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How the regulatory environment may change given the recent election results remains to be seen, but regulatory implementation will continue to test lenders in 2017. Be it TRID, HMDA or URLA, lenders will need a continued focus on quality loan manufacturing, compliance, customer service and reducing the cost and time it takes to originate, process and close a loan. 

This is why LoanLogics is continually investing in research and development to help lenders synchronize and streamline the manufacturing and quality control process. In-line, real-time quality control and quality manufacturing assurance will enable them to drive costs down and significantly decrease the time it takes to originate a loan. 

Embedded rules and workflow automation will replace the current practice of finding defects after the fact, eliminating costly re-work and quickly finding the sources and causes of defects to prevent proliferation across loan production. 

“Lenders and the industry can no longer accept after-the-fact quality control processes which have proven to provide little to no value. Without real-time, in-line quality control, costs will continue to rise and lenders will struggle to serve the changing digital dynamics of the industry and consumers it serves,” said Brian Fitzpatrick, LoanLogics’ president and CEO. 

The impact of in-line, automated quality management and loan manufacturing goes beyond cost reduction and extends to significantly improving customer service and increasing investor confidence. Lenders can improve borrower satisfaction by reducing delays, closing loans faster and providing more competitive pricing, all the while assuring investors of the quality of the assets that are produced.

In 2017, lenders need to work on automated workflow driven process, embedded quality and manufacturing rules and key changes in data acquisition, validation and verification to drive costs down. Aligned with that, LoanLogics will continue to accelerate investments in new capabilities that empower lenders to take back control of their business through ease of configuration and reduced dependence on their technology providers to meet dynamic business needs. Business agility will be the key to success for mortgage lenders. 

As part of its roadmap, LoanLogics will enhance its cloud-based platform and services to transform the mortgage industry with an unprecedented level of automation. Expansion of its robust rules engine and automated workflow will provide structure for the evaluation of compliance during the manufacturing process, addressing the pages and pages of regulations from the CFPB, GSEs and HUD, as well as the requirements of investors to whom they deliver loans. 

 LoanLogics’ technology will continue to challenge conventional methods by enabling clients with capabilities that disrupt the normal pattern of doing things while delivering measurable return on investment.  The company has invested in industry expertise that includes a mix of technology, mortgage risk, compliance and regulatory specialists with knowledge that fuels content-rich technology development, reducing the cost of regulatory compliance for clients. 

It also works with top lenders and investors, following a customer-centric approach for the development of technology innovation and enabling them to more closely align capabilities with market need. 

LoanLogics’ most recent innovation, LoanHD Investor Module for Correspondent Loan Acquisition, tackles a technology gap that existed for correspondent investors and highlights its customer-centric approach to product development. The platform automates up to 80% of the processes typically performed manually, including loan pricing, the creation and management of commitments through locking and hedging, loan document classification and data extraction, management of both delegated and non-delegated underwriting business models, and loan funding and onboarding. 

“Our partnership with our clients is driving significant growth in the firm and helping to move the industry toward an automated mortgage business that increases transparency, ensures compliance, cuts costs and eliminates material defects in mortgage loan files,” said Fitzpatrick. “Costs must come down, quality must improve and service to consumers must be completely redefined.”

LoanLogics’ brand slogan is “The game has changed, play different.” Fitzpatrick said the company embraces the changing mortgage landscape — including regulation — and believes there is no better time to transform our industry through innovative thinking, technology and lenders who are willing to eliminate the status quo. “We all have to continue to play different, we all have to think different, we must innovate every single day.”

“The game has changed and we’ll see even more change in the foreseeable future, creating an absolute imperative for lenders to play different in order to remain competitive and viable as an entity,” Fitzpatrick said. “We see the frustration lenders deal with on a regular basis. Their honest, open feedback, coupled with our strong desire for continued technology innovation, will keep us all on top of our game.”