Hard to believe it, but there is an association for everything under the sun, but oddly, there is nothing for Mortgage Technology Vendors. After attending the National MBA Convention and Expo in San Diego in October, I was mulling over the many, many comments I heard about what we vendors need. There’s a fair amount of dissatisfaction about how “we are treated” by “the big Association”, the MBA, in that, the MBA tends to cater more to the Mortgage Banker, hence the name. The lobbyists on Capitol Hill are sounding off to give voice to the cause of the Lender and Borrower alike, and as a result of the infamous meltdown, much legislation has come forth; but there is no representation for the technology vendors who have to make all that legislation translate into the world of data.
For example, the new GFE regulations that began as legislation has all the Loan Origination and Document Preparation Software companies knee deep in code. Not only is it confusing, but it’s quite comprehensive and far reaching, from a technical point of view. Whenever there’s a ruling where a limit is set forth, for example, lenders look to the software to establish the limit, create reminders and generally “sound the bell” when the issue is in question. This is complicated and requires a great depth of understanding around the issue. The part that’s particularly hard to cope with is the deadline. The new GRE goes into effect January 1, 2010. There are still many questions around the laws and procedures, as well as the audit and reporting practices that will also go into effect.
Now that the State Regulators are moving toward modernization of the Mortgage Examination Process through Technology, MBSProClose has once again become part of the discussion around the data requirements for examination and portal through which that data can be delivered. We have created a seamless interface to Compliance Analyzer(R) for the comprehensive delivery of necessary data to fulfill the obligations in an audit. State Examiners will no longer “spot check” lenders and loans for compliance. There will be a loan-by-loan review. Without technology to streamline the process, this will cost Lenders THOUSANDS of dollars in man-hours while examiners literally come to the office and comb through the files, one by one. Any lender using ProClose will be able to transmit all of the required data through the Compliance Analyzer/Compliance Ease portal for instant reporting. This is another way that technology serves as the backbone to expediting the rennovation of our lending practices and oversight. It is our pleasure to serve the needs of the lending community and to do it very well. We wish to support push toward higher standards and greater lending protections.
This is why it is incumbent upon me to step up and create a forum for my fellow technicians who serve the lending community in the form of an Association. If you have interest in helping to shape this Association, I’d like to hear your thoughts. You can write to me at ckirby@Proclose.com and you can post your comments below. It’s about time we get on the stick and participate in the discussion around the issues that affect us all.