Now that we’ve reached the finish line for implementation of the Uniform Residential Mortgage Application (URLA), many technology firms that have been refocusing on lender needs and ensuring a smooth transition to the new loan application are now free to get back to the work they typically do.
This can be very exciting, depending upon how you view the work you do.
While URLA will make things better for investors and the government, we at Mortgage Cadence have always believed that our primary task is to make things better for lenders, to offer them some relief so they can serve more borrowers. That’s the most rewarding work we do.
Jim Rosen, our Vice President of Product Management, recently wrote about that in an article that appeared on the blog for Progress in Lending.
“Lenders are still working too hard,” he wrote in his article. There is still too much complexity in their work. The conveyor moves the deal through the process, but every day millions of employee hours are spent looking at the documents coming down the line and making sure they contain the right information. It’s a difficult job.
Now that URLA is over, we are free to focus on taking some of that friction out of the lender’s operation through effective mortgage automation.
Check out Jim’s article to find out how we’re doing that. It’s a good read.