Dustin Morton is the Manager of Implementation Services for Pavaso, Inc., the creators of Digital Close. His background in large-scale PMO, process and protocol analyses, and compliance consulting empower him to deliver solutions-oriented programs for successfully navigating change.
At one year until the go-live date for the Integrated Disclosure Rule, if you haven’t started having meetings to discuss your organization’s approach to incorporating reforms, depending on its size, you could already be behind schedule.
Third-party updates may be necessary to update transaction coverage and calculations, obtain required information for verifications, incorporate new disclosures, and to make sure your software, compliance, quality-control, and recordkeeping protocols comply with the new rule.
For anyone actively working in the mortgage industry, it’s no secret that reverse mortgages have taken a brutal hit in the last two years. The U.S. Department of Housing and Urban Development issued major program changes at the end of 2017 that effectively limited the amount of proceeds and the number of people who could qualify for the loan. The result had lenders across the space enduring sizable volume drops and subsequent gashes to their bottom lines.