In the fast-evolving mortgage industry, operational efficiency and customer satisfaction are paramount. Embracing advanced technology, such as what is outlined in the principles of “Quality 4.0,” (1) can revolutionize how companies like LoanLogics manage quality assurance, compliance, and overall operational performance. Understanding Quality 4.0 and Its Implications Quality 4.0 is the application of Industry 4.0 digital technologies —such as predictive…
Category: Mortgage Compliance
Posts on mortgage compliance and industry regulation including TRID, HMDA, and MERS.
It’s time to amp up loan quality checks, and not just because “they” say so
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…
A New Wrinkle for Mortgage Quality Control
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…
The Journey to Valuation Modernization
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.…
Appraisal Modernization is Now!
Valuation modernization is clearly a priority for Fannie Mae who is, “on a journey of continuous improvement to make the home valuation process more efficient and accurate.” Here at Loanlogics we agree! Loanlogics is committed to ensuring efficiency and accuracy through the enhancements we make to our LoanHD® audit platform. We continually update our Appraisal Audit test set to keep…
How to Attain Accurate HMDA Reporting
Late last year it was reported that the CFPB pumped up the number of enforcement attorneys on staff by double digits, ten percent. As typically happens with a new presidential administration, there’s been a new attitude in Washington toward the housing market. And there’s been no shortage of their presence since the change of guard. Last week, the CFPB…