With the amount of detail that has to be double-checked and triple-checked it is a challenge, but it can be done. First, understand that you can’t do it alone, so it requires everybody to work together in a collaborative manner. Lenders also need to understand the importance of working with title companies, understanding what their responsibilities are and I think that’s very important.
Technology also plays a role and the right technology can really help make things easier. In general, you can automate the ability to detect issues, or you can get people to just stare and compare. However, It’s important that you give the right people the right tools in order to really make their jobs easier, they can automate and compare the nuances of the pieces of data that have to be checked.
So, to produce compliant loans in today’s regulatory environment, it starts with identifying everyone who is involved in the transaction and knowing that they are supposed to be there. Then, getting consensus from those individuals on the proper pieces of information. Finally, making sure that there’s a really good audit trail in place so that when there are questions or the defense has to be made, you are able to go back and prove that you’ve done the things you’re supposed to do.
Answered By: Wes Miller