As of the third quarter of 2016, the Mortgage Bankers Association’s survey of mortgage bankers showed lenders are still paying nearly $7,000 per loan in origination expenses. To reduce this figure and maximize cost savings, lenders must not only save money on outsourced processes, but also save time. Reducing time at every stage of the […]
In Floify’s new white paper “The Path To $100M in Loan Volume”, two of the nation’s top loan officers share step-by-step strategies and insights on how to predictably grow annual volume. Lisa Wells and Andy Zemon, who drive $130m in loan volume, break down the path from $10m to $30m to $100m and reveal how […]
Are you ready for years of Home Mortgage Disclosure Act (HMDA) changes? Get prepared now, download Ellie Mae’s HMDA: The New Frontier of Reporting whitepaper. You’ll get insight into timing, and better understand what’s changing and how to ensure continued compliance success. Topics include: Changes to depository and non-depository applicable institutions Changes/additions to collected, reported […]
For decades, the only choice servicers had when securing a vacant or abandoned property was plywood. Boarding up windows and doors with plywood was supposed to keep the asset safe, but the effect was often the opposite — the boarded-up home advertised vacancy, which invited looting and other criminal activity. Now, a new alternative to […]
The days of financial services companies believing they are large enough to handle every function on their own are long past. Today’s most successful companies find partners they can trust to outsource those functions that are not core to their business. Both banks and capital markets firms are seeking out third party experts to handle […]
Post-closing errors related to trailing or missing documents are an expensive thorn in our industry’s side. Follow up is manual, time-consuming, and expensive. However, technology is now available to automate and simplify post-closing processes without the need to outsource or hire additional resources. Publisher: Simplifile Date: February 2017
Mortgage automation platform, Floify, announced the results of an industry-wide study on loan officer recruitment and retention. The study solicited over 13,000 mortgage originators, specifically loan officers, branch managers, and area sales managers. The analysis focused on LO’s with an annual loan volume of $21 million or more in order to distinguish the needs and […]
The Consumer Financial Protection Bureau recently finalized new regulations for loan servicers. Soon, mortgage borrowers who have filed for bankruptcy will have the right to demand greater transparency and more communication from the companies that service their loans. This is a key change. Under the CFPB’s former mortgage rule, servicers did not have to provide […]
Correspondent lenders and loan aggregators are challenged with the processes, tools and technologies they use for loan acquisition. They find themselves using a combination of multiple, one-off systems and services built around a loan origination system, whose single purpose is for the manufacturing of loans not the due diligence and validation of loans that have […]
To make the most of their capital investment in technology, organizations should view technology adoption as a change management process. Change management is a systematic approach to dealing with change that considers both organizational and individual needs to define and implement the procedures that accompany change. To facilitate a successful technology implementation, organizations should 1) […]
TRID has changed the operational landscape dramatically for both lenders and settlement agents. In today’s post-TRID environment, collaboration is crucial for meeting the new requirements. This represents a dramatic change in how the lender and settlement agent have interacted in the past. As a result, many continue to rely on pre-TRID means of communication, rather […]
As the housing market continues to recover from the Great Recession, the overall number of foreclosure starts has fallen on a nationwide basis. However, there are more than a dozen states where that trend reversed this year, and foreclosures completed in the second quarter of 2016 took an average of 629 days. For communities dealing […]
While the industry has been talking about paperless mortgages for years, the main focus has been digitizing the application. However, new regulations, technologies and customer expectations are driving digitization all the way through to the closing table. Today, the end-to-end eMortgage is within reach. This eBook explains how banks, credit unions and lenders can take […]
Loan guarantees offered by the federal government have served to make home ownership more widely accessible, allowing millions of new home-buyers to realize their dreams. But the fact that the loan is government insured is no guarantee that the investor will actually escape significant loss should these loans go into default. Investors count on servicers […]
Historically, the loan origination process has included a number of slow, resource intensive, manual, paper-based underwriting steps that not only make it difficult for borrowers, but also represent risk for lenders and Government-Sponsored Enterprises (GSEs). Particularly when it comes to liquid asset location and verification, relying on borrowers to furnish accurate information can undermine the […]