*The March Continues On*
**By Tony Garritano**
***We haven’t heard much these days about the march to the electronic mortgage. Is that a bad thing? Not necessarily because lenders are automating more processes to maintain compliance and efficiency, which in turn is bringing them closer to adopting a full e-mortgage even if that is not their intent. Also, vendors keep making moves on their end to prepare lenders for that final jump into full e-processes. Here’ an example:
****In this case, Fiserv has established the interface required for clients to participate in the Electronic Case Binder Program of the U.S. Department of Housing and Urban Development’s (HUD) FHA Lender Insurance Program. LoanComplete: Delivery Manager enables the review, loan completion and electronic delivery of loan documents and packages, resulting in Fiserv being listed as an electronic case binder vendor on the FHA Lender Insurance Program website.
****HUD encourages lenders to submit electronic case binders in lieu of paper ones. This not only benefits HUD, as they can audit and provide feedback in a timelier manner, but it also creates greater compliance for institutions and reduces the operational costs of delivery. Using the LoanComplete: Delivery Manager from Fiserv, institutions will no longer have to wait to receive notifications from HUD; the solution automatically monitors the HUD web portal looking for new or rejected loans that have been flagged for case binder submission. These loans are automatically routed to a “work queue” for the operational user to select, review and audit the loan documents prior to delivery. The solution then stacks the loan documents in HUD’s specific stacking order and distributes to HUD in minutes. This automation reduces the time to build and deliver a loan package from days to minutes.
****“Further expanding our loan document and data quality solution to include electronic delivery was a critical component to enhancing our loan completion strategy,” said Jay Coomes, vice president of product management, Enterprise Content Management, Fiserv. “It demonstrates our ability at Fiserv to offer a true end-to-end paperless environment from point of origination all the way through electronic delivery to investors and other third parties.”
****LoanComplete automates the oversight and audit of loans as they move through the life-of-loan process; ensures loans are complete, accurate, current and saleable; and reduces compliance risks by incorporating a single, overarching loan auditing system that leverages standardized, automated loan quality control processes for loan origination, servicing, compliance, sales and delivery.
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 firstname.lastname@example.org.