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 Find The Best Check Printing Software

If you want to print checks, a word processor software might be your best option. The best check writing tools and software help to fasten the entire process in a major way. There are many tools in the market, which boast of having credible accounting features. Here are some of the best check printing software that is currently dominating the industry. Windows CheckWriter The latest version of the Windows CheckWriter, dubbed, as the 7.03 version is quite a powerful tool. Not only does it help in executing flawless printing functions. It also makes a complete set of changes and modifications for various print positions. In addition, you can also make a lot of changes when it comes to editing the company details, and other modifications. The check printing software is not only powerful but is also very safe when it comes to usage. Every time that it is being used, it will ask the user to enter a one-time password. This happens for every single usage. One of the drawbacks of the software is its lack of reading customer behavior or being intuitive in any fashion. Keeping this in mind, you will always be better off, when you go through the entire documentation. The interface of the software is created on the back of a standard Window. A wide plethora of neatly stacked options dominates the dash. If you want to know whether a particular check has previously been printed or not, all you need to do is use the signature verification. Through the CheckWriter, you can perform almost the entire gamut of banking functions, including, editing checks, depositing checks, withdrawing and others. Calculating balances, making important copy entries, drafts, company details, and other benefits become quite a breeze. You will get the chance to add limitless deposit and withdrawal lines. The use of memos in the entire scheme of things also becomes quite easy. The software is not going to drain your system as it is light and runs off low CPU. This will ensure that your OS never crashes under the weight of heavy banking software. Check soft Home & Business Check soft is an excellent tool that helps manage finances and enables you to create your own checks. It is compatible with Quickbooks and Quicken. The latest version features free Quicken and Quickbooks updates for one year. Check soft features hundreds of check templates you can customize to suit your personal taste. To make things more interesting, you have over 1000 background images, logos, and graphics at your disposal. It’s possible to print blank checks and fill them out later or completely fill your checks out before printing. Another major advantage is that you end up saving about 80% in check paper money. In terms of financial management, Checksoft lets you create checking, savings and credit accounts with ease. Then, the software will track all your transactions for you. Users can choose to download their bank data and the software’s reconciliation wizard will help balance it for them. Set reminders for due payments using the scheduler, which is another highlight of the software. Checksoft’s database can hold the data of your vendors, payees, and customers. You don’t need to fill out all the details all over again because you can easily access this info when writing checks. EzCheckPrinting EzCheck is a check printing software and writing software that supports both laser printing and MICR. It can be used to create your own checks or fill out preprinted ones. This software allows you to write any type of check including on traditional 3-per-page formats and top, middle, and bottom. There are no limits to the number of accounts users can create. The software is compatible with Quicken and Quickbooks as well, as our previous choice. VersaCheck X1 Gold For people looking for an elementary guide to bookkeeping and check writing, the VersaCheck X1 Gold is a good option to consider. You can take help from this tool to create customizable checks with different shapes, fonts, and logos as well. Here are some of the more interesting features users of this tool avail of: One of the greatest advantages of VersaCheck is its ability to add a Character Recognition element at the bottom of the check. This is done through a Magnetic Ink. You will be able to print checks on any paper. You can also send or receive checks online or via phone, email, and fax. This can help you add multiple accounts and transactions from different banks, all in one place. This software works effortlessly with all kinds of printers. Using this tool, you will be able to protect your accounts and receive activity alerts. Check Print This software is available only as a download and is quite affordable. Its reasonable price tag doesn’t come at the expense of features and functions though. You can design your own checks and load it with up to 15 bank accounts. You can also move fields to achieve the desired effect and add your logo or other images to further customize. However, you can print blank checks and fill them out by hand if you don’t feel like filling out checks on your computer. This is a nice touch if your business doesn’t require that you carry a printer and laptop around when you’re on the road. Check Print R+, which is not Mac-compatible, comes with a built-in register, unlike Check Writer’s R+ software. Print R+ works with Windows OS 7, 8, 9, and 10. InstiCheck Our final choice is easy to use with every feature you will need to write checks. Each account comes with a check registry. You can open an unlimited number of check accounts. There is a multitude of check formats that you can work on to make customs checks. The software also features compatibility with QuickBooks. It is an amazing account management tool that will balance your check accounts every month. The check-writing process only involves following a set of prompts. You can add your logo to checks for a personal touch. Conclusion When choosing the best free check printing software, always decide what features you want first and then select a product on this basis. You can also give your comments about check printing software in the comment section below. Read Also: Advance Copier: Printing Quality Business Cards On Your Own Computer 7 Ways To Stop Spending So Much On Printing In Your Business A Complete Guide On Using IRON On Transfer Paper

