MReport February 2021

TheMReport — News and strategies for the evolving mortgage marketplace.

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Page 32 of 67

M R EP O RT | 31 FEATURE crepancies to identify possible enhance- ments to minimize them. For example, a consumer submitting a loan application through the lender's website may choose to not provide their race or ethnicity. If the lender's applications are not obtain- ing this data consistent with their peers, additional scrutiny may be warranted to ensure the application process and screen flow is not contributing to this variance. For this reason, most lenders will require newer, more robust technolo- gies that both enhance the loan review process and are easily updated with new rules as they come into place. With new automated review technologies, lenders don't have to wait until just before closing to gauge the quality of a loan file. They can monitor changes during the entire origination process and even conduct mock regulatory examinations, so that issues or potential violations can be cured before their loan data is evaluated by regulators as part of an examination. A key benefit to leveraging an auto- mated compliance solution, such as the ComplianceEase ComplianceAnalyzer product, is it provides the lender with real-time feedback to aid in the origina- tion of compliant loans. Such tools enable lenders to identify and act on loan file weaknesses as they occur, not after a loan has closed and is flagged as non-compliant by the potential investor or the lender's regulators. Additionally, compliant loans spend less time on a warehouse line from closing to acquisition by an investor. No one knows for sure what tomor- row will bring. But it is certain that lenders are going to need new strate- gies in order to remain compliant in the coming year. Regardless of how 2021 shakes out, those that think and plan ahead—and have the right tools in place— will be in the best position to succeed. SCOTT MCNULLA is Senior Director of Regulatory Compliance at SitusAMC. He joined SitusAMC in September 2015. He is responsible for leading the Regulatory Compliance team in their efforts to ensure SitusAMC continues to lead the industry in delivering premier loan level compliance reviews. Through his leadership, the compliance team ensures the systems continue to provide accurate results and the operations staff are trained and prepared to provide top tier residential mortgage compliance reviews to SitusAMC's clients. Additionally, he is an active participant in industry workgroups to standardize the compliance scopes for securitization reviews. ™ User-Friendly Exceptional System Support More Automation and Functionality Full Access to Your Data Save Money Through a Low Initial Investment and Low Monthly Maintenance Costs. Customizable Software Systems Meet the Specifi c Needs of Companies of All Sizes. Loan Origination, Mortgage & Commercial Servicing Software Value Flexibility ® Your Mortgage Software Partner Since 1983

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