In a piece by Bill Smith posted on Housingwire, the effectiveness of the Disclosure Desk is put into question. In the beginning, disclosures were simpler with less data points. They could be automatically assigned and distributed to borrowers without the risk of inaccuracies. In 2010, the Good Faith Estimate and Truth-in-Lending were revamped with more demanding requirements, tolerances, and deadlines. This caused many lenders to ramp up their compliance departments and to create positions dedicated to reviewing documents prior to disclosure. With lenders unwilling to put their faith in their Loan Officer or available technology to ensure accuracy, these costly additions became the norm.

For lenders looking to make the most out of loan profitability, keeping profit/cost adjustments within your PPE updated is key. One of the many advantages Mortech offers our users is the ability to make in-depth profit modifications instantly, which helps provide the most accurate, best ex pricing to borrowers, while preventing you from losing any profit throughout the process. But how much money could you actually lose on a day-to-day basis if these adjustments aren’t made instantly?

In 2014, the Consumer Financial Protection Bureau released servicing rules that require servicers give troubled borrowers access to servicing personnel, credit payments in a timely manner, and correct any errors on request. Since those rules have been issued, the Bureau has continued to study how they are working in the market.  Using that research, updates were proposed to make the rules more effective. After feedback from those effected by the rules, updates have been finalized.

In the fast-paced world of online mortgage lending, keeping a steady stream of prospects rolling in that you can convert to borrowers is crucial for success. In order to do so, it’s imperative that you continue to evolve your business strategies and continue finding new ways to reach potential online borrowers. With that in mind, here are three ways you can keep those online prospects coming in, and convert them into active borrowers, right now with Mortech.

The mortgage industry has long since been driven by technological innovation. Lenders that embrace technological changes and use them to improve their daily processes and streamline their workflow continuously find themselves ahead of the curve, offering superior customer service and setting themselves up for long term success.

Ten years ago, the entire technological landscape of the mortgage industry shifted, with Mortech leading the charge. In 2006, we introduced online auto quoting, making it possible to upload rates online and share with consumers automatically. This gave lenders the ability to post their rates across different online marketplaces, reaching thousands of borrowers that they never could’ve serviced without this capability. The introduction of online auto quoting has since empowered lenders to create flourishing Consumer Direct divisions with expansive online footprints, and provide their rates to more borrowers than ever before.

The S&P CoreLogic Case-Shiller Indices have been released showing the continued increase in home prices across the country.  The CoreLogic, Inc. produced indices show a year-over-year increase of 5.0% in May over all nine U.S. census divisions.  This remained unchanged from the previous month.  The 20-City Composite showed a year-over-year gain of 5.2%, a decrease of 0.2% from April’s 5.4%.  Portland, Seattle, and Denver showed the highest gains over the last four months, with Portland leading the way with a 12.5% year-over-year increase.

There are so many verticals in the Mortgage Origination process, and startups in this increasingly tech-savvy industry are abundant. With the growing number of fintech companies in the mortgage space, lenders have endless choices for website providers, loan origination systems, and mortgage applications, among other platforms. These variety of integrations leads me to wonder, how did we survive without developer APIs to integrate this data, and partner integrations with which to deliver solutions to lenders on these platforms?

Everyone could use more time. Streamlining day-to-day processes opens up your schedule for more time, which allows for more work to be done in the day. In short, doing what you do each day faster allows for more things to get done.

A survey of those aged 55 or older, conducted by GfK on behalf of Freddie Mac, shows many would prefer to move again and rent at some point.  Most indicated they would like to rent by 2020. The majority of these respondents predict the cost would be equal or less than their current living situation.

Condensing technology and streamlining processes is the goal of anyone who wants to work as efficiently as possible. A process that can be done on one screen instead of two becomes faster, easier, and allows for more work to get done. It’s the basic idea that less is more; the less time and resources that have to be devoted to one thing mean that more things can be accomplished.