NMP - September 2016 - 78

Two Key Solutions Will Create a New Market Opportunity for Wholesale Lenders By Jorge Sauri ith just two strategic modifications to their processes, wholesale lenders have the potential to unlock a vast new market opportunity. The key lies in strategic abandonment and innovation: Lenders must leave behind processes that hold them back and adopt systems that challenge the status quo, all while working in a space restricted by regulations that are often vague and difficult to manage. The mortgage industry, like many others, is experiencing fast growth and big profits, but with W increased growth comes greater competition. To get ahead, lenders must strengthen their relationships with brokers and beat large financial institutions at their own game. By implementing validated loans and compliance automation, lenders can eliminate barriers to success, improve their business functionality and take a greater hold on the housing market than ever before. Identify the problems Facing wholesale lenders today are several issues that can limit success or even render them obsolete in this constantlychanging market. Working with processes that leave them at risk for fraud, managing compliance with government regulations, and competing in a quickly-growing field are challenges that, while daunting, can be overcome. The basic foundation of any relationship, especially one rooted in finance, is trust. And while the need for "truth in lending" is now federally-mandated for consumers, honesty and trust between wholesale lenders and brokers is equally important. The fallout from the sub-prime mortgage crisis cast a dark shadow that has been difficult to relieve. Also problematic is the long-term responsibility wholesale lenders alone must shoulder, as the broker's liability for a the validity of a mortgage ends when his commission is paid. Lenders need a system to protect them from fraudulent applications and data breaches that harm both their bottom line and their partnerships. Consumers have long-maligned the mortgage process as lengthy and confusing, which prompted enacting of the TILA-RESPA Integrated Disclosure Rule (TRID). While TRID aspired to improve transparency and clarity for homebuyers and ensure a better understanding of the law for those in the mortgage industry, it created challenges for brokers and lenders. With strict delivery and accuracy requirements for loan estimation and closing disclosure, the process now allows very little room for deviation. Brokers shopping around for the best deal for their clients understand the importance of speed in meeting government regulations - trading documents back and forth is no longer an option. Efficiency is paramount. SEPTEMBER 2016 n National Mortgage Professional Magazine n NationalMortgageProfessional.com 78 Locaal Expertise. World-Class Service. With over 30 yea ars of professional experience each, our Account Executives know the local markets and pride themselves on friendly, responsive service. Plus, our team has an in-d depth understanding of home loan options, including specialty loans like Jumbo o, loans to LLCs and Trusts (approved by Ridgewood Savings Bank) and non-warranttable condos. BENEFIT FROM: * No FICO score e (unless PMI loan) * Cash-outs* up to $2.0M (no seasoning) * One appraisal (no matter the * Loan amounts up to $3.5M with loan amount) Bijan j Farassat (917) 731-4870 bfarassat@ridgewoodbank.com NMLS ID#646654 Lisa Constant (516) 640-8375 lconstant@ridgewoodbank.com NMLS ID#646655 *On primary residences and second homes (LTVs apply).              Terms and conditions subject to change without notice. Loans subject to credit approval. CLTVs to 90%** http://www.NationalMortgageProfessional.com

Table of Contents for the Digital Edition of NMP - September 2016

Table of Contents
NMP - September 2016 - Cover1
NMP - September 2016 - Cover2
NMP - September 2016 - 1
NMP - September 2016 - Table of Contents
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