Tech Challenge for Lenders – UMDP Data Standardization to Aid Closing

14 March 2016

The mortgage industry overhauled its processes and technologies with the TILA/RESPA Integrated Disclosure (TRID) Act rolling out. Technology initiatives that created competitiveness between banks soon became the norm. Compliance needed to move north. Now, automation has made paperless mortgage a reality with loan origination software, retail point of sale, customer-direct solutions, and electronic documents providing complete end-to-end support. Regulations are constantly changing and lenders, still in their TRID hangover, need to do more.

What is UMDP?

In the pre-recession era (before 2008), borrower and loan information was sourced and stored by different agencies. Siloed information hindered different players from accessing true data and it was usually shared by email. This resulted in errors and insufficient access to data in the banking system.

Uniform Mortgage Data Program (UMDP) is the last leg to the realization of the electronic mortgage. Just as TRID brought in enhanced data quality in the origination, UMDP will improve data standards in closing disclosures and data interpretation. Government-sponsored enterprises (GSEs) have indicated, come 2017, they will refuse to buy loans that fail to conform to the Uniform Closing Dataset (UCD) standard.

The Federal Housing Finance Agency (FHFA) is directing government-sponsored agencies (GSEs) to create a common approach, protocol, and data set for mortgage data. The common data set, which is understood by all, will improve data accuracy. Definition ambiguities of loans purchasable by GSEs can be avoided. The lenders can capture granular data of a particular standard.

The Uniform Collateral Data Portal (UCDP) will be one electronic portal through which all lenders can submit appraisal data.
The Uniform Appraisal Dataset (UAD)will provide common definitions and requirements of appraisal data.
The Uniform Mortgage Servicing Dataset (UMSD) will define the data set with standardized definitions, formats, and values.
The Uniform Closing Dataset (UCD) will provide standard data for the closing disclosure form.

UMDP may have bestowed the entire industry with mortgage data becoming uniform and accurate, but the upgrades rigmarole still worry lenders. However, GSEs have chosen to be capable of verifying underwriting data and audit data anytime. Customer preference lies with a seamless closing process and the impetus for lenders will be to transition into e-mortgage.

Fannie and Freddie have already announced that they will purchase loans if the appraisals were submitted electronically and met the UAD standard. Technology vendors are already ensuring that their solutions transform appraisal information into data compliant with the Mortgage Industry Standards Maintenance Organization (MISMO).

Manual processes are slowly fading and lenders are going to cloud-based mortgage origination and servicing software. The entire process needs to be seamless to ensure compliance from origination to closing. Today, the challenge for loan origination software is compliance, but tomorrow the focus will be imminently on collaboration. It will be important to have data which can be shared and understood by all. Standardization helps loan originators and customers to access data from diverse sources and interpret them effectively.

Data standardization is the key driver for e-mortgage and paperless origination and closing. UMDP will be the “new normal” and help the industry to standardize their processes for better visibility and faith in the system.

Preethi vagadia is a business architect worked in Mortgage and Finance software department with top notch companies and has over 8 years of experience in Mortgage Lending Technology,Mortgage Technology software, mortgage management software, etc. She has also worked on several process improvement projects involving multi-national teams for global customers in warranty management and mortgage.

Lucia Patterson

Lucia Patterson is the woman behind TheLegalGuides, a blog solely focused on legal guides, tips, and advice. Lucia loves essay writing and blogs at EssayWritingGuides from her college days.

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Guide to Hiring a WordPress Developer