Looking To Build A Photography Website: Here Is How You Can Build One

Whether you are a professional photographer or someone that is just starting out, you need a website. To be honest, in the digital age, not having a website for a photographer is a serious disadvantage. You might think that showcasing your work on social media is enough. That is rarely the case. Social media has several restrictions. Photography is all about details. When you publish your work on social, the platform compresses the imagery and practically dilutes the experience. If you want your customers to seriously engage with you, you need to consider having an excellent website that can display your portfolio in all its glory. With a website, you can go with the highest resolution images, biggest sizes and demonstrate your sheer brilliance. The thing is. Where do you begin, and how do you get a website done with the least amount of effort and costs? In this resource article, we are going to help you do just that. If you are a photographer that is looking to build a new website or improve your existing one, stick around till the end. The Start of Building a Photography Website: Choose the Best Website Builders Building a high-performing photography website is not as tough as you might imagine. It is true that a decade back, that was not the case. You needed help from specialized web design agencies that would take months to deliver a website. Not to mention the unimaginable costs. In 2022, that is not the case. Photographers are creative professionals who value aesthetics. With a little bit of support from the best website builders, they can get their platforms up and go on their own. This is where Zyro photography website builder proves to be helpful. Template Selection- Building a photography website is different from creating one for a brand in the heavy equipment niche. You need appropriate templates that are aesthetic and attractive. A great website builder has multiple photography templates that you can go through and choose the ones that you feel best represent your personality and work. Creative Freedom- Working with an agency means listening to their design experts and their complicated jargon all day long. You are not going to face this issue with a website builder. Here you have complete freedom to decide on the sections, flow, and placements. Great options like ‘drag and drop’ enable you to have creative freedom and make decisions on layouts, color schemes, and more. Zero Distractions- Building a website earlier required you to have knowledge about coding, HTML, CSS, and PHP. This was a major deterrent. Not anymore. Using a website builder frees you from all these distractions and allows you to build a photography website like you want to. If you do not want to code, no one should force you to do that. This allows you to focus on the website. List of 5 Essential Things Photography Website Owners Need: You might have heard experts say that simply building a website is not enough. That is true. In this day and age of competition, you need optimizations and marketing strategies to help you drive traffic, engage your target audiences, and perform on search engines. In this section, we are going to outline five essential things that photography website owners need to make sure their platforms are a resounding success- 1. Limitless Storage- Remember how in the opening sections, we talked about the freedom to upload your photography portfolio and not be restricted in terms of sizes and resolutions? That is what a great website builder can help you with- infinite storage space. This allows you to upload your best work and not worry about the website slowing down or lacking performance. 2. Integration with Social Platforms- There is no denying the fact that social media is an important platform for professionals in the creative field. It is true that social platforms can play a critical part in your success. A good website builder allows you functionalities that help in integrating your social profiles- Facebook, Instagram, Snap, Pinterest, etc. This helps in diverting traffic to your website. 3. Search Engine Optimization- CSS and PHP websites require developers to go over every small detail to make sure that the website is SEO-friendly and optimized. With website builders, you do not have to worry about these things since the sites are already worked upon and SEO friendly. This will allow you to outperform your competitors on the SERPs and ensure that you get organic clicks and traffic. 4. Responsiveness with Mobile Devices- It is true that a majority of searches take place on mobile devices. With a website builder, you do not have to engage with manual optimizations to fit your design on mobile screens. This is something that is automatic in nature. Since a lot of your potential customers are going to find and engage with you on mobile devices, a website builder helps you completely here. 5. Digital Marketing and AI Integrations- Websites are more than just a set of codes. They are a representation of how customers behave, interact, and engage. The best website builder platforms have advanced digital marketing and AI integrations that help create a smart experience whenever someone visits your website. This allows you to manage a lot of the areas which would have required manual interference. If you are a photographer looking to build your first professional website, this is how you can get it done. The best part is that you do not have to be dependent on anyone to get your website up and running. This will allow you to focus and concentrate on other areas of your business. The Bottom Line Most creative professionals that we have spoken to, whether they be writers, photographers, or illustrators, point out that design and development agencies do not really get them. That is true. When it comes to the creative fields, a website is all about individuality and self-expression. When you build a photography website using a builder, you have complete freedom on how you want it to be. There is zero interference from someone telling you that this is wrong or that you shouldn’t be doing this. You can create a website that is ‘you’. If you have any other doubts regarding building your photography website, please let us know in the comments below. We will do our best to resolve all your queries as soon as possible. Till then- all the best to you and your photography website!

