Is the Pandemic Accelerating Digital Disruption?
The pandemic has caused not only a global economic decline but a complete disruption in the way we rely on to communicate with our clients and prospects alike. This is the time when customer loyalty and conviction can be easily won or lost. And for those of us who have not perfected their omnichannel reach […]
Blockchain – A Boon to Consumer Lending
Blockchain: The Next Fintech Wave for Digital Lending While blockchain has attracted world’s attention because of its association with Bitcoin, it is now being seen as a viable technology for the financial services industry. According to a report by Santander, by 2022, blockchain technology is poised to save banks $20 billion a year in infrastructure costs. […]
Redefine Digital Mortgage Experience with Encompass® COE
Digital Transformation is set to transform the mortgage industry by addressing issues ranging from customer experience, regulatory compliance, asset quality & risk, to efficiency and cost management. Lenders must embrace digital transformation or risk becoming irrelevant. Organizations that do not formulate a comprehensive digital strategy may lose business to competitors. The National Association of Realtors® […]
Machine Learning in Lending Summit Recap and Key Highlights
Last Wednesday, September 27th, we at Tavant Technologies hosted the first ever Machine Learning in Lending Summit at the JW Marriott in San Francisco Union Square. This was an exclusive leadership summit – invites were extended to key executives in the mortgage and consumer lending industries. This one-day summit consisted of keynotes, workshops, a […]
The Countdown is On for UCD and HMDA
Regulations are constantly changing in the mortgage industry. Lenders are under continuous pressure to meet fast approaching deadlines on UCD and HMDA. The Uniform Closing Dataset (UCD) is a standard industry dataset enabling information on the CFPB’s Closing Disclosure to be communicated electronically. The first deadline of 25 September 2017 mandates lenders to deliver borrower […]
Creating Opportunities: Mortgage Loan Originators Morph into Sales Personnel
The loan origination phase is a confluence of many opportunities. But bank personnel are found limiting themselves to application checks for compliance. The high number of regulations swamps too many people with paperwork and processing, and leaves few free for marketing operations, which are essential to productive loan origination. Prospecting and referrals entail marketing campaigns, […]
Critics Proved Wrong! Automation Has Made Underwriting More Customer-Friendly and Transparent
Automated underwriting systems have brought in significant cost savings and streamlined mortgage business processes. The elimination of inefficiencies has worked well for lenders and borrowers. Automated underwriting is thus being increasingly adapted to make the loan origination process better, simpler, and faster. A recent study by Washington University has found that 60-70% of residential mortgage […]
CRM Essentials for Compliance and Efficiency
In the pre-Dodd Frank days, loan origination and marketing were prerogatives of mortgage loan officers. Banks and lenders encouraged self-developed marketing techniques to canvass borrowers and referrals. But with TRID regulations implemented recently, lenders have become extremely cautious about their messages reaching the markets. Compliance with Real Estate Settlement Procedures and Truth in Lending acts […]
Accept the E-Mortgage Solutions Trend or Lose Customers: The Choice is Yours
Federal Housing Administration (FHA) has announced that it will soon accept e-signatures on most loan documents. This will help the mortgage process become faster and simpler for both borrowers and lenders. Moreover, the Consumer Financial Protection Bureau (CFPB) has released its disclosure documents, which many e-mortgage consultants predict will enhance the adoption. The most interesting […]
Private Investors Revive with Mortgage Process as a Service
The disaster endured by the U.S. housing industry was due to subprime mortgages. Enormous price rises of property finance ensued from a significant increase in Residential Mortgage Backed Securities (RMBS) and home prices. It forced most private loan originators and investors to give up on the property financing industry, helping Government-Sponsored Enterprises (GSEs) to acquire […]
