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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The Best Photo Editing Software You Need to Know About

We all know the Photoshop tool, so much so that we call Photoshop retouching any photo editing. However there are many other photo software, but in this article, we are just highlighting the top 8 best photo editing software which you can use to edit your images without downloading the program. You can edit the image you want from any computer, and you will only need an Internet connection. But the best of all is that some are so simple that without any knowledge you can use them because they are very intuitive. How about? Has the bug bit you? Well, keep reading! So, let’s discuss more. Eight Best Online Photo Editing Software: 1. PicMonkey: I start with this one because it is the one I use the most, it will surely not be the best, but it is effortless to use, and if you do not know Photoshop or other similar programs, it will be beneficial. With it, you can also create collage, design cards or make up the face of a photograph. Some of their tools are paid, but you can do thousands of things without having to pay a penny. 2. Adobe Photoshop Express: Very similar to the original program allows working by layers, select elements. It requires more knowledge and practice, but everything is to put and learn. Besides, some necessary actions you can perform without problems. 3. Skylumluminar: Skylumluminar is the more professional photo software that offers many editing features. Its artificial intelligence feature differentiates it from any other photo software. Skylumluminar’s beautiful Interface offers a sleek canvas to enjoy and enhance your photography without additional distraction. It is a one-stop-shop for photo editing that can be used by itself or as a plugin in with other photo software too. 4. Pixlr It is a complete editor with three variants: Pixlr Editor: With an interface so similar to Photoshop Express that it seems that you are in it. It is complete and more professional, with a lot of tools and filters. You can also use keyboard shortcuts and even the right button. It happens to you like Photoshop, and it requires a bit more learning for more advanced editions. Pixlr Express: More basic and at the same time more intuitive, it is above all for quick touch-ups. It allows us to open photos from the PC, a URL or even from Webcam. You can also make collages with this program. Pixlr O-Matic: Much more comfortable to use, ideal for automatic retouching. A quick way to apply frames, filters, and effects. Of course, you will not find anything else, and you will not be able to select where to add them since they apply to the whole photograph. 5. Fotor: A very careful interface consists of five complete sections that will serve to edit, make collages, covers for your social networks, greeting cards and even "makeup." As the last option offers to merge an HDR image by uploading three photographs with different exposures. Read for more information in Fotor Review. The handling is very intuitive, you can add texts, and it offers a massive amount of creative filters, frames and clip art. And when you finish, you can share your image directly on social networks. 6. Phixr: The editor is quite complete, allows to focus, blur, adjust exposure levels and color, reduce noise and many other options as well as filters and effects. I find it somewhat uncomfortable to work, but the worst is that the photo takes a long time to load at the beginning and can despair a little. 7. Pho.to Editor: It happens the same as the previous one. It takes to load the image, although not so much. The options are minimal because the settings such as saturation, temperature, and filter application are automatic, so you cannot choose the intensity or graduated. It is simple to use and also allows you to share the result directly on social networks. 8. Befunky: To edit and create collages. You can upload your photo from your computer, webcam or some social networks. The highlight is the number of filters, textures, and effects it offers, in addition to the frames. You can include your image in a lot of ways and even letters. It is effortless to use, and the changes are applied to the whole picture although you can choose the intensity or the size of the brush and they are displayed at the same time. Read Also: 5 Things To Take Into Account To Hire Custom Software Development Services Why You Trust Your Photographer?

