Docutech Insights

Justin Summers

Director, Implementation and Professional Services
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Recent Posts

The Countdown to UCD is On

Posted by Justin Summers on Jan 10, 2017 9:00:00 AM

One of the most significant data changes coming in 2017 will be the delivery of the Uniform Closing Dataset (UCD) to Fannie Mae and Freddie Mac, which becomes mandatory on September 25, 2017. The UCD is a component of the GSEs’ Uniform Mortgage Data Program® (UMDP®) which defines data initiatives for loan closing, collateral, appraisal and loan delivery, in order to enhance data quality and standardization for the industry. UCD defines common industry data around the Consumer Financial Protection Bureau’s (CFPB) integrated disclosure laws; lenders will now be able to transmit the CFPB Closing Disclosure documents and data electronically. This way, regulators and the GSEs see “what the borrower sees.” The files also create an accurate loan file that is consistent for all lenders who sell loans to the GSEs.

 

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Topics: Compliance

What Happens when you Drive Loan Processes with Data

Posted by Justin Summers on Sep 13, 2016 9:00:00 AM

What Happens when you Drive Loan Processes with Data

The mortgage industry is a document-centric business; you can’t get around it. If they don’t have the right documents, financial institutions can’t sell loans into the secondary market. This is an exciting time, because that no longer means that documents have to be printed on paper. So in working toward that new electronic workflow, business should be no longer driven by the documents themselves, but rather the data contained in them.

 

Getting to data-driven documents

Initially, lenders created digital versions of the original paper documents lenders as they moved to adopt electronic documents. This was a great first step, but forced consumers to deal with static forms that are difficult to modify and caused time delays waiting on changes to be enacted. Data-driven documents, have dynamic data points that hold the required data for each individual loan.

 

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Topics: Technology

What Sets Good Loan Document Providers Apart: Clues to Success

Posted by Justin Summers on Apr 5, 2016 9:00:00 AM

CluestoSuccess-472267-edited.jpgWith so many required changes to the data and documents we deliver to our borrowers, partners and the government; many loan originators are considering necessary upgrades to their technologies. But how can you tell the most successful vendors apart from those who cannot deliver? You must seek out the clues to success.

 

Clue 1: Good loan doc providers perform exhaustive initial discovery

When upgrading technology, a vendor who understands the team and the senior executives’ expectations and resources is pivotal to success. Knowing all of the requirements and, more importantly, the expectations of senior management before the first step is taken is a best practice followed by the best vendors. Initial due diligence is key to any successful mortgage document technology implementation.

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Topics: Customer Service