Tech Challenge for Lenders – UMDP Data Standardization to Aid Closing

Published on: 14 March 2016 Last Updated on: 29 May 2021

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.

Abdul Aziz Mondol

Abdul Aziz Mondol is a professional blogger who is having a colossal interest in writing blogs and other jones of calligraphies. In terms of his professional commitments, he loves to share content related to business, finance, technology, and the gaming niche.

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Functionality – an important aspect of good web design: Sydney digital marketing services for your growth

The success or failure of any website is determined by its usability, functionality, and visual design. Keeping webpage visitors engaged and stimulating them to interact is a leading task for designers and web developers. If the visual components are balanced and exist in harmony, it inspires confidence. Also, with great and user-friendly web design, Sydney business owners can easily gain the following goals: win loyalty and establish clear communication with the target audience; become the leader in the industry; inform and inspire potential buyers; increase profitability; work with negative reviews, improving your promotion and advertising strategy; enter new markets. But the task of developing a highly-effective web resource doesn’t seem to be a straightforward one. Here are some valuable tips on building not just a web page that represents your business, but an indispensable tool to increase sales, overcome Australian competition, and grow your brand. Top web design features Internet users value: 1. The first impression matters Everything begins when a user enters your website. Thus, determining how users will interact with site content is just as important as taking care of the visual appeal of your pages. It’s all about a competent arrangement of colors, fonts, and elements on a page without unnecessary and distracting attention details. The key principle is to deliver only the needed information to the viewer. With the right visuals, you promote interactivity. With professionally written content, you will be able to highlight the features of your product or service. And by placing high-quality images, animations, infographics, and photos, you will fuel your overall marketing efforts. But remember, excessive visuals can harm your strategy, so apply graphics wisely. 2. Simple navigation enhances SEO From a user point of view, the navigation of the site should be intuitive. Then visitors can easily find exactly what they need, and search engines can index your pages without obstacles. After all, a disoriented visitor will simply go to your business opponents. Usability significantly affects a site's ability to rank higher in search results. If functionality and convenience won't be ignored, visitors will have a good impression of the brand. Also, the ranking algorithms will definitely take into account these two crucial for SEO aspects. 3. Build trust through the color scheme Pick colors that evoke the desired emotions in your visitors. For example, blue is associated with trustworthiness and professionalism, while red causes enthusiasm and joy. Beautiful and aesthetic pleasing web design with bold colors catch the minds and motivate for making instant purchases while weaker colors create contrast and strengthen the perception of the material. 4. Web design approach with mobile-first in mind. If you want your site to be a stable source of organic traffic, invest in content optimization. Unresponsive websites won’t be able to hold mobile users until they will be ready to buy. Losing traffic due to poor mobile-friendliness leads to a decrease in sales. Prioritize the mobile-first factor and you will reach the top. 5. Slow loading speed alienates While slow sites kill conversions and your online reputation, faster sites obtain more clients, handling harsh competition environment. Seeking solutions to boost site functionality and retain more customers, you should rely only on proficient web design Australian services offered by web agencies like Shtudio. Delivering powerful web creations through digital innovative tools, you will get impressive online marketing solutions, and more than just a website. Read Also: Questions To Ask When Working With A Web Developer 6 Things To Know Before Choosing Web Hosting For Your Website

