Lenders, Get Ready For The Next Big Thing: Trended Data

For as long as I’ve been in the mortgage and credit industry – nearly 30 years – lenders have relied on the tri-merge credit report to help evaluate home loan applicants. This static report provides a snapshot in time regarding the borrower’s repayment behavior and, specifically, if he or she pays on time and whether any delinquencies are on file. Conspicuously absent from this report, however, is any meaningful data about how an individual consumer pays. That is, until now.

Given the current lending environment, I believe that trended data represents the next big thing in lending. For example, trended data helps lenders differentiate between a consumer with a large credit card balance that pays in full every month (a “transactor”) versus a consumer with a large credit card balance that pays on time each month, but only the minimum payment (a “revolver”). In providing this level of detail, lenders are in a position to go beyond the credit score in their decisioning. Lenders on both the primary and secondary market are going to be able to see trends in consumer behavior in a way that they have never seen it before. They’ll be able to view 24-month balances and payments on credit cards, auto loans and other traditional tradelines, to gain insights on both payment history and type over time, to identify who is truly paying down their debt on a monthly basis. For lenders, the access to this information in their automated underwriting systems may mean a greater potential for market expansion. The degree of expansion will likely depend on how the lenders adjust to the data, but the bottom line is that this data may help lenders close more loans.

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From an industry standpoint, the wheels are already in motion. Credit bureaus and resellers will be able to view the data as of February 23, 2016 and will be required to begin accessing the reports as of April 1, 2016. Underneath the traditional snapshot tradelines will be the trended data, which will look different visually, but will be more data rich. I encourage lenders to familiarize themselves with the reports now and use this time to consider asking questions. The good news is that there will be plenty of resources available to help lenders read the documents and interpret the information, in addition to a host of FAQs. This should help prepare the market for the release of Desktop Underwriter® 10.0, which is slated for late June 2016. In addition to providing lenders with plenty of time to get up to speed with the use of trended data, the good news is that this timing ensures that reports can be reissued without having to re-pull credit. This will help with a smooth transition and prevent lenders from having to conduct multiple credit pulls due to two different versions of reports.

I applaud the industry’s proactive approach to integrating this trended data and giving lenders the opportunity to get comfortable with it prior to its use in decisioning (instead of just waiting to execute when DU 10.0 is released). No doubt, the migration over the next few months will be a very busy time and it’s been exciting to watch the evolution of credit reports, which haven’t experienced this level of change in almost three decades. Encouragingly for many in the industry, this is potentially the first of many steps in the adoption of unique data sets to streamline and strengthen automated underwriting for originations. Considering the emergence of alternative, geographic and other ancillary data sets that have yet to be standardized

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TRID: Another Opportunity Missed

I was amazed but not surprised when I read the results from the 2016 American Bankers Association TRID Survey. It was conducted between February1st and February 17th, 2016. The survey of 548 participants included banks with a wide array of asset sizes across a large geographic area. Despite this diverse pool of respondents, the responses relating to the effect of TRID were almost uniform. Some of the findings:

1.) 73% reported that their Loan Origination System (LOS) still has not been fully updated for the TRID rule

2.) 83% reported that they were manually bypassing LOS systems due to system limitations

3.) 77% reported increased delays in closing

A resounding 94% reported that they would like the current informal grace period for “good faith efforts” to be extended. What would that accomplish? Probably nothing! So what happened? Obviously, we have a problem.

However, let’s put that into perspective and really look at what the word “problem” really means. Problem is defined by Merriam-Webster’s as: A difficulty in understanding or accepting; something that is difficult to deal with; an intricate unsettled question; a feeling of not liking or wanting to do something; a source of perplexity, distress, or vexation. The opposite of a problem would be a correct solution. Malcolm Forbes once said, “It’s so much easier to suggest solutions when you don’t know too much about the problem.”

So let’s examine the current problem from the two perspectives that I believe are causing most of the problems.

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1) What is the strategy to create the LE/CD? In order to comply with TRID and meet its rigid disclosure specifications, the Model/Forms must be followed exactly. For example, if all applicable fees for a subsection on page 2 of the Closing Disclosure do not fit in the space provided, the Rule requires (1) borrowing lines from another subsection within the table, (2) borrowing lines from the other table on that page when all subsections in the table are full, and (3) expanding to two pages when both tables are full. You must precisely follow those steps in order, without the use of an addendum. Conversely, there are certain pieces of information (e.g., property address, borrower and seller data, etc.) that must render on an addendum if they don’t fit in the space provided. The TILA-RESPA Rule states that many of the required disclosures may only render when the feature applies to the loan. The Adjustable Payment and Adjustable Interest Rate tables may only appear if the feature(s) apply to the transaction. There are several YES/NO questions that cannot be check boxes. The Projected Payments table can have 1-4 columns depending on the number of payment changes, but cannot have blank columns.

