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.
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.
On June 8, the House approved the latest attempt at reforming the regulatory structure of the financial industry by passing the Financial CHOICE Act. The bill aims to dramatically revise the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act that was instituted after the 2008 housing market crash.
Even though the mortgage industry is moving toward the goal of removing paper from the mortgage process, closing a loan still comes down to executing a collection of documents. Whether these docs remain in digital form or are printed on paper, these documents and the data that populates these documents determines the difference between a quality, profitable loan and a costly problem for the lender.
How can you find the diamond in the rough in the world of mortgage document compliance?
What can lenders expect from Washington in 2017?