Ecommerce Software Development Trends

In the past year, eCommerce has expanded from being something that would guarantee convenience to become somewhat of a necessity. In fact, according to experts, it has been one of the major avenues that have kept the global economy going. When the pandemic hit and lockdowns ensued, policymakers quickly realized that Ecommerce could be a major way for enabling people to access resources. Even before the pandemic hit, Ecommerce commerce was growing at staggering double-digit growth rates. According to UNCTAD, global Ecommerce has hit 25 trillion in 2018! For businesses, this means an exciting new opportunity. You can either take your physical brick-and-mortar store online or you can simply start an eCommerce platform and become an aggregator. In this resource article, we are going to focus on the best Ecommerce software development trends for businesses. List of 5 Major Ecommerce Software Development Trends 1. The Rise of Ecommerce Platforms- Retail software development has benefitted from the emergence of easy and simple eCommerce platforms. You do not need to spend a ton of money to start your own venture. You can easily choose between great platforms like WooCommerce, Shopify, Joomla, and BigCommerce. This has made it easier for people with lower investments to get into business in a short time. 2. The Growth of PWAs to boost Ecommerce- Ecommerce is all about the app experience. The rise of smartphones and internet technologies have made it possible to create immersive shopping experiences in apps. However, just like the last point, small businesses cannot afford to break the bank in terms of custom app building. Enter PWAs or Progressive Web Apps. These mimic the website experience like an app. 3. Voice Search Influencing Ecommerce- Look around you. There is a huge proliferation in the number of smart devices we are using to communicate with the internet. From home assistants like Alexa to connected Car technology and Google Assist on our phones, we are speaking to search engines and allowing them to help us. Ecommerce web development should take into account the role of voice search. 4. Social Media and Omnichannel Ecommerce Sales- You would have heard your friends or relatives bragging about how they got a great lamp from Facebook’s Marketplace. In fact, for experts, this is the next logical step in the evolution of eCommerce. As a business that is looking to get into this field, you must focus on omnichannel eCommerce sales and marketing. This can open up entirely new avenues for sales. 5. The Impact of Augmented Reality on Ecommerce- Tech innovators and software developers are now looking at ways and means of creating as realistic an eCommerce buying experience as possible. This is why Augmented Reality or AR is going to become the next big thing in eCommerce software development. People want to see how they would look if they would be able to have a virtual try for the products they buy. The Ecommerce Software Development Support System: What is it? While the above technologies are some of the biggest trends in the eCommerce software development ecosystem, there is more that meets the eye. Every developer or entrepreneur who has started an Ecommerce venture knows one thing for sure- it is all about the experience. To support this, there are three major verticals that you need to take into consideration. In this section, we are going to list them down- The Cloud Support- When you are hosting an Ecommerce website you are handling tons of data and details that not only need lightning-fast processing speeds but also guarantee a safe and secure environment. This is where the Cloud becomes important when it comes to creating a good user experience for the platform. Payment Solutions Providers- The growth of Ecommerce happened around the same time when the Fintech industry started booming. The better the payment solutions providers, the easier and comfortable will be the user experience. As a business, you will have to pick the ones that can benefit the business to the greatest possible extent. Mobile Commerce- Do you think that the Ecommerce industry would have taken off in the way it did if smartphones did not exist? Probably not. This is why mobile or M-commerce has become such an integral part of Ecommerce software development. Mobile responsiveness, experiences, and speed are what make a good platform great. The Bottom Line: There is a reason why the advent of new technology is taking Ecommerce software development to new heights. In this article, we have tried to look at some technologies that are redefining the Ecommerce ecosystem. We have also looked at technologies that are considered as the bare foundations that help in setting up an Ecommerce platform that is solid in terms of UI and UX. If you have any other questions that you want us to answer, drop them in the comments section below.

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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How To Find The Best Check Printing Software

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Ecommerce Software Development Trends

Tech Challenge for Lenders – UMDP Data Standardization to Aid Closing

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Questions To Ask When Working With A Web Developer

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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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