Cases - Business

The perfect loan processor would be…

The key to finding and retaining great talent in loan processing can be as hard as finding that perfect friend or

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

partner. In today’s mortgage lending industry that runs characteristically lean, many mortgage processors are faced with doing many things that were f

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

ankly not in the job description years ago. Many also have not been properly trained in actual processing skills, much less organizational efficiencies

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

and were expected to learn on the job.

The problem faced by many owners, brokers, and managers is the need to do more with less. The industry is contr

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

acting since the boom years, but the level of service and demand for higher quality experiences from the borrowing public is at its highest. This leane

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

business environment creates an employee that is wearing many hats, which can create higher turnover and job dissatisfaction if not handled correctly.

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

What can be done about this? Well, the answer is not always hiring more people. Many times the answer is that you need to look at your organizational

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

systems (file flow) and individual employee organization to find areas that can be improved upon to increase production and job satisfaction and there

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

y decrease turnover.

Many loan processors begin work before the originators arrive, stay late, and work weekends just to get in some quiet time to do

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

heir actual work. Their day is filled with constant interruptions and trouble shooting. Many feel forced to play catch up on their own time. According

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

o a 2005 study, by the Institute of Psychiatry at the University of London, “Your IQ drops 10 points when you field constant emails, text messages and

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

calls – the same loss you would experience if you missed an entire nights sleep.” The research supports the need for solid blocks of uninterrupted time

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

to work efficiently. This further supports the need for organizational systems that promote this type of work environment for loan processors. The only

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

problem is that few companies provide any training or guidance on personal organizational systems, but without these organizational systems, time canno

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

t be used productively.

The key to happier and more productive loan processors is allowing more quality time for them to do their work. Analyzing docu

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

ents and calculations needs to be performed with as little interruption as possible. By using a system of organizing their work, they can block out tim

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

during the work day to give complete attention to that particular “hat” they are wearing and therefore become more productive.

Creating efficiencies

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

in mortgage loan processing is simply a group of systems that enable processor’s to make better use of their time and by extension close more loans in

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

ess time.

If you would like more information on creating organizational systems in mortgage loan processing, please visit our website at elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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