When you consider the eMortgage process: taking a paper file filled with mortgage lending documents that was executed according to complex rules and converting that into an electronic computer file that is just as legally binding as the paper, it’s a little easier to understand why it has taken nearly two decades of work to get the industry as close to that idea as we are today.
Within today’s digitally-driven mortgage environment, new terms and phrases are often created in support of changes within the industry. While these industry terms can often be complex in scope, they are related to a very specific process or procedure within the mortgage space and must be used correctly to avoid confusion amongst lenders and borrowers. For the most part, interchanging industry lingo is avoidable; however, in certain situations two terms may sound extremely similar but relate to two very different aspects.
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.
Recently, the Consumer Financial Protection Bureau (CFPB) released a collection of much anticipated changes to its TILA/RESPA Integrated Disclosure (TRID) rule. Once the changes were made public, a number of publications shared the news, along with their take on the development. Given the length of the document, we wanted to digest it fully before offering our comments to the industry.
In a previous post, we addressed how CTOs in financial services have become entrenched in compliance concerns and discussed how dynamic doc solution providers can help lessen this burden. In this post, we’d like to dive a bit deeper into the topic to discuss how CTOs and doc prep providers can work together to give consumers a seamless mortgage lending experience.
In today’s mortgage business, Chief Technology Officers (CTOs) have their hands full. From the beginning, technologists working in the home finance industry had a tough job. First, they had to identify automation that would improve the lending process, get it implemented, and then get company personnel to adopt it.
Now that we’re more than halfway through 2017, let’s take a pause and reflect on the trends that have shaped our industry the most this year.
Today’s mortgage industry CEOs are focused on digital transformation because it holds the key to competitive advantage, as well as the way to improve efficiency and lower costs. To make the leap from traditional mortgage loan origination to the digital mortgage, CEOs must drive optimization and transparency while also delivering an excellent customer experience.
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.
