Provider Management 101: Legal Documents

Navigating the legal contracts of working with third party providers can feel like a minefield. One wrong step can create thousands in fines, potentially require court appointments and ultimately sour the business deal altogether. Want to make sure you know how to get started? Use this article to create a basic understanding of key documents you will need for a smooth third party business transaction.

The Key Documents

The first document you will want to consider is a non-disclosure agreement (NDA). Once ...

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How to Tell Lender Executives IT Needs an Upgrade

People in the information technology (IT) department are on the front lines of keeping computer software and systems operating smoothly. That also means IT is the first to realize when those systems are no longer able to keep up with company goals or industry demands. Yet those experts are sometimes put in a newfound situation—how do they make the case for improving financial technology (FinTech) in a way that speaks the language of cautious executives? Here are some ways that ...

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The Ripple Effect of Efficiency

Anyone reading a housing blog since 2012 knows that technology makes lending more efficient in the mortgage industry. For instance, 72% of purchases take less than 30 minutes at the closing table, while only 11% of paper purchase closings happen at the same speed. The CFPB found that eClosings ultimately shave about one less business day from clear-to-close to document delivery. However, many lenders aren’t aware of the other “ripple effects” that efficiency (via technology) can have on their ...

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How to Navigate the Changing Mortgage Industry

Rising interest rates, new compliance measures and increased 3rd-party risk are just a few of the reasons why the mortgage industry is changing. Lenders today that want to maintain strong productivity are meeting some trouble: 77% of banks surveyed by the ABA report seeing delays in loan closings to an average of 8 days due to necessary TRID measures, and more than 70% of those same lenders are still waiting on updates from their software vendor to address those compliance ...

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3 Big Factors When Asking for Mortgage Software Integrations

One of the most important steps toward business efficiency is ensuring that all of your software coordinates well with each other and ultimately makes your objectives easier. Take a moment to consider these helpful tips before purchasing new mortgage technology:

Ask about your other software

Do your technology solutions integrate with the current loan origination software you use? Even if you have a 3rd-party LOS, many solutions have trouble migrating your data without the need for manual entries at extra cost. Ask ...

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Don’t Fear the Digital Age

We can rebuild it. We have the technology.

Mortgage IT has often lagged behind other industries in technology adoption. The reasons are nuanced, a mixture of justifying costly investments, an unsure cybersecurity environment, and fear of taking human experts out of the mortgage process. Yet a more advanced mortgage process is no longer something that might be good—sticking with the old ways is now a competitive liability. Let’s dive into common fears in the digital age of mortgages and ...

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