5 Resolutions To Kick off the New Year
As the calendar turns, most of us are thinking about personal goals like hitting the gym or reading more. But from a professional standpoint, the New Year offers a critical—and often short—window of calm to address the "back burner" items that inevitably get pushed aside when loan volume spikes.
To help you start the year on solid ground, we’ve identified five high-impact resolutions for you to consider.
1. Dust Off the Policies & Procedures Manual
Compliance isn't a "set it and forget it" task. Outdated P&Ps are one of the most common findings in audits and exams.
The Resolution: Conduct a top-to-bottom review to ensure your workflows reflect current regulations and your actual daily practices. If your manual still references processes from two years ago, it’s time for an update.
2. Prepare Yourself Through Cross-Training
What happens to your pipeline if a key closer or underwriter takes a week off? If the answer involves panic, you have a coverage gap.
The Resolution: Commit to a cross-training schedule this quarter.
The Reality Check: If you’re running lean and don't have the staff to spare for training, consider a partner like SCA. We can fill those operational gaps, providing the coverage you need without the overhead of a new full-time hire.
3. Fortify Your Fraud Defenses
Fraudsters don't take the holidays off; in fact, they often get more creative. Internal controls are your first line of defense against wire fraud, identity theft, and application misrepresentation.
The Resolution: Strengthen your internal controls. Audit your "red flag" checklists and ensure your team is trained to spot the latest sophisticated fraud schemes.
4. Audit Your Tech Stack (Including BSA/AML)
Is your technology helping you or just housing your data? Inefficient systems lead to frustrated loan officers and abandoned applications.
The Resolution: Perform a tech review. When is the last time you reviewed your BSA (Bank Secrecy Act) and AML (Anti-Money Laundering) support systems? Are they integrated effectively, or are they creating manual bottlenecks? If a process feels clunky, it’s likely ripe for a technology upgrade.
5. Replace "We've Always Done It This Way"
The most expensive phrase in business is "We’ve always done it this way."
The Resolution: Identify one inefficient process—perhaps your post-closing stack or your disclosure delivery—and replace it with a leaner, more automated version. Small gains in efficiency now pay massive dividends when your volume doubles in the spring.
Make This Your Most Organized Year Yet
Don't wait for "crunch time" to realize your foundation has cracks. Taking the time to address these resolutions earlier in the year ensures that when the market heats up, your team is ready to run, not just keep up. Need a hand checking these items off your list? Whether it’s policy review, staff augmentation, or a deep dive into your QC processes, SCA is here to help. Contact our Director, Bill Dolan at wdolan@scapartnering.com or by phone at (617) 694-2617.
