Form 1003: Changes in Residential Lending Bring Opportunity
April 17, 2018
Recent changes are impacting mortgage lending – specifically changes to the uniform residential loan application (URLA), known formally as Fannie Mae Form 1003. At the beginning of the year, Form 1003 changed. Fannie Mae claims the redesigned form is more consumer-friendly. That’s an effort we can all applaud. But what will that mean to the loan application process?
I guess we’ll find out as time progresses.
With this in mind, what can mortgage lenders do to ensure the best experience for their applicants? The answer is simple. Anything that makes loan processing faster, safeguards the process from a data privacy and identity theft perspective, and makes the entire process more intuitive for all parties.
Genus Technologies recently had the privilege of solving a Form 1003 residential loan application automation challenge for a prolific mortgage lender using technology from Kofax. While automating this process will differ depending on a given lender’s approach, the results present broad appeal for just about all lenders, including:
- Increased reliability of the lender’s loan application delivery system by replacing email with a highly stable file sharing solution
- Improved productivity of the lender’s independent brokers by reducing the time it takes to prepare loan applications for processing
- Increased accuracy of loan applications by reducing the need for manual data entry
- Improved loan processing productivity by 62% (and climbing)Improved satisfaction among its independent brokers and their applicants with faster loan approvals
If you’re in the mortgage lending business and would like to learn how Genus engineered these results, please reach out. I can walk you through the process we used to find the best solution in this case, and how we can do the same for you.
Submitted by John Peters and Ted Scholtz