.
This October marks our 1 year anniversary with Fairway and what a year it has been. These stats are made possible by attracting a group of hungry, humble, and smart team players, aligned around consistently delivering our team WHY.
We believe in honoring all who seek our help by treating them with warmth, empathy and understanding. We exist to do unto others as we would have them do unto us if our roles were reversed.
We accomplish this by offering trusted advice, anticipating needs, and with a commitment to deliver exactly what was promised, regardless of the difficulties that may arise.
We are a physician focused mortgage team, determined to provide an incredible mortgage experience.