It should go without saying that if you're in business, it's generally a good idea to make sure whatever you're selling--whether a product or service--actually works. This concept transcends common sense; we shouldn't even have to think about it. Yet anyone who has paid attention to our industry in recent years knows common sense has not exactly been a surplus commodity. Perhaps there is no better example of this than the fact that many lenders--though not all--are not properly reviewing their loan files for accuracy or omissions before sending them to their investors. Worse, many lenders lack an existing post-closing operation of any kind, and are simply using their investors as their post-close review teams--essentially letting their partners tell them what is wrong with their own loan files. I refer to this strategy as "ship and hope," because hope really is the only positive thing going for it. In a way it's like the petulant teenager who must always be reminded what he's doing wrong, who never listens, and who still expects the keys to Dad's BMW on Friday night.
