Earlier this year, we wrote about the new Uniform Closing Dataset (UCD) delivery requirement coming from Fannie Mae and Freddie Mac, which changes the way lenders provide loan information to the nation’s largest investors. The requirement is set to go into effect this Monday, September 25.
Technology is extremely complex today and the compliance requirements are so high that more and more providers are offering pre-configured software to avoid customizing code. There are good reasons to avoid a custom implementation when possible, but there are also reasons that software providers must remain flexible if they hope to meet the changing needs of today’s mortgage lenders.
As production expenses per loan rise to the highest level ever and lenders continue to strive to not only digitize but streamline their operations, dynamic document packages are increasingly important.
Recently published data reflects declining originations, however; is a different story beginning to emerge? For example, the Monitor Report recently published by Black Knight Financial Services, showed that overall mortgage originations took a dive by nearly 35 percent in the first quarter of 2017. The report also disclosed other statistics of potential concern, including the fact that refinance originations dropped by 45 percent (a 20 percent drop from last year) and the amount in first-lien mortgages originated decreased by 9 percent to settle at the lowest point since the end of 2014.
Digital Mortgages, Customer Experience Innovations and Mobile Platforms Are Changing the Face of Mortgage Lending