The architecture for the Loan Estimate and Closing Disclosure solution are far and away a complex and challenging project. The only way to satisfy these disclosure requirements is with a solution that evaluates data and dynamically assembles tables, sub-sections within tables, and pages based on the transaction. You can no longer rely on documents, forms, or templates to assemble and disclose information or choose when to use an addendum and when to dynamically assemble a table. Instead, appropriate software must be implemented to maintain compliance with the Rule. The solution is data-driven dynamic documents.

2) What are the changes needed in the process flow? If there ever was a time for the mortgage industry to consider change, it was when the CFPB first announced the Integrated Disclosures. Some organizations did take this opportunity to develop and incorporate new workflows, while others tended to automate with little, if any, attempt at process efficiencies or new ways to look at the process. Since the lender is legally responsible for the LE/CD collaboration, within tolerance limits, it behooves the lender to control the interaction with the settlement agent. The solution may be the emergence of closing portals to help mitigate some of these issues facing lenders with multiple settlement services.

So what happened? There is no question that TRID was complicated. Initially, there was some pushback to the CFPB as some perceived these requirements as a technology challenge or barriers to implementations. Compliance Systems, like some others, spent countless hours analyzing the rule and developing a solution. A technology initiative of this magnitude needs to be thoroughly documented and stress tested with every possible transaction scenario. That was the time for quality control. Unfortunately, looking at all the issues that have been vented, in appears that was not done. No excuse!

Final Thought: This is part of the overall problem in the mortgage industry. We are resistant to change. We don’t challenge ourselves. Don’t look at how we do business today but instead look at how we want to do business tomorrow. Think about the current problems and business trends and design a system for the future.

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New Real Estate Index Emerges

RealtyTrac released its first-ever Registered Criminal Offender Risk Index, which shows that average home values and home equity were lower — while average foreclosure rates were higher — in zip codes with a higher offender index than in zip codes with a lower offender index.

The report also shows that average home price appreciation has been slightly stronger over the past year and five years in zip codes with a higher offender index than in zip codes with a lower offender index, but only zip codes with an offender index in the bottom 20th percentile have seen home prices rebound above levels from 10 years ago.

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“This new index provides concrete evidence that registered criminal offenders pose not only a potential safety risk for homeowners and their families, but also a potential financial risk for what is likely a homeowner’s biggest asset,” said Daren Blomquist, senior vice president at RealtyTrac. “This is clearly evident in the significantly lower home values and significantly higher foreclosure rates in zip codes with a higher offender index, but it may not be as evident in the home price appreciation numbers, which are actually slightly stronger over the past year and five years in zip codes with a higher offender index. However, the 10-year appreciation numbers demonstrate home values in the lowest-risk zip codes for offenders were not hit as hard during the housing downturn and have rebounded more quickly back to their previous highs – even exceeding those previous highs.”

The index is based on the number of registered criminal offenders (including sex offenders, child predators, kidnappers and violent offenders) as a percentage of total population in 10,358 U.S. zip codes. The offender data is collected from each state’s criminal offender registry online and is available on RealtyTrac subsidiary www.homedisclosure.com, where offenders living within a half-mile radius of a home can be identified.

The index ranges from 0 to 100, with a higher index indicating a higher percentage of offenders. Zip codes were placed in one of five risk categories — each representing 20 percent of all zip codes: Very High, High, Medium, Low and Very Low. Publicly recorded real estate data collected by RealtyTrac was also included for each zip code to analyze information about home values, homeowner equity, home price appreciation and foreclosure rates in each zip code.

