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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How to Create an Effective FAQ Page for Your Website

The FAQ is an important component of your website as long as you create it appropriately. This section can assist you to solve customer problems, build relationships and trust with clients, establish yourself as an expert, add the required SEO juice, alleviate purchase anxiety to assist clients on their journey of purchase, gather important customer insights, and provide extra sales opportunities. However, most people still have a problem creating an FAQ page that can assist them to realize the above benefits. You need to create a page that will act as a silent salesperson in driving traffic to your site and also contribute to your bottom line. Let’s discuss some of these tips; Do Away with the Traditional FAQ Page : From the SEO point of view, the traditional approach of creating a FAQ page is ineffective. Traditional companies provide a list of five to fifteen questions on a single page and include an answer that is two to three sentences below each question. In most cases, these answers are very poor. There are several reasons why using this approach is not the best. Modern-day consumers like accessing a lot of content. Therefore, short answers may not address their needs satisfactorily. Search engines also like thematic pages i.e. the ones that have one theme or keyword. Google will find it easy to determine what the page is all about. Traditional FAQ pages have several themes and this is quite confusing. The Questions That Customers Are Asking : You need to understand the pertinent questions that your target audience asks. They should be actual concerns or questions from your clients. You can begin by scrolling through the emails that your customers send in the last few months. You need to employ a high level of utility, relevance, and opportunities in order to transform the specific question into a path that leads to further conversation and engagement. Put all Your questions on a Single page : List all your FAQs on one page. As earlier said, the same case applies to traditional companies but it is good practice. Create Categories for Every Navigation : In case your list has more than 15 questions, it's good to break the questions into different categories. Visitors will find it very easy to navigate through your page. You can also include a search box for further improving the navigation especially if you are dealing with several questions and categories. At this point, Magento 2 FAQ Extension comes in handy. Hard Link to Your Individual Pages : There is no need to individually answer all questions on the FAQ page. You can insert a link to a different page. Providing hyperlinks to answer on a different page will ensure that the theme is friendlier to the search engines. Consumers can also find their way to your website when searching for industry-related information and not just what is specific to your brand. Link to Your Blog Posts : You should also consider hard linking from the questions to the blog posts that answer the specific questions. As your target audience read the blog post, you can encourage some kind of action like signing for your newsletter or allowing them to click on internal links. This will, in turn, guide your audience on the purchase journey. Include the Call-to-Action : Including the call-to-action will turn your page into a resourceful sales tool. Customers can sign-up and receive an e-book that will answer all their questions. It's good to encourage potential customers to take some kind of action. Use A Conversational Tone : You need to answer all the questions in a personal manner. Use the conversational style to answer each question especially if you are linking the individual pages. Clients need to understand that they are interacting with a fellow human being. This will assist you to establish a relationship. Don’t use a lot of technical jargon that clients will find it hard to understand. Lastly, make sure you use a clean layout including the categories. You can have the shipping, payments, exchange, and ordering categories depending on the product or service you are dealing with. Look for practical ways of making your brand out of the competition. You can also learn from the other FAQs that have an outstanding performance. You will discover that most of these sites mimic what we have discussed here and the only difference is the design. Read Also : How To Monitor The SEO Health Of Your Website Online Gaming Websites That Make Money 8 Key SEO Strategies For E-Commerce Websites

