Just because something is interesting doesn’t mean it’s important. The demand for mortgages hit a 22-year low, which is both. And here’s an observation that is both: Sometimes “Wall Street” types think they’re the smartest guys in the room but not always, and thank you to Guy S. for sending along this story about how BlackRock recently lost $1.7 trillion of its clients’ money. No one has a crystal ball to predict the future with certainty. Lenders everywhere do doing what they can now to make themselves more efficient, fearing rougher times ahead in 2022. They are looking at cross-training skillsets: Prioritizing coverage and making sure to cross-train so people can play to their strengths. Analyzing what tasks they’re doing, and the best people to do it. Workflow? Lenders are minimizing file touches, using a cheaper resource for parts of the file, and moving more duties from underwriting to cheaper personnel. Using checklists: Once a file hits intake, if there is enough information to make a credit decision, have it go right to the underwriter. V.I.P.’s Mike Metz observes that some lenders calculate income three different times, wasting more time and increasing the need for more processor bandwidth. (Today’s podcast is available here and this week’s is sponsored by EarnUp, an award-winning, consumer-first technology payments platform where originators and servicers can provide a borrower experience with flexible payment options that reduce risk and improves overall financial health.)