TLI416-chart

Mismanaged Vendors

I was recently asked to evaluate a lender’s quality control program in order to ensure that it met agency and FHA requirements. While completing my review it became apparent that they had retained a QC outsourcing company to complete the file review and re-verification process. When I asked to see copies of the reports this company had provided I was shocked. The report consisted of a few lines of a spreadsheet with abbreviated information on some regulatory issues. There was none of the information that was to be included, none of the sampling requirements were met and none of the classification of errors that are a critical part of the Loan Quality Initiative (“LQI”) that were instituted in the wake of the Great Recession. Where, I wondered, were the vendor management standards that were now part of our regulatory landscape? Why would Fannie Mae, Freddie Mac and FHA permit a lender to use such a shoddy QC operation to exist in the industry? So the next time I met up with representatives for these entities I asked. The answer I received was not unexpected, but cast doubt on the viability of these organizations to really make a difference in the level of quality found in loans sold into the secondary market.

Why you asked? Aren’t lenders responsible for making sure that the vendors they choose are conducting business appropriately and as required by their customers? Aren’t lenders held accountable for the quality of the loans by these agencies? Aren’t lenders required to conduct a 10% review of the loans that are reviewed by vendors? Don’t these vendors have to have security measures in place to protect the confidentiality of the borrowers and insurance to cover their errors and liability?   Why would a lender use such a company? The answer to that is quite simply money.

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Despite all the evidence that shows the devastating impact of poor quality originations and underwriting and the subsequent changes to the quality control requirements, the analysis of loan files that validate the lender’s adherence to both underwriting and regulatory guidelines is considered an unwelcome cost of doing business. In addition, most find that the reviews provide little, if any useable information and therefor their mantra is “If we have to do it, let’s find the cheapest means to get it done.” Lenders have failed to recognize that sound quality control programs will improve their loan production and servicing programs and return more than the costs generally associated with it.

It seems ironic to me that despite all the attention focused on proper vendor management that these entities continue to thrive and that lenders continue to accept this inadequate, insufficient and mismanaged quality control programs as they cry out for expanded guidelines and reduced regulatory requirements. Furthermore, it is unfathomable to me that investors and insurers do nothing to prevent these vendors from proliferating in the industry.

While many may close their eyes and minds to the need for stronger quality control that is standardized across the industry, it is imperative that this be done. Having a standard data set and comprehensive collection of quality data would provide lenders, insurers and regulators with the ability to utilize comparative, fact-based information when making decisions on who do business with. Maybe it would even go so far as to bring this industry in line with all others and allow better quality product to earn better pricing. Unfortunately, we continue to allow poor quality loans have even poor quality reviews conducted through mismanaged vendors. When will we ever learn?

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A Look Into The Future

I recently conducted an industry roundtable. It was made up of a good group of executives. They were very opinionated and thoughtful. I learned a lot on that call.

But one thing stuck out at me. I asked about the future of mortgage lending technology and Jeff Bradford, Founder and CEO of Bradford Technologies, Inc. said this:

“It’s all about deep learning. Deep learning is like artificial intelligence,” Bradford explained. “There is so much work going on in this space right now and it’s open source technology, so anyone can use it. There’s a guy that used the software to create a self-driving car inside of a month. Big companies have been trying to develop a self-driving car for years. Once the software learns something it, doesn’t make a mistake.”

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Jeff Bradford is a renowned expert in appraisal analytics and accuracy in collateral valuations, and the mastermind behind computer-aided appraising, the most far-reaching and significant advance in the appraisal segment in decades. He frequently presents and speaks at industry events, on topics that include technology, valuation processes and valuation standards. He is a strong proponent of open industry standards and was one of the chief architects of the MISMO Appraisal XML standard.

Jeff started his career teaching early developers how to program the Macintosh at Apple Computer. He also specialized in computer-aided engineering at Structural Dynamics Research, and performed and managed computer aided analysis projects for FMC Central Engineering Labs.

Eventually he started Bradford Technologies. Bradford Technologies is an innovator of valuation tools and solutions for residential appraisers. The company pioneered computer-aided appraising, was the first to incorporate statistical support in both mainstream and alternative valuation products, and currently provides one of the most adopted technologies for residential appraisers. AppraisalWorld, the company’s online appraiser community with over 20,000 members provides services focused on building trust and reliability in the appraisal industry.

Jeff is a very smart guy. I’ve come to know and admire his intellect over the years, so when he talked about deep learning I had to know more. I came across this article that talked about when Ray Kurzweil met Google CEO Larry Page. As the story goes, he wasn’t looking for a job. A respected inventor who’s become a machine-intelligence futurist, Kurzweil wanted to discuss his upcoming book How to Create a Mind. He told Page, who had read an early draft, that he wanted to start a company to develop his ideas about how to build a truly intelligent computer: one that could understand language and then make inferences and decisions on its own.

