As we’ve written about before, on March 1st Fannie Mae announced two changes to their quality control requirements. Both will be effective September 1st, 2023. These changes move quality checks up in lenders’ origination processes. Why? Because it makes sense to look at high risk loan characteristics and make sure loans in the pipeline are quality checked before they are…
Just announced March 1st, the timeframe for completion and reporting of post close QC reviews to Fannie Mae is being reduced to 90 days from 120 days. As well, Fannie Mae is now requiring lenders complete a minimum number of prefunding reviews monthly. The total number of loans to be reviewed must equal the lesser of 10% of the prior…
Fannie Mae’s Selling Guide Announcement from 3/1/23 communicated a variety of updates. This blog is a two-part series to discuss in more detail two of the areas covered: Valuation Modernization and Lender Quality Control Updates. Also related is our recent blog, Appraisal Modernization is Now! The modernization of anything should include more flexibility and more reliance on tools versus people.…
The Federal Reserve’s recent decision to reduce interest rates is bound to ripple effect across the mortgage industry. Lower rates typically translate into a spike in mortgage applications as borrowers rush to refinance or purchase new homes. While this presents a fantastic opportunity for lenders, it also comes with significant challenges—managing the surge in demand while maintaining efficiency and compliance.…
Cost overruns are plaguing mortgage manufacturing, and the prime suspect is the lack of system-driven automation. Finastra, in partnership with LoanLogics®, aims to change this with its latest enhancements to its MortgagebotLOS loan origination system (LOS). This AI/machine learning based task automation technology is designed to reduce or eliminate the manual work performed by origination staff. Embracing Mortgage Automation The…
In the competitive mortgage industry, efficiency and accuracy are essential. Manual processes often lead to errors, delays, and increased operational costs, hindering productivity and customer satisfaction. LoanBeam Processing Automation (LBPA) is designed to address these challenges, transforming how lenders handle mortgage processing. Tackling Manual Errors and Delays The Challenge Manual processing of mortgage documents, especially paystubs and income verification, is…
The mortgage industry is fraught with inefficiencies stemming from traditional loan processing methods. Manual data entry errors, slow turnaround times, and high operational costs plague the process, often leading to delays and increased expenses. Improving loan processing efficiency is crucial for lenders to remain competitive and meet the demands of today’s fast-paced financial environment. Identifying Common Inefficiencies Traditional loan processing…
In modern mortgage lending, industry professionals know the challenges of income verification. With regulatory demands tightening and the cost implications of loan buybacks due to verification errors rising, the mortgage software industry has needed an innovative solution. LoanBeam Income by LoanLogics is the definitive answer to these complex issues. Navigating Mortgage Software Industry Challenges Today’s lenders are pressured to adapt…
Jacksonville, FL, May 13, 2024 — LoanLogics, a recognized leader in loan quality technology for mortgage manufacturing and loan acquisition, today announced significant enhancements to its LoanBeam income calculation technologies. The enhancements will enable lenders to efficiently process income documents related to wage earners in the same service they use to process self-employed borrowers. By gaining access to all income…
