LoanLogics Enhances LoanHD Through New Audit Response Center

Jul 21, 2017

LoanLogics has enhanced its LoanHD Loan Quality Management platform with an Audit Response Center (ARC) which enables mortgage lenders to address defects and conditions on loans immediately after each loan has been reviewed. The ARC also provides lenders with a compliance trail showing how each defect was addressed, so regulators and investors are able to clearly see what actions were taken.

The ARC allows the lender to auto-assign a respondent, or the person in the lender's organization who will submit rebuttals and clear loan defects, such as a missing document or an incorrect fee. The system configuration also identifies "responsible parties," or the people most responsible for the defect in the origination process.

The ARC includes a communication module that immediately notifies the respondent and the responsible party of defects discovered after a loan quality review. These notifications will also display responses from the auditor regarding the curing of conditions. The respondent will be prompted to log into the ARC portal to address all issues. Once resolved, the application automatically updates the LoanHD platform.

"With this enhancement to LoanHD, relevant parties in the loan process will find out quickly if there are any defects or conditions in a loan that need to be addressed," said Dave O'Malley, Director of Loan Quality Solutions with LoanLogics. "In addition, lenders will be able to track the progress of defect resolution and make sure the appropriate person in their organization responds to the issue or issues expeditiously."

About the author

NationalMortgageProfessional.com

Link copied

Published

Jul 21, 2017

Analysis and Data

Mortgage Rates Surpass 7% For First Time This Year

Freddie Mac reported the 30-year fixed-rate mortgage averaged 7.10%.

Freddie Mac today released its Primary Mortgage Market Survey, revealing the 30-year fixed-rate mortgage (FRM) averaged 7.10%, breaching the 7% threshold for the first time this year. “The 30-year fixed-rate mortgage surpassed 7% for the first time this year, jumping from...

Analysis and Data

Existing Home Sales Decline By 4.3% In March

Northeast the only region to see an uptick in sales over prior month, per a new report from the National Association of Realtors

Fewer people bought homes this March than the month before and during March 2023, a new report from the National Association of Realtors (NAR) reveals. Total existing-home sales receded 4.3% from February to a seasonally adjusted annual rate of 4.19 million in March. Year...

May

Salt Lake City, UT

More from

Regulation and Compliance

In Wake Of NAR Settlement, Dual Licensing Carries RESPA, Steering Risks

With the NAR settlement pending approval, lenders hot to hire buyers' agents ought to closely consider all the risks.

Regulation and Compliance

Apr 11, 2024

A California CRA Law Undercuts Itself

Who pays when compliance costs increase? Borrowers.

Regulation and Compliance

Apr 11, 2024

CFPB Weighs Title Insurance Changes

The agency considers a proposal that would prevent home lenders from passing on title insurance costs to home buyers.

Regulation and Compliance

Apr 10, 2024

Fannie Mae Weeds Out "Prohibited or Subjective" Appraisal Language

The overall occurrence rate for these violations has gone down, Fannie Mae reports.

Regulation and Compliance

Apr 10, 2024

Arizona Bans NTRAPS, Following Other States

ALTA on a war path to ban the "predatory practice of filing unfair real estate fee agreements in property records."

Regulation and Compliance

Apr 04, 2024

Kentucky Legislature Passes Bill Banning NTRAPS

The new law prohibits the recording of NTRAPS in property records, creates penalties if NTRAPS are recorded, and provides for the removal of NTRAPS currently in place.

Regulation and Compliance

Apr 03, 2024

Popular