It quickly became obvious that such an effort would require nothing less than Google-scale data and computing power. “I could try to give you some access to it,” Page told Kurzweil. “But it’s going to be very difficult to do that for an independent company.” So Page suggested that Kurzweil, who had never held a job anywhere but his own companies, join Google instead. It didn’t take Kurzweil long to make up his mind: in January he started working for Google as a director of engineering. “This is the culmination of literally 50 years of my focus on artificial intelligence,” he says.

Kurzweil was attracted not just by Google’s computing resources but also by the startling progress the company has made in a branch of AI called deep learning. Deep-learning software attempts to mimic the activity in layers of neurons in the neocortex, the wrinkly 80 percent of the brain where thinking occurs. The software learns, in a very real sense, to recognize patterns in digital representations of sounds, images, and other data.

The basic idea—that software can simulate the neocortex’s large array of neurons in an artificial “neural network”—is decades old, and it has led to as many disappointments as breakthroughs. But because of improvements in mathematical formulas and increasingly powerful computers, computer scientists can now model many more layers of virtual neurons than ever before.

With this greater depth, they are producing remarkable advances in speech and image recognition. Last June, a Google deep-learning system that had been shown 10 million images from YouTube videos proved almost twice as good as any previous image recognition effort at identifying objects such as cats. Google also used the technology to cut the error rate on speech recognition in its latest Android mobile software. In October, Microsoft chief research officer Rick Rashid wowed attendees at a lecture in China with a demonstration of speech software that transcribed his spoken words into English text with an error rate of 7 percent, translated them into Chinese-language text, and then simulated his own voice uttering them in Mandarin. That same month, a team of three graduate students and two professors won a contest held by Merck to identify molecules that could lead to new drugs. The group used deep learning to zero in on the molecules most likely to bind to their targets.

Isn’t this just amazing? Just imagine the mortgage applications for this technology. For years we’ve talked about using technology to automate mortgage processes or forms, but this technology could actually revolutionize all of mortgage lending and how we think about processing a loan. Hopefully someone in our space will catch on to deep learning and use it to transform mortgage lending for the better.

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Mobile Tech’s Role In Property Preservation

With the influx of new rules and regulations, property preservation is not just about mowing a lawn, securing a lock or boarding up a window; it is about preserving and maintaining the appearance of each home and neighborhood in a compliant and expedited manner.

Servicers have adapted to this new environment by finding innovative ways to do the important work of protecting and maintaining these assets through the use of mobile technology.

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To meet today’s demanding regulatory requirements servicers and investors today demand property information in a timely manner, which requires visibility and transparency into multiple data points throughout the preservation process. To provide this degree of information, field service providers must deliver innovative technology solutions that ease the burden of the field service representative while delivering dynamic data to the servicer and investor.

The days of a contractor walking around the property with a notepad and an outdated camera are long gone. Putting the power of mobile in the palm of their hands is a game-changer.

The speed at which servicers can get information from their property preservation company is a critical factor in quality control. Mobile technology significantly enhances this process.

The right mobile property preservation solution brings a host of innovative technology capabilities to the job, making it faster, more accurate and more profitable for the parties involved. This type of solution should include:

>> Comprehensive, at-a-glance order review showing the field representative the status of every order: current, rejected and completed. It’s everything a field services professional needs for a complete picture of their workflow…without the error prone paperwork.

>> Intuitive, step-by-step Q&A format guides the person in the field through every work order requirement. There are no skipping steps and no extra steps. Contractor training time is significantly reduced with greater reporting accuracy.

>> Automatic compliance alerts keep everyone in the field informed regarding business critical documents. One that automatically reflects federal, state, local, and investor specific requirements.

>> GPS enabled functions allow for route-to-site mapping and geo-tagged photos, which provide date and time stamping to satisfy compliance regulations.

>> Real-time order review/order submission gives complete order information control; when the field representative is satisfied, a tap on the screen submits it for approval. Precise orders, from the field property reporting, faster payments.

Five Brothers FiveLive solution is the workflow management system that automates virtually every step of the work order process in real-time. For more than 40 years, Five Brothers has provided innovative, regulatory-compliant default management solutions that enable commercial and residential mortgage servicers nationwide to maximize asset preservation while reducing costs, streamlining operations and optimizing borrower relationships.