Website development and management are but two of the many aspects related to digital marketing which every business today invests time and resources in. For convenient and efficient content building, WordPress provides an open and free platform for companies to take advantage of. Due to the popularity of WordPress, many website developers specialize in creating content for WordPress. On that note, how do you select a WordPress developer to work with? Freelance vs web development agency: The first factor you need to consider before hiring a web developer is whether to hire an agency or look for a freelancer. These options represent two ends of a spectrum with distinct advantages and drawbacks. A freelancer is typically cheaper and more flexible with time, while a web development agency is perhaps best for large-scale projects. In any case, consider the scope of your project as well as the long-term value of each option. Look for someone local: Freelance web developers work from home and location is not always a significant consideration. Nevertheless, there is an advantage to hiring a WordPress developer who is within your area. For example, Tim’s Solutions developed by Tim Oxendale, who is based in Wolverhampton, not only works remotely but also works extensively with local businesses. The advantage of working with someone local is the greater understanding of the business landscape, which translates to an easier collaboration and better outcome. Reputation and track record: Experience and skills in creating high-quality content are next in your line of priorities when searching for a WordPress developer. Apart from knowledge of the latest techniques, a good WordPress developer is equally knowledgeable about strategies you need to employ to ensure that you are meeting the goals you have set. A website is not a mere tool to expand your company’s online presence. It needs to increase brand recognition and generate leads that will translate to revenue. A WordPress developer can work beyond creation and management, and could also help provide you with vital insights on website performance and analytics. Responsive to updates and communicates promptly: One of the marks of an excellent web developer is responsiveness. This is especially true if you are working with a freelance developer. Apart from being able to adjust to schedule requirements, a reputable freelance WordPress developer responds to your queries promptly. The right developer does not shy away from feedback and criticism but instead welcomes your input on how to improve the results. Expert knowledge and use of open-source software: The quality of your website depends on how well the developer harnesses WordPress features and uses them to your advantage. An excellent WordPress website uses tools such as SEO and programming language like Python to increase its effectiveness. The site does not only need to look good, but it also has to be fast, user-friendly, and content-rich. By choosing a developer who understands your needs, you can fully take advantage of the free features of WordPress in realizing a website that reflects your brand’s values and objectives. Read Also: Why Is WordPress Hosting Ideal For WooCommerce Websites?

Industrial Automation Software Development

Automation is the technology, which helps in production units and returns through strict control over the operations. Where the industrial automation moves from the traditional concept of equipment by introducing the logic into the operations of equipment using high complex programming software. gb.wiautomation.com is the best platform for industrial automation components with the best deal. Industrial automation is the use of a control system like robots, computers and information technologies for handling types of machinery. In other words, Industrial automation in the field of manufacturing is used for intelligent machines in the factories so that manufacturing processes can be carried out without human intervention. It can be achieved by different means such as electronic, electrical, mechanical, and pneumatic and many more. From the last few years, many software engineering and automation companies have developed many software applications for industrial fields. There are many different types of manufacture and software packages available which helps to improve their manufacturing operations. They also provide different opportunities to increase the productivity and effectiveness of the operations. Nowadays, the scope of industrial information technology has become the most popular because the companies are demanding and want to enhance the capabilities in terms of responsiveness, expandability, flexibility, interoperability, and scalability. Types of Industrial automation system: There are three types of automation systems present. Fixed Automation: It is also called Hard Automation which refers to an automation production facility in which all the sequences of processing operations are fixed with the help of equipment configuration. These types of automation are used in discrete mass production such as distillation processes, paint shops, conveyors and transfer lines. Programmable automation: It is another form of automation, which is used for producing products in batches. In this process, the products are available in the batch quantities ranging from several dozen. This programmable automation system mainly used in the low type of job variety and medium to a high volume of the product set. This may also be used in paper mills and steel rolling mills. Flexible Automation: The flexible automation is an extension of programmable automation. This automation system is used in a computer-controlled flexible manufacturing system. These systems have the ability for a robot or system so that it can be easily and quickly re-tasked to change the product design. Applications of Industrial automation software: The latest applications of industrial automation software development are listed below. Communication and Network Sharing. Power Management. Monitoring the process of parameters. Search, presentation, processing, and acquisition of industrial parameters. Quality testing Quality analysis. Security & Safety management. Condition monitoring for the large size of machines. Equipment of management and monitoring. Advantages of Industrial Automation Software: Industrial Automation Software becomes the most popular and it is most important in the automation industry. Automation in the industrial workplace offers many advantages such as improves productivity, quality with the help of reducing errors and bugs. Some advantages of Industrial Automation Software are as follows. Provides High Productivity: Industrial automation helps the companies by just allowing the manufacturing plant for twenty-four hours and seven days a week. It provides high productivity to the companies. Provides High Flexibility: With the help of industrial automation, you can make your manufacturing process more flexible because to add any task in the assembly line must need proper training of human operators, but industrial automation provides robots so that any program can do any task and easily add in an assembly line. Provides High Information Accuracy: Industrial automation software provides you high quality of information with the accuracy of data. Provides High Safety and Quality: When you go with industrial automation software development then you do not need to worry about its quality and safety, because it provides the high quality of software for your business or company. Cost reduction: Industrial automation software is one of the best approaches, which helps the cost containment and reduction. The best opportunity is that this system helps to increase the service for the end-user while systematically reducing the costs. Future of Industrial Automation: The future of industrial automation is very bright because the robots of industrial automation can handle multiple functions at the same time. They will have the capability of self-diagnostic and predictive maintenance capabilities. Read Also: Who Are The Best Software Vendors Out There? Top 10 Features To Have In Marketing Automation Platforms 5 Things To Take Into Account To Hire Custom Software Development Services The Rapid Growth In The Global Industrial Automation Market And Its Career Opportunities

