An undetermined defect is causing the Department of Veterans Affairs’ loan servicing reporting system to spit out duplicate bill-of-collection transaction numbers. The VA Home Loan Guaranty staff is collaborating with the Administrative Loan and Accounting Center (ALAC) to work around the issue. The resolution to correct the defect in the VA Loan Electronic Reporting Interface (VALERI) application is scheduled to be included in the 18.4 VALERI release on Dec. 8, 2018. VALERI is in the first phase of a three-year project to convert from a system for reporting and storing servicing data to an end-to-end mortgage-processing platform. The VA also has issued a number of servicing alerts and reminders. Liquidation appraisal fees in Colorado will increase in certain counties effective Sept. 1, 2018, so that all counties will have the same fee per property type. The fee changes will be updated and reflected on the ...
The Australian-based Computershare Limited – a behind-the-scenes player worldwide in stock registration and trades – has agreed to purchase LenderLive Network, a mortgage fulfillment and secondary marketing vendor, for an undisclosed sum.
The Mortgage Industry Standards Maintenance Organization is forming a new group to identify emerging technologies such as blockchain and digital mortgage that could impact the industry.
So much has changed in today’s digital environment that consumer expectations have shifted, creating a new generation of digital mortgages. Mortgage lenders need to explore new opportunities that come with increased digitization to provide added value to their borrowers, according to a new report by PricewaterhouseCoopers.
Zillow Group earlier this month agreed to acquire Mortgage Lenders of America, a national residential originator based in Overland Park, KS. Shortly after the announcement was made, Zillow’s share price crumbled, suggesting that investors aren’t bullish on the mortgage business these days.
Use of blockchain technology could help increase profits for lenders and servicers in fewer than 10 years, according to Andrew Weiss, a principal at Strategic Mortgage Finance Group. Weiss was an architect of Fannie Mae’s Desktop Underwriter in the 1990s and likened the current skepticism about blockchain to lenders’ lack of faith in automated underwriting before such systems became ubiquitous. “How can any technology replace the years of training and experience ...
Mortgage servicing is lagging behind other financial services in adopting digital capability and it is impairing borrower satisfaction, according to the results of the 2018 U.S. Primary Mortgage Servicing Satisfaction Study from J.D. Power. “The challenges the servicers have are the bar keeps rising and expectations rise particularly when it comes to digital interaction,” said Craig Martin, senior director of the mortgage practice at J.D. Power. “The majority of consumers coming in or ...
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