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Building The Best Team

Business can be tough. The mortgage business these days is really tough. So, how do you succeed? One way is by having the right team and motivating that team to perform. In an article that I read recently called “Top 10 Team Building Ideas” by Jon Gordon, he shares his ideas about team building. Here’s what he advises:

1.) If You Really Knew Me. If you really knew me you would know this about me_________. Gordon recently took a leadership team through this exercise and at first they shared very shallow comments like “you would know that I’m very generous and wonderful” with him. But after challenging them to go deeper and sharing something vulnerable about himself they started sharing meaningful stories and feelings that connected the team in a deep and powerful way.

2.) Share a Defining Moment. When a leader and each team member share a defining moment in their life you learn things you never knew before. Immediately you know your team members a whole lot better and feel more connected to them.

3.) The Safe Seat. Gordon recently wrote about how Dabo Swinney, the head coach of the Clemson University Football team, put a “safe seat” in the middle of the team meeting room and had each team member sit on the seat and answer questions about his life. It’s called a safe seat because what is shared in the room stays in the room. This makes it safe for each person to be vulnerable and transparent.

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4.) Hero, Highlight, and Hardship. According to Cori Close, the UCLA women’s basketball coach, sharing hardship is important. With this exercise each person talks about one of their heroes and why they are their hero. Then they share a positive highlight as well as a hardship from their past.

5.) The Hard Hat. As a team, discuss and identify the characteristics of a great team member. What does it mean to be a great team member? Write all the characteristics on the board/wall. Have each person choose the one that resonates most with him or her.

6.) Get on the Bus Together. Rhonda Revelle, the University of Nebraska Softball coach, paired up her team and had each pair present to the rest of the team 1 of the 10 rules of The Energy Bus book in a fun and creative way. Some made a video, others sang a song, some gave a speech, some made a painting, etc. Rhonda said the team took on a whole new life and energy after these teammates brought the rules to life for each other. She said this energy propelled them to the College World Series that year.

7.) One Word. Have each team member choose one word that will help drive them to be their best and bring out the best in others. You may choose a word such as: connect, commit, serve, give, help, care, love, tough, relentless, excellence, selfless, and so on. Each person should choose a word that is the right fit for him or her. Once you choose your words you can make a team poster, sign or image that features all the words of the team.

8.) Fuel up the Tanks. The Brown University Women’s Lacrosse team gave each player a manila envelope with a picture of a bus and their name on it. The envelopes represented their energy bus tanks and were placed on a table in the locker-room. Players were also given index cards where they could write something positive about a teammate and place the card (positive fuel) in their teammates manila envelope (energy bus tank). After practices and games players were encouraged to write positive comments and fill their teammate’s energy bus tanks with positive energy. The exercise created more positive interactions and generated appreciation and encouragement that fueled the team throughout the year.

9.) Leave a Legacy – Have each team member create and share a legacy statement that includes the kind of impact they want to have on their team. How do you want to be remembered? What do you want others to say about you year later? Knowing how you want to be remembered helps you decide how to live today.

10.) 20 Questions – Make up a list of 20 questions. During each team building session pair up with a different team member and ask/answer the questions about each other. This will help you get to know your team members and become more connected.

Now go out and build your team.

Follow these tips and you will be well on your way to creating a power team.

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Post TRID Issues Persist

Many of the problems we have seen with TRID have been a result of the disconnect between lenders and settlement agents. Lenders and settlement agents need to get on the same page. It is important to remember in the current regulatory environment, especially under the Consumer Financial Protection Bureau (CFPB)’s TILA-RESPA Integrated Disclosures (TRID) rule, the lender is responsible for accurate and timely delivery of key disclosures to the borrower.

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Historically, the lender prepared early disclosures, often without collaboration with the settlement agent, and the settlement agent carried the burden of preparing the HUD-1 Settlement statement. Now, due to the strict tolerances on fees and high potential fines to the lender, most lenders are preparing the new forms (Loan Estimate and Closing Disclosure forms) themselves and requiring information from the settlement agent earlier in the process.

The collaboration is often via phone or email and not centralized or audited. Since the lenders are on the hook for completing these forms correctly, they need stricter controls and more streamlined processes to reconcile data between the lender’s main system, the loan origination system (LOS), and the settlement agent’s system-the title closing system.

The good news is that lenders and settlement agents are now collaborating, but that collaboration is usually manual. Unfortunately, lenders that are trying to collaborate manually are experiencing numerous issues, such as lack of security, inability to scale, compliance, liability, increase in time and cost, and an incomplete audit trail.

