Laughing, we didn’t! Just kidding but not really! Communicating post close defects upon discovery was certainly not on anyone’s service level agreement back in the early days of doing post close audits. The technology just wasn’t there to help facilitate it. Lenders typically received findings from their outsourced quality control (QC) provider 60, sometimes 90, days out from the time…
Yesterday, LoanLogics announced a new product to the mortgage industry, LoanLogics® IDEA™ OnDemand. It has been designed to bring superior accessibility, automation, accuracy and price performance to inline doc processing during loan production. This innovative capability takes our decade of doc processing services and technology experience and delivers it in the form of a turnkey, cloud-native digital assistant. As…
Even with all the fintech advancements that have been introduced to improve the borrower experience, we are still far from “push button, get mortgage.” On the front lines of lending, loan officers (LOs) would likely agree that one area of mortgage origination that still stands to benefit from more automation is document processing. The sheer volume of both documents and…
It’s hard to believe that TRID is now almost five years old. But even as memories of the industry’s massive operational and compliance readiness efforts begin to fade, TRID errors continue to plague lenders. However, while there have been challenges along the way, a lot has still gone right that we can celebrate. The industry will continue to work its…
It’s been a little over six months since LoanLogics last shared some insight on the upcoming redesign of the GSE uniform residential loan application (URLA) here on blogics. With effective date now slated for November 1, 2020 (see URLA Implementation timeline changed below**), it’s a good time to discuss the change further: Changes being made to the form Things lenders…
The idiom, “it all comes out in the wash”, according to one of two Merriam Webster definitions, is used to say that the truth will be known in the future. The same can be said about what will come out in an effective loan quality management process. Pre close reviews can be thought of as “pretreatment” of loan file data…
