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…
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…
For many small to mid-sized lenders the decision to insource vs outsource quality control (QC) tends to weigh heavily on resource capacity, skillset and cost. For over 15 years I’ve talked with hundreds of lenders about the reasons they choose one over the other and their answers may or may not surprise you. Many say they don’t have the expertise,…
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…
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…
