From loan origination to loan payoff, there are multiple paths that a loan can take throughout its lifecycle. The best performing loans will follow a clear, straight path with no hiccups along the way. All payments are made on time. This path is the easy street for loans, and the servicers servicing them.
Lenders prefer that foreclosure be the last resort when it comes to recovering the remaining balance of a home loan. Many offer forbearance plans as an alternative to foreclosure to help keep borrowers in their homes. These forbearance plans provide servicers a temporary solution to keep borrowers out of foreclosure when they are experiencing a short-term financial hardship.
Your organization is in the midst of a digital transformation and new technology is on the horizon. You have survived through the research, vendor evaluations, requirements gathering, and development. Now it’s time to embark on the implementation phase of your organization’s journey to improve operational efficiency.
A carpenter’s workshop is their toolbox. Within it, there are power drills which make it easier than a screwdriver to drill a screw into hardwood. There is a nail gun which drives a nail into a piece of wood in one shot versus swinging a hammer multiple times. They may even have a bandsaw which helps them make more precise cuts than a hand saw. The tools within a carpenter’s toolbox enable them to build things quickly, precisely, and more efficiently.
Last month, the United States Department of Agriculture (USDA) Rural Housing rolled out extensive amendments to its Technical Handbook for the Single Family Housing Guaranteed Loan Program (HB-1-3555). These updates were particularly concentrated in Chapter 18, Servicing Non-Performing Loans - Accounts with Repayment Problems, which serves as the primary guidance for USDA default servicing.
Summer is here! For many, this indicates the start of family vacations, time at the beach or pool, and barbeques with friends. For those that live along the Atlantic and Gulf coast, summer also marks the beginning of hurricane season.
Superman could leap tall buildings in a single bound. Spiderman was alerted to danger approaching with his spidey-sense. Bad guy on the run? Better hope Wonder Woman wasn’t part of the chase because she would catch you with her super speed.
Buyer’s remorse. It’s never a fun feeling to experience after you make a large purchase. Are you looking to improve operational efficiencies within your organization but you aren’t sure that automated workflow will live up to your expectations?
When you hear the word automation, what is the first thing that comes to mind? Is it a vehicle assembly plant or maybe an order fulfillment warehouse? When most people hear the word it invokes thoughts of robots or machines doing the work once done by humans.
Have you been shopping for a new car lately? The technology in cars has come a long way. Today, there are all kinds of cool gadgets and gizmos available that make it hard to determine what options to choose without breaking the bank.
Workflow automation is like new car technology. When you start to automate the manual aspects of your business, the opportunities are endless. There’s so many bells and whistles that you begin to question where to start. Here are 5 areas to look at when you set off down the road of automation.
New technology is fun and exciting! Making the transition from manual to automated processes can be an energizing endeavor for any organization. The opportunities available are endless, which can also make the move a bit intimidating. It doesn’t have to be! It’s all in the planning.
Adopting process automation technology is more than just plug and play. It eliminates costly, time consuming tasks so careful thought and planning needs to go into your approach and implementation to achieve the best results. Rome wasn’t built in a day and neither will your automation be. Here are 4 phases of planning to help ease your transition from manual to automated processes.
We love automated workflow! Although, we may be a little biased. It’s been our business for over a decade. We are firm believers that technology is meant to work for you. If it isn’t, then what good is it really? If you are still looking for a few good reasons why you should embrace automation, here are 10 we hope will win you over.
Have you been guaranteed a solution for your workflow needs only to find broken promises, experiencing prolonged releases of features that you thought were there and now have the inability to accomplish your organizational goals?
According to the Harvard Business Review, delegating work throughout your organization sounds like it would be a straightforward task, but it’s actually pretty complicated—and we agree. Managers spend so much time manually distributing work assignments based on a multitude of factors, while trying to stay fair and ensure optimal productivity.
Do you know the average number of decisions a person makes a day? 35,000! That’s the number reported by various internet sources. It’s a bit overwhelming, but when you think about the number of decisions you made before you left for work this morning it’s definitely possible. It certainly makes it easier to understand why we are all so tired at the end of the day. Our brains are working overtime!
It’s no secret that digital technologies are shaping the future of the healthcare space. It’s happening now. But what does that mean? It means we should all embrace it and educate ourselves.
You’ve done the research, vetted the vendors, and found the perfect workflow automation solution that will transform your existing business processes into a centralized automated structure of operational efficiency. Why haven’t you signed the contract and started implementation?
The key to a successful transfer of mortgage servicing rights (MSR) is a smooth transition of the portfolio from one servicer to another. It’s a big feat, but not an impossible task. Automated workflow is an important tool to help decrease the risk, for both the customer and the servicer, of costly missed steps in the transfer process.
Automation is not a new concept. Technology has been automating manual processes in our generation for decades. The washing machine replaced the washboard, revolutionizing how we do our laundry. Online banking made it possible to access our accounts and pay bills anytime day or night.
As CEOs, we are accountable for the success or failure of our organizations. It’s a challenge that we chose to take on and don’t take lightly. Our heads are continually filled with questions about our latest margins, new technologies or cyber threat risks we need to look at, if we're running our business efficiently, and are we meeting the expectations of our customers? Unfortunately, those questions don’t stop when our heads hit the pillow.
Efficiency is the measure of how well an action or group of actions are performed with the optimal amount of resources. How does your organization currently measure up? Have you noticed longer cycle times, bottlenecks, or gaps within your processes across your organization? Have you discovered gaps that have exposed you to risk and loss of revenue?
We encounter obstacles each day, whether it’s the slow car driving in the fast lane or the person in front of you at the grocery checkout with 30 items in the express lane—obstacles are everywhere. How to implement automated workflow within your organization shouldn’t be one of them.
Accountants have a countdown to Tax Day. Schools have a countdown to summer. Retailers have a countdown to Christmas. The mortgage industry has an important countdown of its own that’s rapidly approaching. Will you be ready to start evaluating borrowers for the Flex Modification program on October 1st?
Let’s face it, change is inevitable. Sometimes it happens a little faster than we would like. However, organizations must change too or… let’s not think about that. It’s a challenge for development teams to keep pace with change and growing expectations from the business.
Organizational nirvana: that feeling you get when you open the door to that one closet in your home. It’s okay—go ahead and laugh. We all have one. The door opens and this time, instead of dodging falling items, you can see what’s there and actually find what you are looking for without fear of bodily harm.