In this article, we discuss about HMDA reporting and other latest details of HMDA to assist institutions in their HMDA reporting. It includes a summary of responsibilities and requirements, directions for assembling the necessary tools, and instructions for reporting HMDA data. Let’s touch base HMDA at first. Home Mortgage Disclosure Act (HMDA) The…
Today’s loan origination landscape is forcing lenders to rethink their workflow engines to adapt to the new environment. The mortgage lending process is considered to be one of the more complex credit processes offered to retail customers. Without a strategic approach to designing the mortgage workflow engine, lenders will find themselves battling rising costs and…
Mortgage lenders are embracing disruptive technologies such as Artificial Intelligence (AI), Robotic Process Automation (RPA), Chatbots, etc. to gain a competitive advantage. The revolution in automation is also driving changes in loan origination, helping financial institutions like yours improve loan quality and decision- making, reduce costs and fight fraud. The average per-loan cost to originate…
Traditional mortgage lending is a complicated, time-intensive, and paper-heavy process. At a time when consumers expect faster and more streamlined digital lending experiences, traditional processes may no longer cut it. In recent times, many lenders have started the process of automating the loan processing system. Loan processing system automation benefits both lenders and consumers…
Mortgage lenders are looking to optimize their Mortgage banking Ecosystem in a fast-changing landscape. The transformation of the Mortgage industry’s is imminent. Coupled with advancements in technology and evolving consumer expectations, today’s lending landscape is as complicated as ever. Mortgage lending is a collaborative venture. Lenders partner with an array of service providers…
A quality mortgage POS helps mortgage professionals organize their customer data and structure their sales and marketing activities. In this article, we will be comparing the features of the leading Mortgage POS’s. Let’s touch base and know about the Mortgage POS. Mortgage POS (Point of Sale) It is a systems bring all the best…
Why is Workflow Mapping important? If you run a business, chances are that you have a set system in place to complete work and provide services for your clients. Today’s loan origination landscape is forcing lenders to rethink their Mortgage workflow engines to adapt to the new environment. Without a strategic approach to designing…
Recently, a number of factors have come together to decimate the profitability of the mortgage banking industry. Today, Mortgage Organization are facing pressure from all sides. Interest rates are at historic lows. Technology is reshaping customer expectations. And a global pandemic is stretching remote workforces thin and causing increased demand as more consumers seek to…
In a changing competitive landscape, you need more than reports, you need Mortgage Banking BI tools that helps you take action. Ellie Mae found that it is far more common for large lenders to have a clearly defined data and analytics strategy (60%), compared to small and mid-size (55%) lenders, who are more likely…
A comprehensive loan management software can improve the quality of services and productivity, as well as help lenders make their operation more agile and transparent. This leads to operational costs reduction and better customer service. But it works even better if it’s enhanced with software that simplifies the convoluted accounting processes. It could prove to…