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April 21, 2023

Making Process Changes Easy in Mortgage

In order to keep up with industry changes, a lender's technology needs to be easily customizable to their needs.

Recently, the Independent Community Bankers of America (CBA) completed an application to the Consumer Financial Protection Bureau (CFPB) to propose changes to TRID to boost home construction.

Anyone who knows about real estate inventory and the needs of Millennial first time homebuyers knows that anything we can do to boost new construction, especially of starter homes, would be a positive thing.

CBA says that the current Loan Estimate (LE) and Closing Disclosures (CD) don’t spell out the differences in costs and interest rates between the construction and home finance portions of the loans.

Dealing with change

How this change would boost home construction is not crystal clear, but if the change is approved, lenders will need to establish new workflows for construction to permanent loans they sell, at the very least.

For lenders working on older mortgage origination technologies, this could be problematic. Process changes were always difficult for lenders using the older technologies, when changes could be made at all.

In the early days, the lender was essentially boxed into the processes that the technology developer built into their loan origination system. It’s amazing how many lenders are still shackled to these older systems.

Today’s next generation digital origination technology removes those limitations and frees up lenders to develop the workflows they need to efficiently origination the business they choose.

New technology to pursue new opportunities

Whether it’s this proposal from CBA or the next one from someone else, eventually lenders are going to see an opportunity they want to pursue. When they do, their success will depend, in large part, on who they have chosen to partner with for technology.

In the MCP world, these opportunities are made possible by our built-in UI Designer.

UI Designer gives lenders almost complete control over user creation and user management as well as screen data management. This means they can present any data within the database of record to any user they want in any way they want.

You really have to see the demo to appreciate it, but the bottom line is that if the lender needs to make a change in their process, for any reason, they have the power to just make it happen.

It’s a game changer and it could allow more lenders to get behind innovative ideas that they may have backed away from in the past due to fear of change.

Find out more and visit us online to see UI Designer in action.

By Joe Camerieri, EVP, Sales & Strategy at Mortgage Cadence 

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Media Contacts 

Mortgage Cadence: 
Megan Martin 
EVP, Marketing 
(516) 480-6765