Experts Recommend: Top Interior Design Trends for 2017

Unquestionably, 2016 has been a prominent year in various spheres; starting from refreshing fashion couture to unimaginable makeup trends all the way to advanced technology fields and business opportunities. It’s certainly not surprising to witness a complete revelation in terms of interior design. This year, globally recognized designers have made it their goal to create distinctive design concepts which will give the modern home a more expressive appeal. Customized interiors, exhilarating tones, and lavishness of decorations are just the beginning of this journey, so buckle your seat belts as we’re taking you on a tour of the top interior design trends for the following year. Minimalism with a Twist While 2015 was a year of utter minimalism characterized by sterile environments and impersonal spaces, this year minimalism is getting a new form. The accent is not on decluttering the space and creating a bland surrounding, but on designing functional, multi-practical areas. There will be no place for useless decorations that just gather dust, but only for fully functional objects which serve a purpose. The goal is to create a space that will comply with the busy modern lifestyle and give people a home that’ll work in their favor, alleviating any processes that need to be done. Colours of Serenity Another refreshing feature we’ll welcome into our homes is the astonishing use of color in the space and a clever combination of contrasting hues. With the rapid lifestyle of the modern age, people have been in dire need of a tranquil ambiance, a sanctuary that’ll provide a sense of calmness. Pantone has decided to take the game to the next level by announcing not one, but two colors of the year: rose quartz and powder blue serenity. When combined, the two contrasting shades offer a truly mesmerizing sensation of peacefulness and composure, while their disparity gives the space a remarkable appeal. Read also: How to Bring Summer into Your Space Warm Metals The use of materials is getting a new dimension in 2017 as we’ll be seeing a lot of seemingly contradicting and repairable mixtures of different material types. Warm metals such as brass, copper, and gold in combination with glass, raw wood, and natural stone have the ability to give a sensation of rough luxury while implementing iron, stainless steel and marble details will give your home a touch of glamor and a superb sophisticated allure. Sustainable Households Over the course of years, the importance of eco-friendly practices and sustainable spaces has become quite prominent. Many people have embraced the greener lifestyle by relying on different systems and methods of interior design which conform to these environmental beliefs. The presence of plants and lush vegetation is only the beginning of a sustainable residence, as there’s also an accent on the use of natural sunlight and skylight installations, the use of green appliances and creating indoor gardens. Everything is designed following the basic principles of green architecture, whose sole goal is creating sustainable homes that’ll benefit both people and the environment. Refreshing Decorations In terms of decorations, this year is all about cultural diversification and practical use. The use of decorations is going to be focused on functionality such as bedside tables or lamps which have the ability to wirelessly charge all electronic devices. A clash of cultures is also quite prominent in 2017, as indigenous nations are going to provide inspiration for ornamental features such as Scandinavian flatweaves, African-inspired decorative concrete or the use of decorative materials sisal and jute, native to India. These aspiring ideas in interior design are going to mark the year 2016 with its distinctive features, refreshing designs, and remarkable concepts. The trends are always following the advancing lifestyle of humanity in order to create a convenient, pleasant and most importantly – a functional sanctuary that’ll provide its residents with everything they require. Read More: 5 Good Luck Plants That Deserves A Place In Your Home Best 5 Designer Secrets To Make The Most Of Small Spaces How To Make Your Home Look Like A Splendid Hotel? 6 Expert Tips For Finding The Right Home To Buy

