Archive for Know Before You Owe

Report Shows That 68% Of Loan Defects In 2016 Were Related To TRID

Posted by Patrick Barnard on June 09, 2017

More than 68% of loan defects reported in 2016 were related to the TILA-RESPA Integrated Disclosures (TRID) rule, data from mortgage software firm ACES Risk Management (ARMCO) shows. The firm’s Mortgage QC Industry Trends Report for the fourth quarter of [Read More]

DocMagic, BeSmartee Partner To Make The E-Mortgage A Reality

Posted by Patrick Barnard on May 10, 2017

DocMagic‘s mortgage document management technology is now integrated with BeSmartee‘s mortgage automation platform. Via this integration, DocMagic and BeSmartee are enabling borrowers to complete a loan application and receive disclosures in a matter of minutes, rather than the days or [Read More]

Financial CHOICE Act Passes In Committee, Moves To House Next

Posted by Patrick Barnard on May 04, 2017

The House Financial Services Committee on Thursday passed the Financial CHOICE Act, a sweeping piece of GOP-backed legislation that would, if approved, gut major portions of the Dodd-Frank Act and significantly limit the power of the Consumer Financial Protection Bureau [Read More]

Bob Jennings: In Mortgage, Automated Compliance Is The Only Way To Go

Written by Patrick Barnard on April 03, 2017

PERSON OF THE WEEK: Bob Jennings is CEO of ClosingCorp, a provider of residential real estate closing cost data and technology. MortgageOrb recently interviewed Jennings to learn more about where mortgage compliance is headed in 2017 and how automation is [Read More]

TRID Caused Bulk Of QC Issues For Mortgage Lenders In 2016, Study Finds

Posted by Patrick Barnard on March 08, 2017

A study conducted by mortgage process outsourcing firm MetaSource finds that 12 of the top 15 quality control (QC) issues mortgage lenders faced in 2016 were related to the Consumer Financial Protection Bureau’s (CFPB) TILA-RESPA Integrated Disclosures (TRID) rule. In [Read More]

New CoreLogic Solution Improves Accuracy Of Tax Data In LEs

Posted by Patrick Barnard on March 01, 2017

CoreLogic has introduced Property Tax Estimator, an automated solution designed to improve the accuracy of loan estimates (LEs) in the origination process. The solution is particularly effective in estimating taxes for new construction loans and in areas of the country [Read More]

Ellie Mae: 50 Days To Close A Mortgage In December

Posted by Patrick Barnard on January 18, 2017

Purchase volume increased to 54% of all closed loans in December – up from 53% in November – as refinances fell to 46% of closed loans in the month, which is down from 47% the month prior, due mainly to [Read More]

Jeff Weinstock: MISMO Allows For ‘Consistent Experience’ In The Mortgage Process

Written by Patrick Barnard on January 10, 2017

PERSON OF THE WEEK: For nearly 33 years, Dallas-based Financial Industry Computer Systems Inc. (FICS) has been providing flexible, comprehensive residential and commercial technology solutions to the mortgage industry. This includes Loan Producer, a loan origination system (LOS) that can [Read More]

Rick Sharga: Multiple Trends Reshaped Mortgage Market In 2016

Written by Patrick Barnard on January 10, 2017

Whether it was dealing with complex new regulations, such as the TILA-RESPA Integrated Disclosures rule, or preparing for upcoming rules, including new reporting requirements under the Home Mortgage Disclosure Act, mortgage lenders were exceptionally busy dealing with compliance-related issues in [Read More]

The Secret Is In The Data

Written by Harry Gardner on January 04, 2017

BLOG VIEW: What’s at the heart of the mortgage industry? Some might argue it is underwriting, or compliance, or the secondary market, or the performance of loans. And although all of those are important areas, none of those facets of [Read More]

Lenders Shift Their Focus To ‘Regulatory Compliance Risk’

Written by Patrick Barnard on October 18, 2016

The type of risk that lenders face today has changed compared with even just a few years ago.

Corporate Settlement Solutions Now Using DocMagic’s Total eClose Solution

Posted by Patrick Barnard on October 12, 2016

Corporate Settlement Solutions (CSS), a title and settlement services company, is now using DocMagic’s Total eClose solution, which unites e-note, e-signature, e-notary, MERS e-registration, e-delivery and e-vault services to provide a highly efficient, paperless end-to-end e-closing. With Total eClose, CSS [Read More]

Visionet Systems Introduces New ‘CD To UCD’ Conversion Solution

Posted by Patrick Barnard on October 07, 2016

Visionet Systems Inc. reports that it has built a software application that converts the data contained in any closing disclosure to the Uniform Closing Dataset (UCD) standard developed by Fannie Mae and Freddie Mac. This is the first complete end-to-end [Read More]

ClosingCorp Introduces Menu Of Packages For Small To Midsize Lenders

Posted by Patrick Barnard on September 22, 2016

ClosingCorp, a provider of residential real estate closing cost data and technology for the mortgage and real estate services industries, reports that it now offers a selection of packages for small to midsize lenders. These packages provide reduced rates to [Read More]

Credit Plus’ Debt Verification Service Now Integrated With Ellie Mae’s Encompass

Posted by Patrick Barnard on September 14, 2016

Credit Plus reports that its Undisclosed Debt Verifications service is now directly integrated with Ellie Mae’s Encompass loan origination system. In addition, The Work Number, an employment verification service offered through Equifax Workforce Solutions, is also now integrated with Encompass. [Read More]

New Mortgage Loan Defect Report Shows That TRID Is A Major Source Of Defects

Posted by Patrick Barnard on September 08, 2016

A new report from ARMCO, ACES Risk Management shows that the TRID rule significantly boosted the number of loan defects in the first quarter.

Sanjeev Malaney: Wholesale Lenders Must Leverage Technology To Automate Key Processes

Posted by Patrick Barnard on August 24, 2016

PERSON OF THE WEEK: Sanjeev Malaney is founder and CEO of Capsilon Corp., a provider of document and data management solutions that enable mortgage lenders, investors and servicers to increase productivity and lower costs while ensuring compliance.

Proposed TRID Updates: Setting The Stage For Increased Enforcement?

Written by Patrick Barnard on August 24, 2016

“I know there will be continued pressure on the CFPB to address the issues of secondary market liability and additional cure mechanisms.” ~Michael Cremata

IDS Adds New Dashboard To Its Mortgage Document Preparation System

Posted by Patrick Barnard on August 18, 2016

Mortgage document preparation vendor International Document Services Inc. (IDS) has added a fulfillment dashboard to its mortgage document preparation system idsDoc. The dashboard gives users the ability to view, track and manage all document fulfillment requests to IDS through a [Read More]

Proposed TRID Updates: Frustration That CFPB Won’t Address ‘Cure’ Provisions

Written by Patrick Barnard on August 17, 2016

To quell investor concerns over defects, the industry wants the CFPB to lengthen the cure period for errors, clarify what errors can be cured and provide more formal guidance on liability.