Implementing loan completion systems and taking a centralized approach to managing loan quality will define which financial institutions rise to meet the new challenges presented by the increasingly complex lending climate.
September 2017 will see the new Uniform Closing Dataset (UCD), which will help promote accuracy, consistency and clarity around loan transactions, roll out. The data must represent the agreed-upon terms of the loan and contain the most accurate information available at the time of loan delivery.
In the summer of 2016, the Consumer Financial Protection Bureau (CFPB) proposed updates to its "Know Before You Owe" mortgage disclosure rule, designed to help borrowers understand the terms of their home financing transactions.
These legislative reforms add to the challenges faced by loan servicers striving to balance profitability, risk management and the consumer experience, which ultimately manifests as overall customer satisfaction.Download