Key facts
- Verity Global Solutions offers BPO services with automation to manage labor costs.
- USAA offers a 4% mortgage rate ceiling for qualified members.
- Refinance applications are down 59% year over year.
- Fannie Mae projects refi volume to drop from $695 billion to $430 billion next year.
Mortgage industry leaders gathered at the Mortgage Bankers Association Annual Convention & Expo in Chicago to discuss strategies for navigating a high-interest-rate environment. Key concerns include managing labor costs and retaining borrowers for future business.
Sam Mehta, CEO of Verity Global Solutions, advocates for outsourcing and automation to create variable labor costs, allowing businesses to scale up or down quickly. He stressed the importance of retaining quality control staff to preserve "tribal knowledge" and avoid costly loan buybacks.
Independent mortgage banks, which originated 84% of single-family mortgages in 2025, saw an average pretax net production profit of $973 per loan in the second quarter of 2026. Mehta's company offers BPO services to help firms reduce recruitment and training friction.
With 30-year fixed mortgage rates at a three-year high, refinance applications have dropped significantly. Dave Worrall of LoanCare highlighted the focus on borrower recapture, with platforms like Illuminex and CoreSync designed to enhance customer engagement and retention.
USAA is leveraging its member benefits and retained servicing, including a 4% mortgage rate ceiling for qualified members, to help borrowers. David Bennett, VP of real estate at USAA, noted that retained servicing has saved members an average of $620 per month.