Changes to the rules governing mortgage brokers and non-institutional lenders in British Columbia made headlines this week. One notable pending change is the $500,000 maximum penalty for individuals and businesses that violate the rules, which will come into force in late 2023.
Loan officers can drop the ball when they don't use mortgage quality control software. As everyone in the industry knows, loan originators must comply with nearly a dozen mortgage or real estate industry rules and regulations that are dictated by federal agencies. Quality control is an integral part of error-free loan origination. In addition to protecting a lending institution from liability, quality control helps to ensure a positive client experience. The process of mortgage quality control involves:
It’s no secret that credit score plays a crucial role in a lender's decision to assess a loan. However, does a high score really represent a creditworthy applicant? In this article we’ll explore why a credit score-centric model is the equivalent of judging a book by its cover. Then we’ll look at a few metrics to underwrite loans beyond the credit score.
Machine learning is in practically everything these days and is prevalent in the insurance industry as well as the financial services industry. When combined with artificial intelligence, machine learning provides businesses from all different types of industries with the ability to streamline workflows and automate much of the decision-making process. One sector that's set to benefit most from machine learning is underwriting.
We’ve often heard blockchain will change every aspect of our lives—and it’s honestly not far from the truth—especially if we view it from a transactional or processing perspective.