It’s likely you have heard by now, that the CFPB has finally reversed its 2020 decision to temporarily allow certain lenders to forgo quarterly reporting for HMDA. This announcement comes one year after the CFPB initially offered the flexibility in response to the burgeoning concerns and unknowns at the onset of the pandemic. All reporting financial institutions (FIs) will be…
When it comes to HMDA files reviews, leveraging rules-based, data-driven digital technology can ease the burden of HMDA reporting by helping lenders shift from a largely cumbersome to a highly automated process. Automation helps replace manual processes in three specific areas related to HMDA reporting, which we will cover in detail in this post: Data validation, an existence check on…
Twenty-twenty, the year of the refinancing boom, reflected a profile of lower mortgage fraud risk. However, purchase loan fraud increased 9% over the prior year.[1] Another industry study also indicated that in the second quarter of 2020, one in 126 purchase applications showed indications of fraud.[2] As we roll into 2021, and by all estimates flip to a purchase market,…
Many might know LoanLogics as a QC company, but our technology and services support the needs of residential mortgage lenders, servicers, insurers and investors. Our capabilities span the loan life cycle providing oversight across origination, correspondent loan acquisition, MSR transfer and servicing. We are innovating in machine learning doc processing automation and mortgage quality control technology for our clients. The…
Last week LoanLogics announced a new product in our HMDA compliance portfolio of solutions, LoanHD® HMDA DirectCheck™. It is an exciting new offer targeted at lenders who have reasonable confidence in their data from their loan origination system (LOS) or other trusted source and want a highly automated, efficient, less costly, and more accurate way of completing HMDA file reviews.…
After a few months of a pandemic-driven hiatus, the excitement for non-QM loans is brewing again among originators and investors alike. This of course is also good news for the many borrowers that don’t fit into a traditional credit box but would like to take advantage of historically low interest rates. Among this happy crowd are self-employed borrowers, who represent…