Interactive Website Tools: Exploring Strategies For Engagement And Conversion

Beyond the aesthetics of modern web design lies a realm of functionalities designed to entice, intrigue, and encourage action. It's not just about displaying information anymore; it's about creating a dynamic dialogue between the site and its visitors. From clever countdown widgets that build anticipation to popups that capture attention at just the right moment, interactive tools are redefining the digital journey. As you embark on this exploration, you'll discover how these tools can be the key to not only attracting eyeballs but also driving tangible results. So, are you ready to unlock the next level of online engagement and conversion? Let's dive deeper. Interactive Tools For Websites: Why It Is Crucial In the vast universe of the Internet, websites often face the challenging task of standing out amidst a sea of competitors. It's no longer enough to simply be online; success hinges on how well a website can interact with its users. This is where interactive tools make a monumental difference. The Link Between Engagement And Conversion Every click, scroll, or hover on a website tells a story — a story of a user's journey from a curious visitor to a potential customer. Engagement is the first step in forging a connection. When visitors are actively interacting, they're investing their time and emotion into what the site has to offer. This active participation paves the way for conversions, whether it's signing up for a newsletter, making a purchase, or any other desired action. Simply put, higher engagement can often translate into higher conversion rates. Benefits Of Interactive Features For Visitors And Businesses For visitors, interactive features offer a personalized, immersive experience. Instead of passively consuming content, they're invited to participate, making their online journey more memorable and impactful. Whether it's a quiz that offers tailored product recommendations or a chatbot providing instant support, these features make the user feel valued and understood. For businesses, the advantages are manifold. Interactive tools can lead to increased dwell time, providing more opportunities for branding and message reinforcement. They offer valuable insights into user behavior, preferences, and pain points, allowing businesses to fine-tune their strategies. Pioneering Engagement Tools: A Closer Look Delving into the world of pioneering engagement tools reveals a medley of innovative strategies designed to enthrall users and drive conversions. Here's a closer look at some game-changing tools that have redefined the way we interact online. Countdown Widgets How They Work: At its core, countdown widgets for websites are digital timers, ticking away the seconds and minutes of a particular event or deadline. Be it heralding the launch of a new product, highlighting the end of a sale, or marking the start of a webinar, these widgets play on human psychology. The ticking clock creates a palpable sense of urgency and anticipation, compelling users to act before time runs out. To maximize the effectiveness of countdown widgets, it's crucial to employ them judiciously. Overuse can desensitize users to a sense of urgency. Moreover, always ensure that the event or deadline you're counting down to holds genuine value for the user. Pairing the widget with compelling visuals and concise, action-driven text can further amplify its impact. Popups [caption id="" align="alignnone" width="2400"] Popups[/caption] Different Types Of Popups: Popups are versatile tools that can serve various functions. Informational popups. These are designed to update users about essential website changes or privacy policies. They're typically concise and straightforward, ensuring users are informed without overwhelming them. Promotional popups. They are the digital equivalents of storefront sale signs. These might advertise a limited-time offer or discount. Feedback popups. They might ask for star ratings, brief comments, or even detailed reviews, helping businesses understand their strengths and areas of potential enhancement. Email subscription popups. These popups invite users to stay connected by subscribing to newsletters, updates, or exclusive offers. Exit-intent popups. Triggered when the system detects a user is about to close the tab or navigate away, exit-intent popups present a final, compelling offer or message. The key to popups is moderation. Bombarding users with incessant popup messages can swiftly turn intrigue into irritation. Timing is crucial. For instance, an exit-intent popup can be a last-ditch effort to retain their attention. Similarly, understanding the user's journey can help in strategically placing popups for maximum effectiveness without being intrusive. Interactive Surveys And Quizzes Surveys and quizzes engage users actively, making them feel part of a two-way conversation. When a user takes a quiz, they're not just absorbing information; they're sharing insights about their preferences and needs. This enables websites to tailor content and offers precisely to the user, enhancing relevancy and driving engagement. Beyond personalization, these interactive tools are goldmines of data. By analyzing responses, businesses can pinpoint audience segments, refine product offerings, and sharpen their marketing tactics. In essence, every user interaction becomes an opportunity for businesses to learn, adapt, and evolve. Live Chat Features Live chat serves as a digital concierge, connecting users with businesses in real time. No more waiting on hold or navigating through tedious email threads. With just a click, users can pose questions, raise concerns, or simply chat, fostering a sense of immediacy and personalized attention. Gamification Elements Games aren't just for fun; they're powerful engagement drivers. By incorporating gamification elements like points, badges, or leaderboards, websites transform mundane tasks into exciting challenges. Whether it's completing a profile, sharing content, or making a purchase, gamification rewards users for their actions, making their digital journey feel more like an adventure than a chore. User Testimonials And Reviews Nothing vouches for a brand like the voice of its customers. User testimonials and reviews provide an unfiltered glimpse into real experiences, offering prospects both validation and reassurance. These authentic narratives, beaming with praise or constructively critical, solidify a brand's credibility, paving the way for trust and long-term loyalty. Avoiding Overwhelm: Less Can Be More In the intricate dance of digital engagement, it's not always about having more tools, but about wielding them wisely. While it might be tempting to incorporate every interactive feature available, bombarding users with too many stimuli can lead to cognitive overload. It's like walking into a room with blaring music, flashing lights, and a crowd vying for your attention all at once. The key is to curate and prioritize. A well-placed popup can be effective, but combine it with constant notifications, quizzes, and live chat prompts, and you risk alienating the user. Remember, the goal is to guide and engage, not to overwhelm. By being discerning in our choice of interactive elements, we can ensure that users not only stay but also enjoy their digital journey.