Simple Packaging: Your Guide to Branded Design

Packaging. Such a common, everyday word. It has become embedded in the lives of consumers that, unfortunately, many businesses have forgotten just how important and valuable it is. The thing is, even that seemingly simple packaging holds immense power. It can either make a buyer spend money or make them put it back on the shelf and pick up another similar item. After all, consumers, for the most part, see only the packaging when they purchase items directly from a store. Just think about it, packaging covers about 100% of most products you see in stores. There's also the fact that what covers a product - and what's on it - makes up about a third of most purchasing decisions. If you’re having trouble thinking up methods on how to design packaging and custom boxes, worry not, as we’re here to help. In this post, we’ll give you some of the best packaging design tips. It All Starts with Understanding How Packaging Works : First, let's talk about what packaging is and how essential it is to branding. Why it has grown to become a $9-billion industry. At its core, the packaging is the method and the materials used to contain, cover, safeguard, and transport items. The methods can vary from cleaning to preserving. Materials differ too, with the most common being cardboard, paper, plastic, metal, glass, and metal. The thing is, packaging has many more roles than just giving products a pretty face. Indeed, it's a powerful tool to attract the attention of buyers. It's crucial in branding awareness and recall. More than that though, it's vital in helping reduce product waste. For instance, research has shown its great importance in keeping food and beverages edible. In other industries, its ability to protect items significantly reduce potential damages, which then lessens the need to throw them out for replacement products. In the food industry, effective packaging for food products can be made with sustainable materials. In fact, a recent study noted that socially-responsible packaging now plays an important role in buying decisions. More than half (52%) of the study's participants noted they spent money on a product/service from companies using eco-friendlier packaging methods. Also, take note that packaging also has a lot to do with product safety. This is especially true for products that are for human consumption, including food, beverages, and medication (including vitamins and supplements). You want your customers to safely reap the most out of their purchase, and at the same time, remain in compliance with packaging laws and regulations. Simple Packaging and the Immense Branding Power It Boasts Of : You want to make sure your product, as soon as it's ready, goes on display right away. But you can't really say it's ready, not unless you've also made certain that its packaging is 100% ready to go. Whether you go for a box, bag, wrapped, taped, or glued packaging elements, every element of your packaging should incorporate what's mentioned above. You also need to ensure that it possesses all the right components for effective branding. Consider this: The average grocery stores now sell 40,000 more products than they did two decades ago. In a place where your products compete with many of these said items, how you package your brand's offers can make or break the deal. Again, it can either make consumers want to put it in their shopping carts and pay for it or put it back on the shelf and buy a competitor's product instead. Essentially, product packaging is your primary selling tool. After all, it's the most tangible method to represent your product and brand to your target market. Keep in mind that you only have seven seconds to leave a positive impression on consumers, so you need to make them see instantly why they'd want to spend money on your offers. All these said you need your product packaging to have eye-catching features. But it also needs to retain functionality and should be economical. And for eco-friendly consumers, sustainable materials. The Right Elements that Go into Successful Packaging : Just as how you'd carefully review all the elements of your social media marketing campaign on Facebook, the same goes true for inspecting all your product packaging elements. Again, how you package items can instill better brand awareness and recall. For it to help your brand achieve success, it needs to boast of the right elements. What elements are these? Brand logo, color, shape, and typography are the most essential. Brand Logo : The position itself of your brand on your packaging can also make or break a buyer's decisions. Therefore, you want to implement the best positioning strategy for your brand logo for consumers to notice it right away. Also, keep in mind that logo placement affects brand recall. Color : Color affects - either in a positive or negative manner - consumer buying decisions. For instance, studies reveal that 85% of consumers buy products because of its color. They also cite that color can raise brand awareness up to a whopping 80%! Of course, you still need to base the colors you choose on your products/services. For example, if you want to stir emotions of urgency and leave an "energetic vibe," you'd want to consider using red as a primary color. Just check this service and see how your mind and body reacts to it. Shape : Even the shape of your product packaging can already say a lot about the product it contains! You should then use this as another tool to better market your brand's offers. For instance, angular shapes speak to men, while curved shapes are more ideal for female-centered products. Packaging for Ease of Use and Better Branding : These aren't the only reasons you need to be more aware of the great power behind the packaging. Even simple packaging can elicit an "Ooh" from potential buyers rather than just a regular "Ahh." So, as early as now, especially before launching new products to the market, make sure your packaging has all the vital elements for better branding. And for more business tips and tricks that'll help you better shape your brand, make sure you check our blog. Read Also : 5 Ways To Reduce The Packaging Cost In Your Business Make Sure Your Product Hits The Market As Soon As Possible

How Have Python Made Machine Learning Convenient?

