TRID Forcing A New Look at Technology

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Just in case you missed it here is an article I recently wrote which appeared Friday in MBA’s Newslink (Article).

I believe that one of the benefits of TRID is that once again lenders are being forced to take a step back and take a long, hard look at how they do their business. Most industries have incorporated an increased use of technology in a myriad of ways to help them increase productivity while decreasing costs. It helps them keep prices down while continuing to deliver quality products.

It shouldn’t be any different in mortgage lending. For way too long the mortgage industry has lagged far behind other industries in the use of technology. No more; it’s time to step up and automate to originate. The investment is well worth it.

Technology can be used in two ways. A lender may outsource certain functions, like loan auditing, to companies who already possess the technology and resources to accomplish these tasks cheaper, or bring the technology in-house for use by their own staff. Either way, will reduce costs, increase productivity and provide a better quality, compliant loan.

Don’t wait until after a loan is closed to find out from someone else that you have problems. Use the same technology to identify problems early on, and throughout, the process to identify defects for correction before your loans close. An ounce of detection is worth a pound of “cures”.

About the Author

Michael Vitali

Michael L. Vitali – Independent Consultant to the Mortgage Industry Mike Vitali is an independent consultant to the mortgage industry on matters concerning compliance and mortgage lending. He most recently served as the Senior Vice President and Chief Compliance Officer for LoanLogics, monitoring regulatory developments and their practical implications for the mortgage lending industry. His duties included research, interpretation, and analysis of existing and proposed legislation related to the industry in support of recommendations for policy and/or procedure changes to maintain continued quality and compliance with all applicable laws, rules and regulations, investor requirements, and standard mortgage practices. In his more than 40 years in the mortgage industry, in senior level management, he has gained experience in all areas of mortgage lending, risk management, and compliance. Mike is a past President of the MBA of Greater Philadelphia, is a charter member and was the second Chairman of the MBA of Pennsylvania, and a past board member and Legislative Chair of both associations. He is a recipient of the 1998 Mortgage Banker of the Year Award from the MBA of Greater Philadelphia, and the 2003 Chairman's Award from the MBA of PA, and currently serves on several compliance related task forces for MBA.