Why Prototype Design Is A Way To Make Your UX Design Perfect

You are now ready to launch a new product to the market- where do you begin? You must consider many factors before letting your customers try out your product. One of the crucial processes is known as prototyping. UX designers develop a model that will test its usability and evaluate its functionality – a functional app prototype. Many UX services offer are ready to help business owners and organizations develop prototypes. You need a professional UX team to work seamlessly, identify the product's gaps, and enhance user experience. As for app design costs, you can read more in Eleken’s article. If you want to launch any successful product, you need to employ the best UI and UX designers for the job. When it comes to interacting and engaging with tech products, user experience and interaction is a top pre-requisite. By working with the professional UX design agencies in San Francisco, you will be able to create better, more efficient, and productive products that are loved by your customers whether you operate in the B2B or the B2C niche. Besides enhancing product quality, prototyping mitigates the risks involved in web development. Therefore, creating a prototype is a crucial step in product development. It is a process that brings the design concepts to life. This article examines the importance of prototypes to show why you need to create one for your web product. What Is a Prototype? During web development, the UX team creates a model of the product. This mockup replicating user interaction is known as a prototype. It is a design phase that shows how the product will function from the entry point to the various sections. This layout helps the client to understand the design direction and the overall approach. The primary purpose of creating this mockup is to gather feedback and improve on the design flaws. However, the reasons might vary for many designers, depending on the project goals and business needs. You can use different design programs to create the mockups, such as Adobe XD, Sketch, Figma, and Webflow, among many others. But how do you know how to rate the quality of a prototype? An effective prototype has an appealing representation, accurate details, and interactive features. It is important to note that prototypes are not final; it undergoes continuous improvements depending on the user feedback. Why Prototyping is Important Since you now know what a prototype entails, let us explore why it is an essential process in user experience design. 1. Better Outreach to Clients The web development industry is quite competitive since many companies and large organizations want different web products. Thus, you can use a prototype to convince clients that your development team is up to the task and can deliver impressive products. Talk is cheap, and most clients will go for an agency with a realistic mockup of what they want. Your web design firm has a higher chance of landing a client if you develop a detailed prototype. This will show your commitment level and preparedness to accomplish the project. Besides, it is a fun process that brings out your creative side compared to written documentation. Therefore, develop a flawless prototype and land that huge product development contract to gain a competitive edge. 2. Accurate Feedback Developing a prototype is important since it saves you a lot of frustration in changing a product. Sometimes a client might come with different expectations after you have completed the development phase. These changes will consume time and resources that you could have avoided if you had a detailed mockup. Thus, it is advisable to have a prototype that displays the final product. It will help you gather accurate feedback and additional requirements from your client. They will have a better understanding of the final product. 3. Enhanced Design Process Creativity does not happen once; you have to change the first design until it suits your product objectives. Developing a prototype ensures you achieve the desired results. Prototyping does not need much time and money; thus, you can change it many times until you are satisfied. This iterative process will help you improve the model and create stellar products. 4. Better Project Planning Most design teams often focus on short-term goals to complete the tasks. This approach might be detrimental to the entire project because they do not plan it accurately from the beginning to the end. But developing a prototype solves this problem. You can plan your projects better since you have a precise idea of what you want and can accurately calculate the resources required for completion. 5. Client Satisfaction The product development process is transparent; the customer gives the product requirements, and the team does the work. After completion, the client checks the work and makes corrections or closes the project if they're satisfied. However, this model does not involve the client 100%, and there will be many communication gaps. Prototypes work much better as they encourage client interaction and allow room for communication. You can follow the progress and give intermediate feedback to avoid costly errors and revisions afterward. 6. Less Frequent Modifications Completing projects without prototyping might seem fast. Still, making any changes to an already finished product is expensive and frustrating, especially with a team of freelancers. It usually has negative consequences. Therefore, take time to create a mockup and engage the client for feedback before proceeding to the development phase. You can easily alter a prototype compared to a finished product. Thus, avoid these modifications by presenting a detailed prototype and confirming every essential aspect of dev work before it gets done. 7. Better Work Morale Many people love to procrastinate when a project arises. The team might postpone starting projects even at design agencies, especially if they don't understand the product and client's needs. But with a prototype in place, the team will be motivated to start the design process right away, as they have a set of workable tasks and milestones. 8. Stellar Final Product When the client gets a prototype, they provide feedback on improvements. This is an effective approach to making the web product better with every iteration. With ongoing changes and revisions of the product design, the team and the client better grasp the progress. They can continually revisit the initial specifications and make adjustments to stay on track with the original business idea. Even large-scale changes surfacing underway can be implemented quicker and cheaper at the prototyping stage compared to the final product's revision. Final Word The design phase is not complete without a prototype. Develop accurate prototypes if you want to create a top-tier product with an exceptional user experience. Thus, prototyping is a win-win situation, as your client will know what to expect from the final product, and the team will simplify the development process. Read Also: Guide to Hiring a WordPress Developer 7 Advantages of Using Website Design Templates Bootstrap Templates and Allied Tools to Make Your Web Presence Easy and Instant

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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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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