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…
Most independent annual reviews of 2019 MERS® compliance are now concluded and our attention is now locked on managing this year’s responsibilities amid a global pandemic. Last year, LoanLogics found, yet again, that inadequately documented procedures leading to misinformation and omissions remained a challenge for servicers. This was even more pervasive as staffing changes occurred within an organization. With 2020…
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…
Outsourcing quality control (QC) to a third-party audit service provider doesn’t have to be an all-or-nothing approach. Some third-party providers offer flexible outsourcing options that allow a lender to manage portions of their own workload internally and outsource others. LoanLogics likes to call this type of workflow sharing “hybrid loan quality control,” or “hybrid QC.” This ability to bifurcate or…
Picking the right loan quality control partner (QC partner) can feel a lot like dating. You read about them online, maybe you ask a few friends what they know about them. Once you finally opt to meet, you enter into that “getting to know one another” period where you ask the basic questions to get a feel for whether or…