Some lenders claim that the reason they have resisted using electronic portals and collaboration platforms has been due to cost and integration issues, and some are still using email (both encrypted and non-encrypted) and even fax to communicate with closing agents.

For lenders that want to resolve the disconnect with settlement agents, electronic collaboration is key. Lenders need to view electronic collaboration as a competitive advantage.

Here are a number of advantages that electronic collaboration provides:

>> Lenders with the ability to get the CD out earlier

>> Risk mitigation

>> Speed, which can reduce timing pressure from regulators

>> A shift from paper and snail mail to electronic disclosures and proper e-consent that delivers cost and resource savings

>> A complete and secure audit trail to meet regulatory requirements and audits

>> Lenders with the ability to more easily maintain compliance

The right electronic collaboration solution can provide true real-time chat and messaging throughout the collaboration process. Not only does this improve communication between lenders and settlement agents, but it also provides visibility for all parties throughout the entire process.

In addition, lenders can automate post-closing to do’s and receive the final title policy electronically. Knowing when and how documents have been recorded – with the option to e-record—provides for faster turnaround time.

Electronic collaboration can also help with UCD delivery. If a collaboration portal is based on the UCD and MISMO 3.3 standard, then a lender can already be collecting and collaborating on the data in the format it will have to be ultimately delivered to Fannie and Freddie. No further transformation would be needed.

The right technology solution will normalize the data. The delivery of the Uniform Closing Dataset to the GSEs is right around the corner, with testing opening up later this year; therefore, TRID solutions should be based on the MISMO 3.3 standard.

Electronic collaboration can significantly reduce these post TRID issues that continue to persist for many lenders.

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Managing Your AMCs With Compliance

With the latest appraisal regulations and investor requirements, many lenders are outsourcing appraisal operations to appraisal management companies. Using an AMC doesn’t absolve the lender from liability, so it’s important to conduct due diligence on AMCs as well as all your service providers.

To comply with AIR, the CFPB, OCC requirements and others, you need to consider a few critical factors:

>> Your service provider is subject to the same CFPB supervision you are. Make sure they are prepared for those exams and have experience answering the tough due diligence questions.

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>> The OCC mandates ongoing, consistent monitoring of all activities and performance throughout the life cycle of your relationship with the third party. Verify you have a way to compare your vendors and a system for reporting performance in case of an exam.

>> Make sure your vendors are protecting borrower data. The OCC specifies it’s your responsibility to ensure your vendors are complying with the Gramm-Leach-Bliley Act for consumer privacy. This is of particular importance when it comes to appraisal operations, since protected information is often shared.

When working with AMCs, it’s a good idea to deploy one technology platform to connect to all of them. In that scenario, you can easily enforce your compliance policies across all your vendor channels.

A single technology platform will also eliminate unnecessary due diligence burdens you would otherwise have to meet with each individual vendor. Make sure your platform enforces your requirements, and you’ll kill several birds with one stone.

One of the often overlooked requirements of the OCC is that you should be able to easily onboard new vendors for critical processes and business continuity, should the need arise. A single technology platform allows you to compare vendor performance, connect to new vendors when you need them, and make adjustments to your strategy quickly when necessary.

It’s also important to make things as easy for production as possible so they can remain focused on new business. If you’re using multiple AMCs, it will cause confusion for originators if they need to log in and order appraisals from various AMC websites. When should they order from this company, and when should they order from that company? Are you asking them to track multiple logins and systems? A single platform gives your staff an easy-to-remember workflow that reduces mistakes and frustration. Your appraisal desk can still assign orders to the vendors they choose, while production focuses on originations rather than appraisals.

At Mercury Network, there are more than 130 AMCs already integrated and ready to accept your appraisal orders. You can deploy your own branded appraisal ordering site for your loan originators, or they can order directly from their loan origination software (LOS). You won’t have to waste time with status questions or chasing vendors with questions since order status is updated live and shared with any party you wish. Compliance concerns aside, that streamlined communication loop can save everyone valuable time.

More than 700 lenders and AMCs use Mercury Network, so we hear the latest best practices around third party due diligence and oversight. If you have feedback or questions, don’t hesitate to reach out to us at info@MercuryVMP.com. Even if you don’t use Mercury Network, we can help you with ideas and suggestions to improve your operations and compliance standards.

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