The pandemic is definitely driving home the importance of automation and virtualization of business process. Those with less automation or automation that is not Software-as-a-Service (SaaS) based have been left exposed. Lenders that are still on legacy systems, using manual procedures and paper-based documentation, have probably already realized they are at a deficit now. Hopefully going forward, that will motivate…
Welcome to Cloud Coverage, a new series of blog posts that will explore everything you need to know about to cloud technology in the context of mortgage lending. This is the first installment. Stay tuned for future insights. Cloud-native is a bit of an emerging term in the mortgage industry, while “in the cloud” or “cloud-enabled” are more familiar software…
As May 2020 begins to wind down, a staggering 4.7 million mortgages are in forbearance plans. With 36.5 million unemployed and more businesses finding themselves unable to sustain staffing levels they enjoyed a few short weeks ago, requests for mortgage payment relief are likely to continue to role in. As such, servicers are feverishly working around the clock to help…
We are now in unprecedented times, and the importance of verifications and reverifications are even more heightened as the industry deals with the current health crisis triggering a tsunami of unemployment and economic strain. Advancements have been made in the industry to streamline the verification process, certainly helpful in a time like today, which ends up having a downstream…
For those of us in technology, we have all heard it before, “Just sign on the dotted line and you’ll be up and running in no time!” But the reality of it is, implementing new software is never quite that simple. With over 13 years of project management experience, I can assure you that with some careful upfront planning technology implementation…
The most effective loan quality technology should create transparency and consistently track quality metrics across the team and the business. Automation plays a critical role in creating purified data, taking on the brunt of audit tasks, facilitating auditor workflows and focusing staff on managing system identified exceptions. Accurate centralized reporting is also a key benefit and critical for establishing and…
