While use of facsimile has decreased in the workplace for general business practices over the years, fax machines still remain the default delivery method for sending and receiving mortgage payoff statements.
The CFPB believes that the answer to all of these problems lies in taking the paper completely out of the transaction and closing electronically.
Nearly twice as many direct lenders are offering electronic disclosures to consumers now as they were only one year ago, and most of the consumers are opting to use them.
So, every week I write a column in this space, and often I get some interesting feedback.
Mortgage originators have been slow to adopt this tool which can assist in educating potential clients about your products and services.
Last week I wrote about how the college application process compares to the mortgage industry, and I got a lot of commentary on that, more than anything else I have written in the past few months.
In the perfect mortgage application process, the borrower could press a button and send out all the data, saying I want to apply to these specific lenders.
Lenders should avoid repeated mistakes in their process as they could be used as evidence of a fraudulent intention to originate loans without proper safeguards and underwriting processes.
The best thing to happen to the business over the last three decades was the development of the secondary agencies' automated underwriting engines. The worst? There are several strong contenders
Underwriting is back in style and underwriters are in high demand as the requirements of investors and regulatory considerations require more documentation and more scrutiny around whether a borrower can pay back the loan.
Wipro Gallagher Solutions announced its NetOxygen loan origination system has added an integration with mortgage technology developer Optimal Blue's product and pricing engine.
Woodward Asset Capital has started a real estate brokerage brand catering specifically to property sellers, including banks and mortgage servicers unloading foreclosed homes.
Many conversations in the loan process start with this often uttered, never welcome phrase: "I am going to need an explanation
" If you were on the receiving end of that message, how would that make you feel?
Business contingency plans kept originators and vendors humming along at almost normal during the January and February blizzards.
Mortgage servicing has long been a scale business, but rising compliance costs are now threatening the survival of smaller operations that lack efficient systems or staff expertise, industry experts say.