What a year it has been. You’ve been busy, we know it. It’s part of the reason all those vacation days have gone largely unused. I know mine have. But now there are just six short weeks left in 2020, some of which, I am certain, will be spent recharging during the holidays. The question is, is your organization prepared…
In the mortgage industry, compliance is a day in, day out task that like everything else is affected by business conditions. This is particularly true in a year like 2020 that tested business continuity plans, affected staffing, and redirected much of our attention away from managing the normal ebbs and flows of business to juggling the latest hot potato. (Many…
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…
LoanLogics is often asked for specific examples of where machine learning can make impact along the mortgage value chain and of course, as a regtech provider, we have found practical application in loan quality management. Early application of machine learning technologies are being used for the creation of verified, validated data (or what we’ve termed “purified data”), that powers…
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…
As I work with lenders to solve for the alphabet soup of compliance, TRID and HMDA specifically, I consistently receive questions around the latest rumblings popping up in the news. Recently I’ve been asked about tolerance violations related to the loan estimate (LE) and closing disclosure, as well as increased investor scrutiny on seller HMDA data. I addressed those questions…
