Riding the Refinance Wave: The Role of a Contract Mortgage Processing Provider
Mortgage Refinance Trends in 2020 2020 has seen a strong start in the mortgage business for new home loans and refinances. In the first month itself, refinancing led the surge, thanks to a drop in mortgage rates. According to data from the Mortgage Bankers Association (MBA), applications for refinance jumped 43% and were 109% higher […]
Identifying Early Stage Default – The Role of a Mortgage Servicing Company
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 handling delinquent loans. Mortgage servicers also […]
How to Solve 5 Biggest Challenges in Mortgage Processing Services
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 for lenders to outsource the mortgage […]
8 Benefits of Hiring a Mortgage Loan Processing Company
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 other accompanying challenges, has resulted in […]
How AI & RPA Can Help Lenders Process Mortgage Applications Faster
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 a time when more millennials are […]
2020 Mortgage Rate Predictions from Experts
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 will continue to drop or skyrocket. […]
As a Lender, Why Should You Be Bothered about Vendor Management
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 that outsourcers could do the work […]
What to Look for in a Mortgage Processing Partner
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 the heavy lifting for them, and […]
How to Know Your Loan Processor Is the Right One for You?
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 is to ensure the timely and […]
Mortgage application volume falls to a four-year low
As per National Mortgage News, Mortgage application activity dropped to its lowest level since December 2014 as interest rates reached an eight-year high, according to the Mortgage Bankers Association. The MBA’s Weekly Mortgage Applications Survey for the week ending Nov. 2 had a 4% decline from one week earlier as the refinance index decreased 3% over the […]