Mortech Blog


Two Questions Every Mortgage Pro Needs to Answer Before 2014

Posted by Jeff Schneider on Dec 20, 2013 1:49:00 PM

2013 was an eventful year in the mortgage industry to say the least. As this year comes to an end, there are two questions that every lender needs to address for the upcoming year in addition to all the normal end-of-year hustle and bustle… and while having only two questions to answer doesn’t seem like a lot, these two items are undoubtedly going to change the mortgage origination environment. 

Question 1


Are you prepared for the CFPB’s rules that are going to take effect on January 10?


Starting January 10, all of the items shown below will have to be considered for every loan scenario quoted to every prospect. 

  • QM Tests
    • High Risk Attributes
    • DTI
    • 3% Points and Fees
    • Rate APOR
    • APR/APOR
  • HOEPA Tests
    • APR/APOR
    • 5% Fees Check
  • MDIA Support
  • Anti-steering safe harbor disclosure
  • Real-Time HPML Checks

How we can help you:


Beginning January 10, Mortech will have automated tools for all of the above built into every rate quote. In addition, our pricing engine includes items such as:

  • Exclusive, Built-in AllRegs Eligibility / Investor Guideline Clearance
  • Early Disclosure Requirements
  • Monitoring Lock Requests for Duplicate Entries
  • Best Execution PMI

Also, compliance review sheets will be available for your secondary desk to double check the rate quote before it gets locked. Let us deal with the tedious pricing calculations and regulations – leaving plenty of time for your staff to create and sustain new customer relationships.


Question 2


Are you prepared for the switch from a refinance to purchase-driven market?


With the recent rise in rates, creating and sustaining relationships with potential borrowers will be key to succeeding in the mortgage space next year. This fact - coupled with the reality that relationship building is both time sensitive and can require a number of additional resources – points to a simple answer: automation. Automation will surely be the difference between an average year and thriving in the new mortgage space. 


How we can help you:


At Mortech we can provide you with a number of automated relationship management tools that can prepare you to build, sustain, and leave a positive impression with prospects, including tools such as:

  • Intuitive Lead Management Solutions
  • Triggered, Automated Email Campaigns
  • Customizable, Online 1003 Application
  • Consumer-facing Mortgage Calculators, LO Searches, and more
  • Custom Mortgage Websites

Topics: Mortgage Compliance, Compliance, Lead Management System