As I work with lenders to solve for the alphabet soup of compliance, TRID and HMDA specifically, I consistently receive questions around the latest rumblings popping up in the news. Recently I’ve been asked about tolerance violations related to the loan estimate (LE) and closing disclosure, as well as increased investor scrutiny on seller HMDA data. I addressed those questions…
Automation provides a wealth of benefit to any manual process, inlcuding speed (file reviews in under 5 minutes), accuracy (99% for data validation) and traceability (audit trail of defects), to name a few. But, in the case of HMDA, lenders are often surprised to find that it brings three unique value-adds to their reporting process. Automation can eliminate “check the…
Implementing new processes, policies, and software can be a challenge for any organization. Sometimes, two systems struggle to communicate with one another. Other times, key individuals may find it difficult to adopt the newly introduced element. Here at LoanLogics, we see these challenges every day as companies endeavor to start up our systems and, as a result, reconsider their policies…
The presence of one or more red flags is not necessarily indicative of fraudulent intent, but it does point out the need for additional review. Red flags must be documented in the loan file, including red flags identified through various underwriting engines like Fannie Mae (DU), Freddie Mac (LPA). The following are just some examples of red flags related…
In the first two parts of this series, I discussed the impact of a “purchase market” and “digital” on the fraud. Today, the last in the series, I want to outline some extra’s you can do to protect yourself and your borrowers. What can you do? You need to also ensure that any party with which you do business is…
Yesterday, I discussed the impact of today’s “purchase market” on fraud. Today, I want to explore the impact of digital. Because… It’s a digital world. A few months ago, we learned that one of the nation’s three credit repositories, Equifax, had been hacked. This hack provided the cyber thieves with valuable personal information on about 145 million consumers. The thieves…