In the world of software development, Machine Learning also known as ML and Python are the two most popular terms that are in the current craze. Python is a high-level software programming language that has become the underlying base of many famous applications like Nextdoor, Instagram, etc. Machine Learning is a very important part of Artificial Intelligence (AI). Both of them target towards improving the many aspects of computer applications in their own different ways. Python is a programming language that is extremely easy to understand because of its simple syntax structure. As a result, developing the applications becomes a quite easy and simple yet strong framework. Machine Learning, on the other hand, helps an application to self-improvement without any prior programming. Integration of Python with Machine Learning has offered a number of benefits to the candidates because of which, candidates are able to work in this field more conveniently and efficiently. In order to understand how Python has made things convenient for the individuals, it is important to understand the various facilities of machine learning with Python. How Have Python Made Machine Learning Convenient? Ease of Understanding: As discussed above Python is one of the simplest forms of programming applications. Since, Machine Learning consists of complex algorithms, having one easy language to form the structure increases the code readability and decreases its maintenance. Vast Libraries: The huge volume of libraries that are available in Python for Machine Learning’s disposal is simply amazing. Some of the famous libraries are Numpy and SciPy for respectively for scientific computation and advanced ones. Data Analysis and Mining heavily rely on SciKit- learn. One framework named PyTorch is specially developed for Machine Learning. Other popular frameworks include Apache Spark, CNTK, TensorFlow, etc. Better quality output: Python is easy to understand and develop leaves the developers with plenty of time to increase the quality of Machine Learning application. The trial and error time on the complex algorithms is much less thereby providing plenty of space for improvement. The result of such an effort is usually very satisfying providing the end user with a pleasant experience. Extensive Support: The community of Python and Machine Learning Developers is ever increasing. In case, one stumbles in any area for their development, there is a horde of solutions available that are provided by the members of this huge community. Help is just a click away for any issues that one encounters during the course of development Flexibility: The flexibility the Python provides in developing frameworks for Machine Language is just amazing. The numerous approaches that can be used in development are lucrative for the designers and the developers. Linking data is altogether quite different becomes very easy for Python based Machine Learning frameworks. Name and Fame: The popularity of Machine Learning with Python base is on high demand. As a result, more and more people are inclining to learn and use the combinations. Therefore, it is easy to get such trained individuals in the market and get the job done. Higher Career Opportunities: In the hindsight of the previous discussion, more and more companies and organization are changing their base towards Python based Machine Learning frameworks. Therefore, job opportunities are increasing. This results in getting better jobs where the pay is extremely good and rewarding. Fewer Trials and Tribulations: Since Python has such a huge number of libraries, there is no practical need to compile the language in the instructions of the Machine Learning beforehand. It can be directly used in the program. Needless to mention, it saves time and effort which the two essential factors in any development and delivery. Cost Saving: It is a known fact that Python is an open source language that can be used freely in the system without any licenses. This aspect saves a huge amount of money that is otherwise spent on licensing fees across numerous platforms. The cost saving is immense which increases the budget of the project thereby increasing the quality in general. Dynamic Support: Machine Learning is a fast-paced framework that needs dynamic support. There are very less number of high-level programming languages in the current market that can provide such support, except that of python. Platform That Is Quite Independent: The flexibility that Python provides urges the developer to use it in any Machine Learning platform. This independence of platform that can be seen in the case of Python is making it extremely handy for a Machine Learning project that leads to successful development. Statistical Modeling: The model that can be used to develop a Machine Learning framework can be many. Python helps to create statistical modeling for the Machine Learning that is easy to comprehend and maintain. Data Set Maintenance: The first step towards developing a successful Machine Learning framework is to maintain a strong data set. Data set can be defined as a collection of information that the Machine Learning uses to enrich its algorithms. Using Python to set up the data set for Machine Learning is extremely easy and hassle-free. No Learning Hassles: As previously mentioned Python is easy to understand. This causes no learning hassles for individuals. Therefore, creating able developers with Python knowledge for Machine Learning frameworks becomes quite easy and less time-consuming. Easy Transition in Research: The machine learning frameworks that are primarily developed for the research projects rely heavily on Python as their base. Research projects related to pattern recognition or data analysis do not have enough time or budget for complex development languages. In such scenarios, Python provides the best solution with its ease of understanding and easy comprehensiveness. Customization Is Quite Convenient: Python’s flexibility with its easy to understand programming syntax and platform independence actually helps it to be customized to any need. A solution fits in all the needs and requirements without much hassle. Highly Adaptable In Nature: Python is a programming language that is quite easy to comprehend. The range of its comprehension is on a global scale. Even a fourteen-year-old kid would be able to understand and code in Python. This aspect increases its adaptability in the numerous Machine Learning platforms that are widely used across various areas. No Space Crunch: Machine Learning is all about efficient data handling and the way an application with the use of available data can do a better performance without any human intervention. This requires a lot of server space to load various kinds of data to feed into the respective algorithms. Python’s easy code requires much less space as compared to others. Therefore, it saves precious server space to accommodate more data thereby increasing the Machine Learning performance. Conclusion: The rising popularity wave of Python and Machine Learning will not go away that easily. Therefore, it is high time that both these aspects should be learned and implemented. Learning them would open different doors for numerous opportunities. Python because of its easy comprehensiveness will be the only weapon to code Machine Learning in the near future. It is always advised to future ready with an enhanced skill set. Machine Learning will slowly have a huge impact on the world we live in. Understanding and controlling machine learning would be the only way to survive in the cutthroat competition. Using the weapon of python one should start conquering the area of Machine Learning. It is the best buddy that developers want to be friends. The benefits would be extremely rewarding when one integrates the programming language of Python with the various aspects of Machine Learning framework. Read Also: How Developers Can Get More Out Of Hadoop? Kids Will Get These Benefits If They Learn Coding New Platforms To Explore In Advertising This Year 5 Things To Take Into Account To Hire Custom Software Development Services Coming Soon: A New Tech Challenge For Lenders – UMDP Data Standardization To Aid Closing

Tech Challenge for Lenders – UMDP Data Standardization to Aid Closing

What is UMDP?

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Abdul Aziz Mondol

Abdul Aziz Mondol is a professional blogger who is having a colossal interest in writing blogs and other jones of calligraphies. In terms of his professional commitments, he loves to share content related to business, finance, technology, and the gaming niche.

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Functionality – an important aspect of good web design: Sydney digital marketing services for your growth

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Abdul Aziz Mondol is a professional blogger who is having a colossal interest in writing blogs and other jones of calligraphies. In terms of his professional commitments, he loves to share content related to business, finance, technology, and the gaming niche.

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