Let’s Talk Mortgage Lending Efficiency

*Let’s Talk Mortgage Lending Efficiency*
**By Tony Garritano**

***As a recap, yesterday we started accepting applications for our Innovations Recognition Program. We hope that you will apply HERE. Honoring your efforts is important to us. We want to reward innovation. Why is innovation so important? When we talk about becoming efficient in what has become an over-regulated space you have no choice but to innovate. And there is plenty of opportunity in the area of mortgage lending these days. Here’s one example:

****Over the past few weeks I have been telling you about the fact that the IRS will begin accepting e-signed 4506-Ts. That announcement presents an opportunity for the industry to both become more efficient and innovate. But we have to start at the beginning in this case. Ask yourself: Am I ready to take advantage of this starting January 7 when the IRS says it’s going to open it’s doors to accepting e-signed 4506-Ts?

****Interpreting the new IRS Income Verification Express Services Guidelines takes work. The up side is that now every upfront disclosure can be e-signed and e-delivered. That’s a huge efficiency gain for lenders that rely on paper and for all those lenders that have two processes, one for the disclosures that can be e-signed and another for the 4506-T.

****As  a vendor you have to be ready to follow the IRS guidelines and as a lender you have to be attached to the right vendor. As with anything in life, there are experts that have been involved in this process from the start and are ready to show you how to take advantage of this industry development.

****To this end, I have been told about a free webinar that will have some of the architects of this development including Cecil Bowman, SVP/Government at NCS and the Chairman of the MBA IRS Workgroup; and legal experts Pat Hatfield, Partner at Locke Lord LLP, and Greg Casamento, another Partner at Locke Lord LLP. The event will be moderated by e-signing pioneer Kelly Purcell of eSignSystems and take place at 10 a.m. PST/1 p.m. EST on December 11. I strongly suggest that if you are interested in becoming more efficient, innovative and compliant in 2013, register to attend this webinar HERE. I think it’ll be very informative.

Tony Garritano

Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.