The most effective loan quality technology should create transparency and consistently track quality metrics across the team and the business. Automation plays a critical role in creating purified data, taking on the brunt of audit tasks, facilitating auditor workflows and focusing staff on managing system identified exceptions. Accurate centralized reporting is also a key benefit and critical for establishing and…
Most independent annual reviews of 2019 MERS® compliance are now concluded and our attention is now locked on managing this year’s responsibilities amid a global pandemic. Last year, LoanLogics found, yet again, that inadequately documented procedures leading to misinformation and omissions remained a challenge for servicers. This was even more pervasive as staffing changes occurred within an organization. With 2020…
Laughing, we didn’t! Just kidding but not really! Communicating post close defects upon discovery was certainly not on anyone’s service level agreement back in the early days of doing post close audits. The technology just wasn’t there to help facilitate it. Lenders typically received findings from their outsourced quality control (QC) provider 60, sometimes 90, days out from the time…
Yesterday, LoanLogics announced a new product to the mortgage industry, LoanLogics® IDEA™ OnDemand. It has been designed to bring superior accessibility, automation, accuracy and price performance to inline doc processing during loan production. This innovative capability takes our decade of doc processing services and technology experience and delivers it in the form of a turnkey, cloud-native digital assistant. As…
Even with all the fintech advancements that have been introduced to improve the borrower experience, we are still far from “push button, get mortgage.” On the front lines of lending, loan officers (LOs) would likely agree that one area of mortgage origination that still stands to benefit from more automation is document processing. The sheer volume of both documents and…
It’s hard to believe that TRID is now almost five years old. But even as memories of the industry’s massive operational and compliance readiness efforts begin to fade, TRID errors continue to plague lenders. However, while there have been challenges along the way, a lot has still gone right that we can celebrate. The industry will continue to work its…
