NMP - September 2016 - 79

Right now in the mortgage industry, the number of key players is increasing steadily. Today, there are more homebuyers, more real estate agents, more brokers and more lenders. With the focus now on customer experience, lenders must provide a fast, simple, painless mortgage process to edge out the competition. The better they meet customer expectations, the more their business grows. Increasing efficiency through automation is imperative. longer out of reach. Compared to big banks, wholesale lenders are smaller and more agile, making them better able to adapt to market trends. As such, wholesale lenders are primed to take more of the market share than ever before. Jorge Sauri is an entrepreneur, CEO and founder of LendSmart, a unified point-of-sale platform. With more than 20 years of experience in the finance industry, Jorge has an excellent track record of building successful businesses. He can be reached by phone at (512) 6379751. 79 TRUST ME. MY 20-PERSON COMPLIANCE TEAM HAS OVER 150 YEARS IN COMBINED INDUSTRY EXPERIENCE. - YOU n National Mortgage Professional Magazine n SEPTEMBER 2016 Beyond a better business model Adopting a platform that accomplishes both loan validation and compliance automation solutions can be a game-changer for wholesale lenders. The right system can reduce fraud, develop an efficient process based on the lender's specific requirements, and manage adherence to federal regulations, all leading to reinforced relationships with brokers. Lenders will be able to improve the consumer experience, as well, which has taken second-billing to compliance before automated systems were readily available. It can also make lenders far more competitive with major financial institutions, who typically have technology in place long before smaller entities can afford it. As the price of software continues to go down, and the added value increases exponentially, going digital is no "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." NationalMortgageProfessional.com Define solutions As a whole, the mortgage industry lags behind other fields when it comes to technology adoption. Even with digital signatures and cloudbased storage, there are several steps along the way that involve human interaction-documents are printed and scanned, financial data is retrieved by manual request, and the potential for human error is high. Restructuring the process to include validated loans and compliance automation not only alleviates many issues plaguing lenders, but provides opportunities to tap into a larger portion of the market. Why validated loans? Because the process can be automated without human interference, a validated loan reduces the risk of fraud, enables transparency in the process between brokers and lenders and simplifies the loan process for all involved. The information presented in a validated loan is digitally accessible outside of the documents and is less likely to be compromised. It reassures the lender the application is accurate and facilitates trust in the partnership. On their part, brokers want clarity and efficiency in their interactions with lenders. With application requirements varying from lender to lender, providing brokers with a system that clearly defines and automatically manages those requirements makes for a smoother process without time-consuming backand-forth exchanges. It's helpful to lenders, too, because loans validated to their own product matrix are easier to underwrite. When it comes to managing federal regulations, including TRID, implementing compliance automation means big improvements for wholesale lenders. Requirements change over time, but platforms built to update automatically ensure lenders are always current and protects them from unintentional infractions. Compliance automation saves money, eliminating the need for large, costly teams to manually oversee the process. In the past, many brokers preferred to handle loan estimation and closing disclosures themselves, citing a desire to control where the loan is placed. After the mortgage crisis, however, many brokers now concede responsibility for compliance to the lenders. Today, lenders who utilize automated compliance systems are often preferred-because TRID sets such strict deadlines, time is of the essence. The faster a lender can process loan documents and stay in compliance, the happier the customer is with the broker and the greater the chance for repeat business. 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
NMP - September 2016 - 3
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NMP - September 2016 - Cover3
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