In today’s mortgage industry, loan quality is best assured throughout the process, not after the fact. The reason the regtech solutions are taking off is because lenders are slowly realizing they need to tackle loan quality issues as they happen, from the point they begin gathering information to create a loan file through closing. The business risk of producing bad…
HMDA was back in the news this month with the CFPB’s latest ruling announced and with the year swiftly coming to a close, it is a good time to remind lenders about the rich repository of information their HMDA data contains. The fundamental principles of the Home Mortgage Disclosure Act were designed to create fair access to credit. By understanding…
Today’s data and doc processing solutions have evolved beyond simplistic OCR solutions to include new machine learning and searching technologies. These new, state of the art technologies, significantly expand the number of documents that can be classified and read, as well as greatly increase the number of data elements that can be extracted using automation. Machine learning, sophisticated data extraction…
Back in July, MERS sent a reminder notification to its customers about their upcoming 2019 eQA Plan responsibilities. During that same time, I penned a blog to help servicers begin those preparations in a timely and well-executed manner with their 3rd party provider. Part of that guidance recommended starting the process three to four months out from the time of…
Welcome back to the series, Millennials Mortgage Process! Buckle up for this post, because initial disclosures, mortgage paperwork, and loan estimates are certainly a bumpy ride. “Initial disclosures are the preliminary disclosures that must be acknowledged and signed in order to move forward with your loan application. These disclosures outline the initial terms of the mortgage application and also include federal and state required mortgage disclosures.” Initial disclosures are terrifying.…
Borrower satisfaction is undoubtedly still a challenge for mortgage loan servicers. J.D. Power reported in their Primary Mortgage Servicer Satisfaction Study that mortgage servicer ratings remained stagnant in 2018. Furthermore, overall ratings have hovered around 758 points on a 1000-point scale for three consecutive years.[1] The first opportunity for servicers to positively influence borrower satisfaction is during the loan boarding…
