TheMReport — News and strategies for the evolving mortgage marketplace.
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TH E M R EP O RT | 27 FEATURE MCS Valuations is committed to providing the best possible service and most reliable value to our clients. Backed by industry-leading data and experts with decades of experience, MCS Valuations is your trusted resource for all of your valuation needs. 8 0 0 . 7 9 1 . 7 1 4 5 | M C S V A L U A T I O N S . C O M | I N F O @ M C S V A L U A T I O N S . C O M 24/7 Internet world. Lenders need to be able to provide transpar- ency, to bring information quickly to the process, and to track data integrity. It's that frequency and real-time data exchange that will not only help the borrower, but also the lender, the service provider, the investors, and the insurers. HARVEY FOSTER joined Fiserv in 2011 and is currently responsible for the direction and development of several solutions in the loan origination suite offered by Fiserv. He previously served as Product Manager for several bank account processing solutions as well as Director of Education and Director of Client Services and Implementations. Foster has been in the financial services industry for more than 30 years. In order to achieve operational effectiveness in HMDA compliance, lenders must be able to automate various processes through technology, including the transfer of borrower information. In the loan origination process, there's a lot of data passed back and forth between systems, and increasing the accuracy and quality of that data could be the recipe for success. In addition to streamlining production, avoiding incorrect data, improving reliability, and automating data reduces labor time. In cutting down overhead and processing costs in the collection, preparation and reporting of the more-than-doubled number of required data points is another lever in controlling the high cost of HMDA compliance. Automation will also reduce paper- based systems for reporting financial institutions during the origination process and even on behalf of regulators. THE NEXT STEP OF HMDA—AUTOMATION