e-Disclosure: Answering Today’s Mortgage Lenders Challenges
The rise in new marketing channels to develop sales has brought about additional
opportunities for financial institutions. These newer channels, most notably
the telephone and the Internet, offer lenders more convenient ways to originate
loans that are less intensive than the established methods of face-to-face
sessions with loan officers.
However, these new techniques also create challenges in compliance and
profitability. Borrower rate shopping is a growing problem for lenders seeking
efficiency through these channels, resulting in lower pull-through rates
and increased processing costs at a time when lenders are struggling to
control costs. Additionally, lenders have been falling short on consumers’
higher expectations for immediate response times, as well as on compliance
regulations for maintaining the safety and security of sensitive information
when transmitting personal data.
Fortunately, e-Disclosure offers a viable alternative for accelerating
the loan process—ensuring data security and discouraging rate shopping by
offering immediate response in disclosure fulfillment. Properly conceived
and implemented, this technology can dramatically improve pull-through rates,
reduce costs per loan, and offer high scalability and security with minimal
investment required. Learn more about the “how to” and “best practices”
in approaching e-disclosures in our white
paper.
Free Podcast: Developing Best Practices Approaches to Loan Modification
Loan modification is a critical loss mitigation tool servicers use to help
distressed borrowers. With approximately 1.8 million subprime adjustable
rate mortgages (ARMs) expected to reset to higher interest rates in 2008,
servicers are expected to make extensive use of loan modifications in the
days ahead.
Produced by National Mortgage News, this new podcast
is designed to help mortgage loan servicers develop effective loan modification
programs using best practice approaches.
Speakers:
Jason Marx, Vice President of Mortgage, Wolters Kluwer Financial Services
Steven R. Paton, Senior Vice President, Marix Servicing LLC
Moderator:
Rick Grant, Principal, Rick Grant & Associates
Download the podcast.
Upcoming Change to VMP E-Forms Tagline
Freddie Mac now requires that the Agency tagline must be present on each
page of all Uniform Instruments used to originate Single-Family residential
mortgage loans sold to them. The changes also mandate that the Agency tagline
must not be removed or altered in any way. Freddie Mac does allow the placement
of company information and/or the insertion of a customized tagline in the
footer of the form, below the Agency tagline.
In previous years, Freddie Mac deemed it unnecessary to have the full tagline
with the document name on each page. However, Freddie Mac document custodians
need to apply a consistent set of certification and review protocols across
all forms vendors and those who use the forms directly from their web site.
Currently, VMP E-Forms include a full tagline on the first page with the
agency form number, revision date, and page number on subsequent pages.
To maintain compliance, we’ll be updating* the VMP E-Forms taglines over
the next 12 months. Freddie Mac has agreed to accept the current Wolters
Kluwer Financial Services’ VMP E-Forms taglines as we work to complete the
change by May 2009.
We’re committed to providing compliant content and solutions to meet our
customers’ needs. Updating our document format gives you many benefits,
including document- and transaction-level consistency, consistent bar code
space, Wolters Kluwer Financial Services brand recognition, and copyright
and trademark compliance.
For more details on this change, please contact technical support
at 1.800.274.2711, option #2.
* Revisions to document taglines may require an incremental programming
effort depending on the format used and features implemented. A small set
of multi-page documents require some text to be shifted to subsequent pages
in order to accommodate appropriate tagline and bar code space at the bottom
of each page.
The Key to a Successful Reverse Mortgage: Presentation Download
At the Mortgage Bankers Association’s (MBA) Reverse Mortgage Conference
earlier this month, Jeff Klein, Attorney at Wolters Kluwer Financial Services,
participated in “The Key to a Successful Reverse Mortgage” session.
Jeff explained reverse mortgages, how they work, how to explain the benefits
and drawbacks, the opportunities, and the compliance and operational risks
these loans present. We’re making the presentation available to you—download
it today.
Don’t forget to visit us at the MBA’s National Secondary
Market Conference & Expo, May 4 - 7, 2008!
Top five reasons to visit our booth #713:
- Receive a Starbucks gift card just for telling us
your top business challenges.
- Learn how to reduce your recording fees while improving
your customers’ experience.
- Find out how to detect hidden risk-laden predatory
or discriminatory loans in your portfolio.
- Find out how to automate the e-disclosure workflow
from document creation to electronic delivery and paper fulfillment.
- Pick up one of our latest white papers.
Reminders
- Missed an issue of the VMP® Information Newsletter? Access previous issues in the archive.
- We welcome any comments or suggestions for this newsletter. Please forward any to Angela Coenen at angela.coenen@wolterskluwer.com.
