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Closing Call

Pavaso blog header revision 2
Breaking down the TILA-RESPA Integrated Disclosure, how it impacts your business, and ways to solve it. Written by the experts at Pavaso each business day.

MBA Annual has come and gone, but TILA-RESPA is here to stay

What progress have you made one week after the conference?
Matt Corcoran

As you head to complete this phase by Week 28, you not only need to look at how your organization operates internally, but how it operates externally as well with business partners and consumers to ensure regulations around the three-day delivery rule for the Loan Estimate are met.  


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TILA-RESPA Phase I complete

Get ready for Phase II of the Lender Implementation Timeline
Mark McElroy

Staying on par with the timeline, next week will kick off the Analyses and Decisions phase, in which you’ll be reviewing your workflow, systems and compliance in order to determine the revised procedures, system recommendations and policies necessary.


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Talking tech with Donald Trump Jr.

Pavaso CEO Mark McElroy discusses TILA-RESPA compliant solution
Matt Corcoran

The show is 21st Century Television, with guest host Donald Trump Jr. interviewing Mark about the TILA-RESPA ruling, and how technology available today can not only help the industry comply, but thrive, with a whole new world of possibilities in a digital marketplace. 


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The profit-margin challenge with TILA-RESPA

Get operational processes firmed up now for Aug.1, 2015 go-live
Mark McElroy
Do you know what it fully costs you to acquire a customer? It is now critical that you know this metric today, because it’s going to change on Aug. 1, 2015. If your operational processes are not streamlined, your margins are going to suffer worse when TILA-RESPA is effective.
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Acquiring new customers vs. retaining existing customers

TILA-RESPA will force you to get creative on revenue and profits
Matt Corcoran

We offer a solution on the Pavaso platform called Title Check — where title companies can stay in front of existing customers by offering them an annually recurring service to check their title and ensure it’s clean. This is an entirely new line of revenue to leverage all of those customers that they’ve acquired and closed, instead of purely focusing on bringing in the next closing. 


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I dream of loan origination genie

Wishing for better profit margins?
Matt Corcoran
Independent mortgage banks pulled in average profits of $346 per loan on originations last quarter, compared to an average profit of $1,082 per loan in the fourth quarter.
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Challenging the status quo

Now is the time to question if you're ready for TILA-RESPA go-live
Mark McElroy

In planning for big changes to your organization, the key area of a digital transformation know as Operational Process is one that is absolutely pertinent in the wake of regulatory disruption such as TILA-RESPA.  


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What's your business intelligence IQ?

Operational process improvements should be a focus right now
Matt Corcoran

It's apparent that you’ll need clear processes and guidelines in place for your workforce to maintain high levels of service while working within strict tolerances that could result in game-changing fines for your business.


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How to digitally transform closings

Recap of last week's post regarding customer experiences
Mark McElroy

If you’re staying on par with the Lender Implementation Timeline, then that means there are only three weeks left until you wrap that phase up. Will you be finished with this phase in three weeks? 


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Turning negatives into positives

CFPB consumer pain points provide base line for industry change
Matt Corcoran

If you aren’t honest with yourself on the issues customers are facing, you’ll have a tough time embracing a plan to improve your service levels to match customer expectations.


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