Mistakes are inevitable. But repeated mistakes become problems when we do not correct them. And they become dangerous when we refuse to acknowledge they were mistakes in the first place. This is true in every facet of life and business, and loan originations are no exception. Through discipline and...
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Mortgage lending is a competitive market. In recent years, the rising costs, stricter compliance requirements, and the steady increase in loan applications have led to an increase in risks. Lending involves a lot of paperwork, data processing, and verification. This needs human resources and the right tools to ensure...
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SAM VERMA RECOGNIZED AS BRONZE STEVIE® AWARD WINNER IN 2021 AMERICAN BUSINESS AWARDS® Question 1: Sam, how does it feel to be named as a winner of the Stevie Award? It is a matter of pride and humility. It is a recognition of the work we do to...
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A recent article written by James Kleimann, published on HousingWire, describes how an increase in loan production costs is bringing lenders’ profits crashing back down to earth. According to the Mortgage Bankers Association’s latest quarterly performance survey, IMBs posted a net gain of $3,738 per originated loan in the...
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In a highly competitive mortgage landscape, a reduction in the turnaround time can become a major differentiator in the business performance and in staying ahead of the competition. Now more than ever, mortgage lenders need to be diligent about implementing ways to streamline operations considering the unpredictable nature of...
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In April, the Consumer Financial Protection Bureau (CFPB) put in efforts to strengthen protections for pandemic-affected struggling borrowers through a host of proposals. The proposed rules aim to discourage servicers from initiating foreclosures until after the end of this year, encouraging them to offer certain streamlined loan modification options...
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As a part of its efforts to prevent a huge spike in foreclosures, the Consumer Financial Protection Bureau (CFPB) recently instructed mortgage servicers to ramp up their communication with homeowners who will likely need further assistance. As of January 2021, over 2.7 million consumers were still in forbearance programs...
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Mortgage Processing is complex and data-intensive. With the rise in mortgage requirements over the years, the competition among lenders has been increasing too. To stand apart and offer the customers the best, time, efficiency, and accuracy of loan processing remain vital and so does the process of underwriting. Financial...
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The current environment in default servicing is complex. Frequent new regulatory and policy updates mean lenders and servicers of all sizes are struggling to keep up. Besides, growing customer expectations also pose unprecedented challenges for lenders and servicers alike. The large number of mortgage forbearances currently in place has...
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“Even as rates rise modestly, the housing market remains healthy on the cusp of spring homebuying season. Homebuyer demand is strong and, for homeowners who have not yet refinanced but are looking to do so, they have not yet lost the opportunity”, reports Freddie Mac’s Economic & Housing Research...
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