Missed payments are not a matter of overt concern until the second missed payment period has passed – which means the borrower is 60 days late in making payments. When a borrower misses two consecutive loan payments, the account is considered in early-stage delinquency. Mortgage servicers are responsible for...
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The mortgage processing industry is intensely regulated and one of the biggest challenges is to keep up with changing fed regulations. The industry demands extremely proficient and expert processing teams who can help lenders resolve and address the growing challenges in mortgage processing services. It is a good idea...
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The mortgage industry has been evolving since the past few years amidst a lot of regulations. In the US, today, a median borrower puts 5% down payment for their home purchase, as compared to 20% about a decade ago. This aspect, paired with price wars, new CFBP regulations, and...
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The mortgage processing industry is a complex ecosystem that has a highly regulated environment and the need for a delicate balance between modernization, cost, and risk. Processing larger mortgage volumes is an element that requires more efficient services on part of lenders and processors. Processing Higher Mortgage Volumes At...
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2020 is just around the corner and it’s that time of the year when the mortgage rate predictions begin. Experts have pulled up their sleeves to forewarn about how the mortgage interest rates will do in the coming year. There is a lot of curiosity over whether the rates...
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Outsourcing is a very common practice in the finance industry. Since the 1970s, banks and other businesses have been outsourcing several functions including clerical, record storage, accounting, data processing, security and plant maintenance. The mortgage industry too followed suit soon. What fuelled the growth of outsourcing is the fact...
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In today’s ever-evolving, competitive market, mortgage lenders face a host of challenges like meeting borrower expectations, improving closing ratios, reducing the cost of origination, and most importantly keep growing. One of the best ways for lenders then is to tie up with reliable mortgage processing partners who can do...
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A mortgage loan processor is the link between a borrower, loan officer and the underwriter in the context of a residential mortgage. And he or she is arguably the most important member of the team. The National Association of Mortgage Processors says, “The primary function of the Loan Processor...
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FHA, which stands for the Federal Housing Administration, is a United States government agency which insures home loans for FHA approved lenders. One of the best tips for buying a house is to fully understand all the financing options that are available to them. As a buyer is trying...
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