As published in Scotsman Guide's Residential Edition, January 2010.
With more banks competing for mortgage borrowers, many brokers are seeking ways to retain their market share. One way for brokers to do so is to ensure they maximize their company’s output.
Relying on technology and technology vendors can help mitigate some of the time and risk involved with keeping your business strong in today’s market. When looking at potential technology vendors and software, consider the following six key factors for ensuring efficient and productive mortgage loan origination and processing.
Not keeping up with compliance is the kiss of death for the careless mortgage broker. How are top mortgage executives ensuring compliance with various state and federal requirements? The answer is technology.
Your technology vendor must provide you with timely information and critical updates regarding industry changes that not only inform you of upcoming obstacles but also provide solutions to overcome them. Compliance rules change constantly and sometimes only for certain states, types of agencies or types of loans. Brokers can’t afford to ignore the significance ever-changing laws have on the mortgage industry and the impact those changes have on individual businesses.
Several new or revised federal regulations and other rules — such as the Real Estate Settlement Procedures Act, the Truth in Lending Act, the Mortgage Disclosure Improvement Act, the Home Valuation Code of Conduct, the Secure and Fair Enforcement for Mortgage Lending Act, and the Nationwide Mortgage Licensing System — already have created compliance questions and uncertainty in the industry. You must be able to trust that your technology vendor is working to ensure that you meet all requirements.
Modern mortgage technology also can help you control user behavior to ensure that your company’s front-line employees don’t overstep the boundaries of compliant and ethical business practices.
2. Security and control
When determining the best technology for their company, mortgage brokers know their customers’ loan information is safe and secure. The system you choose also should give you complete control of your customer database. After all, it’s your lifeline, and it can pay dividends for years to come.
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