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Change Is Inevitable |
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As the mortgage market continues to adjust, change is inevitable. The rapid pace at which laws and regulations are changing, increased scrutiny from regulators, tighter underwriting standards, and adjustments by the fed to stabilize our economy will continue.
As the mortgage landscape evolves, those prepared to deal with the changes have a decided advantage over those who are unable to keep pace with this changing market.
"It is not necessary to change. Survival is not mandatory." ~ W. Edwards Deming |
| Proposed Reg-Z Changes |
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On April 8, 2008 the Federal Reserve Board will close the comment period for proposed changes to Regulation-Z.
The proposed changes redefine "higher priced mortgages" to be much more liberal, provide additional protection to borrowers with "higher priced mortgages" by imposing new lender requirements, and also add protective conditions for owner-occupied homes whether they are high cost or not.
The proposed changes will impact lenders and brokers by affecting the way they do business. DocuTech encourages all lenders and brokers to make their voice heard by leaving comments on this important issue. READ MORE |
| Dynamic Docs vs. Forms |
| A survey of the nation's top 50 banks published in the January 2008 issue of Banking Technology News reported that compliance costs have increased 87% in the last five years.
One of the most cost-effective ways to manage mortgage compliance risk is moving from a traditional forms approach to a data-driven dynamic document solution.
A dynamic mortgage document solution reduces the compliance burden on lenders by centrally managing loan programs, documents, and data. READ MORE |
| The Death of Paper? |
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Numerous technology vendors and industry experts proclaim the new era of paperless mortgages. Investors and consumers on the other hand, continue to type, print, sign, and ship their paper forms.
The concept of e-mortgages has been around for years. The idea of the loan process - from a borrower's search to closing - existing completely online came about in the late 1990s.
The primary reason e-mortgages have been slow to take off is the historical lack of investors willing to purchase e-mortgages. But as the technological and security benefits have become evident, more investors are getting on board, putting the final piece in place for lenders to offer more pieces of the complete e-mortgage. READ MORE |
