Looking back, It might have come as a surprise to some when in Spring of 2021 STRATMOR Group reported that somewhere between 20 and 30% of the loans sent to aggregators were not immediately purchased due to issues. No matter how you slice it – good or bad – an average of 25% is one notable percentage. Twenty-five percent chance…
Did you know that each week, typically on Monday, LoanLogics hosts a LIVE demo of our technologies in the LoanBeam Income Suite, delivered by Moi? You know that stereotypical experience of walking into a car dealership to merely look around and one of the hungry car salesmen at their desks quickly makes their way over to and begins hard selling…
Shrinking profit margins, resource constraints, and growing revenue goals are forcing lenders to rethink their mortgage application process. If you’re reading this, you’ve likely been considering (or doing) ways to automate some or all your application process. Some parts have been easier than others, (e.g., credit scoring) but others, such as income assessment, have been more elusive. But, if you…
For MERS members with fewer than 1000 active MINS before March 31st of the current year (CY), an internal reviewer must be assigned. A key member and role on the MERS compliance internal control team, as discussed in the prior post, he or she is responsible for completing and signing the eAnnual Report on behalf of the organization. To…
In April, Fannie Mae® launched a new series of articles dedicated to helping their sellers strengthen their core quality control (QC) governance plans. The first installment covered the importance of a well-defined and thorough Fannie Mae QC Plan. In it, they laid out eight common gaps frequently missing in QC plans they audit. Below I share all eight and how…
Spring brings a fresh perspective on many things. Some find time to grow a vegetable garden, others organize their garages or begin an outdoor fitness routine. Many of my annual audit clients are taking this time to button up internal controls around MERS compliance. In my summary of the 2021 key audit findings, I noted a general lack of…
