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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Here’s What You Should Know About Domain Registration

A website is essential today to grow your business in this technological era. To launch a website, you need domain registration and name, which helps the visitors identify and visit it. A domain name acts as an address and guides the customers or visitors to your website. This demands a business to create or find a suitable name to bring traffic to its website and increase its sales. For a business to improve its brand image, a website with a good domain name and design and high-speed hosting services are important. Therefore, searching for a distinct domain using a search tool and buying it from a reliable source helps you do the domain registration at an affordable price. 3 Factors Which You Have To Know About Domain Registration Nevertheless, finding a suitable domain requires you to put some effort into creating a name that represents your business, brand, service, or product. The IP address of your website consists of several numbers, which are not easy to remember. A domain registration name replaces the series of numbers to help one remember a website’s address easily. A name that is easy to remember needs to follow certain requirements. Here are some points to consider when choosing a domain name. 1. Choose A Perfect Domain Name To have your domain easy-to-remember and accessible to your customers, choose short names that include keywords related to your business or industry. For better traffic, your website anime selections are essential. Avoid using hyphens, numbers, or special characters because they will confuse Internet users, who will find them difficult to type or remember when they search your website online. Moreover, you need to do the domain registration and name with the right extension, which can be any of the generic top-level extensions such as .com, .org, .net, online, .site, .club, .biz, .info, .host, etc. The domain extensions will help give your business and brand more visibility and reachability. 2. Use The Domain Name Search Tool To Find A Perfect Name With more than 2 billion websites on the web, it is not easy to just register domain instantly. To help you with it, you can get the assistance of a domain name service provider, who can offer you a domain name search tool, which will help you find the availability of your desired domain. To use the tool, you need to enter your preferred name in the tool’s search bar and click on the ‘search' button. If the mentioned name is available, the page will redirect you to the purchase page or else. You will be prompted with the message “domain name not available.” In such cases, you can change the spelling or change the extension and search until you get the domain registration. Relevant niches names are the best pick as the website’s names. 3. Protect Your Domain From Malicious Intrusions A domain registered or bought should be safeguarded from malicious intrusions. Once the domain registration is done, all your personal data provided for registration is available for the public to view. Keep your domain secure. All the search engines are giving the maximum preferences to secure websites. The security maintained is not only giving your customer a safe place for transactions. It is also going to boost the positions of your websites. To avoid viewing it, you can shield your information with security tools like the privacy and protection scans available with the registrar or web hosting service provider. By paying extra, you can opt for privacy protection. Conclusion: For your domain registration, you must have to follow these things and factors. Because you are doing the analysis about the registration process, you will have to know more about it. But if you have any plan to set up an e-commerce based website, you have to analyze the websites’ risky factors especially. And build the website as secure as possible. So take a look at the characteristics and investigate everything before going for the registration process. Read Also: SEO Website Design Tips for Small Businesses Tips on Building Your Resume for a Website Design Company How to Design an Effective Company Website 7 Rules of Effective Ecommerce Web Design

Picture Collage- Essential Things to keep in Mind while making your First Collage

A picture collage is perhaps the ultimate way to immortalizing your memories. Putting together your favorite pictures in a single frame could be the best thing to cherish your moments. There are several ways by which one can make a picture collage. One can simply use different online tools as well as numerous mobile applications that provide effortless collages at a single tap. You can either take a print-out of the collage, and embellish your bedroom’s wall, or just share it with your friends on social media. Read also: App Development Benefits: Here’s Why You Should Go Mobile Here in this article, we’ll provide some essential tips that will help you in making a perfect collage. Source: zdwired.com Pick the Most Colorful Pictures Many people are unaware of the fact that vivid and energetic colors bring out the finest masterpieces that augment the walls. One should pick the bright images that harmonize with your walls and your room décor. Your images contain certain sentimental values, which deserves a good artistic makeover that can increase their value. Sometimes people usually ignore the fact that dull or low-light pictures aren’t perfect for making a collage. You should focus entirely on colors and intensity of an image before finalizing it for a collage. Never Compromise on Quality According to the designing experts, one should consider images with high-quality preferably more than 100 dpi. However, the more you need to include the pictures on your collage, the lesser will be the requirement of quality. You can use images taken with a professional camera such as a DSLR, and some mobile cameras with a good camera can be preferred either. Read also: Handy Tools For Outdoor Photography Sometimes it has been seen that people don’t pay attention to the quality of images that they are using for making a collage. The tools used for editing can though enhance the quality, but only up to some extent. Choose the Appropriate Tool There are numerous online tools and platforms available in the market that offers best collage making experience. One just needs to select the images that need to be filled in the collage and upload it to the web application. Make sure you pick the right editing tool that doesn’t compromise on the quality of the pictures. Some tools may eventually ruin the quality of your images. Some online platforms like Canva offer free collage making services without demanding a single penny in return. One just needs to have some basic skills of editing a picture, and knowledge of color combination to create a masterpiece. Source: images-na.ssl-images-amazon.com Furthermore, you can also use your mobile phone to make a collage of your favorite pictures. Just download a reliable picture editing application on your mobile or tablet, and start creating a magnum opus out of your creativity. Consider some Editing There can be some exposures and color imbalances in your pictures that need to be rectified before putting them together in a collage. You can try to edit your pictures using some tools that can quickly add a subtle touch of excellence to your images. Sometimes people prefer to use some filters that mesmerize the entire collage. These filters are available in almost every photo editing app and online tools that provide effortless editing. You may also crop some portions of your pictures that you don’t want to add to your collage. Think over some Expert Advice There’s no harm in taking some advice from the industry experts regarding making a perfect collage. You get a better idea of color combinations as well as creating certain boundaries that augments your pictures. Apart from this, the perfect scaling of the image is necessarily important to maintain a proper boundary of the images. You can seek help from online tutorials as well to get a better idea of things.

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?

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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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