How To Design Your Custom Banner That Works

Whether you want to attract new customers or promote an event, a custom banner can be a powerful way to drive your message. But how do you design one that works? The first step is to consider your marketing goal. Once you know what you're trying to achieve, all of your other decisions will fall into place. Here Are Four Prime Steps To Design Your Custom Banner: 1. Colors When designing a custom banner, you want to be sure to choose colors that will help grab your audience's attention. The wrong colors can make your banner look dull, while too many can take away from your message. When it comes to choosing the right colors for your banner, the best approach is to use bright hues that stand out against a neutral background. These can be anything from radiant yellow to fiery red. A contrasting color like this makes your sign more eye-catching and helps potential customers identify it from a distance. It also helps create a visual hierarchy to help your audience better understand what you're advertising. For example, a fast food chain might use a combination of yellow and red for advertising its products because it's easy for people to recognize and remember. It's also a great contrast to the black background of their logo. You should also consider the type of font you'll be using for your custom banner printing. If your banner is intended for a small business, for example, it might be best to stick with plain text that's easy to read from a distance. If your banner is intended for an event, a more detailed font might be a good choice. However, if you're designing a one-time-use banner, it's best to avoid putting too much information on it. This is because people don't have time to read a lot of information at once, so it's important to keep it brief. Generally, you'll want to have a big font for your primary message and smaller text for any additional information, such as a description of an event or a contact number. The next thing you should keep in mind when choosing colors for your custom banner is how far the colors will be from each other. The farther the colors are from each other, the more likely they'll be to confuse people or distract from your main message. For this reason, it's important to choose a background color that compliments your business theme and a font that's easy to read. A quality online banner printing company can provide you with advice and recommendations for the perfect colors and designs for your business. 2. Typefaces Custom banners are one of the most effective advertising mediums for reaching new customers. But it’s important to design them right. This means choosing the best typefaces and keeping them simple enough to be read quickly by people driving by or walking by your store. The most important thing to remember when designing your custom banner is to choose a font that’s easy to read. There are many different font types to choose from, and selecting the right one can make or break your design. There are five main types of typefaces: Serif, Sans-Serif, Script, Condensed, and Italic. Each has a unique personality and can be used for different purposes. Serif typefaces typically feature slight decorative strokes at the ends of letters, which give them a traditional appearance. They’re popular for brands and products that want to create a sophisticated, classy, and trustworthy image. Another important consideration is the typeface’s weight. Font weights range from thin (also called hairline or light) to black, with a lot of different options in between. Using too thick or too thin fonts can make it difficult for people to read your message, and can even confuse them. Using too light or too dark can also have the same effect, so it’s crucial to know which option is most suitable for your needs. The best fonts for a custom banner are those that are easily readable in all sizes. For example, Verdana is a widely used typeface that’s easy to read on smaller devices. Sans-Serif typefaces are generally preferred for large banner signs that will be seen outdoors. These fonts are usually bold, but they can also come in regular and italic styles. They’re often used for titles and call-to-actions, but they can be a bit on the thin side when it comes to body text. If you’re planning on adding a lot of copy to your custom banner, it may be best to use a font like Quattrocento Sans. If you’re looking for a banner that mimics the look of typewriter letters, Veteran Typewriter is a good choice. This font is easy to read and emulates the typewriter letters that are commonly found in magazines. 