Tips on Building Your Resume for a Website Design Company

Have you ever spent too much time staring at a blank document, just wondering how you can start your resume? Whether it’s your first one or your twentieth attempt, it’s safe to assume that you’re not unfamiliar with the concept of a resume. A website design company or best website design agencies will always seek for your technical skills in your resume before they hire you. Alright, now how about this: Are you someone looking to work in the tech industry? Or have you already found a stable job and you just want to know how to keep your resume updated? Because in this current market, nothing is secure. Much as you tried to prepare for the best, you also have to brace yourself for the worst. For a company to consider your application, your resume has to blow the socks off the employer. If done correctly, you can market yourself through your resume. Tips on how to build your own resume for a website design company There are several tips you can follow for developing a resume for a website development company. You just need to follow these steps one after the other. 1. Research A lot of employees try to make one generic resume for all applications. That’s not exactly wrong, but there’s a better way to do it, and that’s to tailor each of your resumes to the company you’re applying for. Look at the job description carefully and try to see if it really does fit you and if your experiences will make you a strong candidate for the position. Research about the company and find that sweet spot on how you can tailor the voice and tone of your resume to speak to them. 2. Format Keep in mind that the hiring managers have probably seen hundreds of applications which may even have some of the best resume templates. Chances are, they are also experts in web design themselves. Making your resume flashy isn’t going to cut it. These people have seen the best in the same way that they’ve also seen the worst. Your resume has to stand out from the hundreds that they get. And how are you going to do that if you’re not supposed to be too flashy? Follow these guidelines: Keep it trendy but not too ornate. Keep the design functional but comfortable to use. Go for timeless designs and color schemes. Use easy-to-read fonts. Make use of headers for easy navigation. Strategically placed white blocks make it easy on the eyes. As for the information you need, make sure to include the following: Full legal name Contact information A professional summary Skills Job experiences Education Achievements Remember, you’re applying to be a web designer. So keep your resume design clean and straightforward, but not too basic that it underwhelms your skills. 3. Achievements Website design company hiring managers will focus on finding people who’ll help grow the company. They are also looking for candidates who can address specific problems they’re going through. You don’t necessarily need to give them a list on how you fit their descriptions to a T. What’s important is how your job experiences can help them address their problems. When talking about your job experiences, try not to give them too much of a description. Instead, tell them about what you accomplished during the time you were in that position. Your accomplishments are your own personal victories. It shows so much about how professional you are and your work ethics. 4. Remove Pronouns It may sound too simplistic but there are some who still forget. No “I’s,” “He”, or “She.” Write everything in plain no-pronoun-first-person POV. For example, instead of saying, “I raised customer satisfaction up to 35%.” you say, “Raised customer satisfaction up to 35%.” It sounds concise and avoids redundancy. 5. Technical Skills Since you’re applying for a web design position, you should reserve an entire section just for your technical skills. Here are a host of the skills most hiring managers are looking for in a web designer: UI/UX design Marketing Social media management SEO Design skills using Photoshop, Premiere, and Illustrator HTML and CSS familiarity Project management skills As a web designer, your technical skills are the major players in your resume. These could be the deciding factors in getting that initial interview. Conclusion Sure, you may feel like as a web designer, you won’t ever run out of clients to attend to – that jobs are simply lined up and waiting for you because you belong in a very in-demand market. That may be true, but at the same time, wouldn’t you want to be more in charge of your work, of your hours? With the right resume, you can negotiate. Why not see how far you can go by giving your resume a little revamp? Read Also: How To Design An Effective Company Website Top 8 Advantages Of Effective Web Design And Development

Tech Challenge for Lenders – UMDP Data Standardization to Aid Closing

What is UMDP?

Questions To Ask When Working With A Web Developer

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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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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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Popular

Follow Us

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