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…
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…
Remember the days of Local Area Networks (LANs) when computer systems were linked through hardwired telecommunication within a single building or one nearby? Those were novel times back then. Remember loan quality control in those days? As a Boomer, I do and it’s the topic of our second installment of our “Hey Boomer” blog series. Before LAN usage, which dramatically…
In case you missed it (ICYMI) at the tail end of 2019, LoanLogics CEO, Bill Neville, provided commentary to Rob Chrisman, widely read industry commentator and veteran, about the 2020 outlook for the mortgage industry. And just this month Bill did a detailed Q&A with the popular MBA Newslink® expanding that conversation even further. The main message throughout both…
