Proposed changes to the Real Estate Settlement Procedures Act will likely put more pressure on lenders to automate decision-making in the loan application process so that they can meet disclosure deadlines, according to a speaker at the MBA National Secondary Market Conference in New York.Derek Long, president of Lenders E-Source, said that a three day deadline for making disclosures to consumers means that lenders will need to know where a loan can fit in the secondary market right away. Lenders will have to "be confident that you know where your loan is going to go," he said at the conference.
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