Looking to improve your mortgage quality analysis processes? Two investments can work together to improve mortgage quality or loss probability analysis: technology and training.
Let’s start with technology. Mortgage quality analysis depends in large part on your ability to compare documents with various data systems and other documents (Source: mortgage quality analysis by LoanLogics). Verification and revivification are important processes, but they are exceedingly time consuming. Technology can help. For example, did you know that both electronic and scanned documents can be classified, searched, and compared using software? Not only can data be extracted and compared, signatures can too. Imagine being able to view signature clippings from various loan documents side by side. With signature clipping tools, you can quickly determine if a required signature is missing as well as if two signatures do not match (an indication of a potential forgery). Technology can also automate your pre- and post-closing audit processes. With the right loan quality assurance software in place, a great deal of mortgage quality analysis can be automated or streamlined.
Whether your analysts manually audit loans or use mortgage quality analysis software, if they lack sufficient training, their productivity and performance are bound to suffer. Investing in training is an investment in quality. Before you select a training program, you may need to review your current loss probability and mortgage quality analysis practices to ensure they comply with current standards and regulations. If so, ask your trainer to conduct an assessment of your team’s current practices and then tailor the training to bring trainees up to speed on the areas that need improvement.
If you’ve invested in new mortgage quality analysis software, everyone who will be expected to use the software should be properly trained both on the underlying principles as well as on the software. Just as a carpenter must understand basic construction principles as well as how to use the tools of the trade, your analysts need a full understanding of mortgage quality and loss probability analysis as well as hands-on experience using the loan quality assurance software you’ve equipped them with.
Investing in technology and training are two steps that you can take to improve mortgage quality analysis.
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