3. Backgrounds If you want to make sure your banner is eye-catching, the background is a key component. You can choose from a range of options, including illustrations, color overlays, and custom backgrounds. When choosing a background, keep in mind that the size of the image will affect how it looks when printed on your banner. The best type to use is a vector file since these files can be scaled without losing image quality. It's also a good idea to save your design as a flattened file in Photoshop or Illustrator before sending it to a printing company. Another important consideration is glare. If the background of your banner is too bright or dark, it can cause your logos to appear distorted. You can avoid this by using an off-white color for your background, which will absorb light and minimize glare. It's also a good idea to choose a background that complements the main text and logos on your banner. This will ensure that your brand's colors stand out from the rest of the background, and your logos will pop. A background can also help convey a specific message, such as a call to action. For instance, if your business is based at an unremarkable location, a colorful banner could help you draw attention to your building and services. The right banner will communicate your message quickly and clearly. Whether you're promoting a new event or announcing a product launch, it's important to make your banner easy to read from a distance. This means avoiding fonts that are too chunky and contrasting colors and sizes. To design your custom banner, start by selecting a template from Canva's collection. Once you've done this, you can add images and other elements to your design. Before you start adding your elements, take some time to think about your message and what action you want people to take after they see your banner. This will guide the rest of your design and ensure that your message is clear and impactful. You can use Canva's free templates to get started on your design, or you can create a more professional look with a paid account. The site has thousands of images, so you'll be able to find the perfect one for your banner. You can even search for specific graphics if you'd like to incorporate a specific piece of artwork into your design. 4. Images If you're designing a custom banner for your business, it's important to use images that will grab the attention of viewers. The right images will help your message get across, entice people to visit your site and encourage them to take action. When designing a banner, you can either use a pre-made template or create your own from scratch. There are several factors that go into designing a banner, including color, text size and placement, and image quality. One of the best ways to make your banner stand out is to use contrasting colors. For example, a white background with red or yellow text will draw the eye. This will also make your message pop out in a crowd of competitors' ads. You can also add photos to your banner from the Web by using an online image editor. Kapwing, for example, is a collaborative image and video editing platform that allows you to use copyright-free content from huge image libraries like Unsplash and Pexels. Once you've selected the photo you want to use for your custom banner, resize it to fit your dimensions. You can do this by using the "Resize" button on the toolbar or by manually inputting the appropriate picture sizes. After you've resized the image, it's time to decide on a background color. You can choose a color that fits your brand's colors or another neutral shade that complements your design. You can change the color of your background in several places, including the Banner Styling menu and in your template's guide. When deciding on a background color, be sure to consider the opacity of your banner's text and graphics. A light background will make your text and graphics harder to read and will be less noticeable, while a dark background can help the elements of your banner stand out from the rest of the page. Once you've finished selecting your background color, it's time to add text to your banner. You can add text with the Text tool (the big letter "T" in the toolbar), or by clicking on the banner to access its text editing bar. This way, you can add any text to your custom banner and modify its size, fonts, and colors. Read Also: How To Make Sure You Get The Best Service From Your IT Supplier 5 Content Ideas to Use with Instagram Influencers 5 Benefits of Digitalization in Marketing

Tech Challenge for Lenders – UMDP Data Standardization to Aid Closing

What is UMDP?

Questions To Ask When Working With A Web Developer

4 WordPress Plugins to Make Your Blog More Powerful

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Lucia Patterson

Lucia Patterson is the woman behind TheLegalGuides, a blog solely focused on legal guides, tips, and advice. Lucia loves essay writing and blogs at EssayWritingGuides from her college days.

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Tech Challenge for Lenders – UMDP Data Standardization to Aid Closing

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Lucia Patterson is the woman behind TheLegalGuides, a blog solely focused on legal guides, tips, and advice. Lucia loves essay writing and blogs at EssayWritingGuides from her college days.

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