A recent article on housingwire.com points to the 60% decrease in net gain on loans originated by independent mortgage banks and mortgage bank subsidiaries since the implementation of TILA-RESPA Integrated Disclosures rule. According to the study, total production expenses per loan grew to $7747—an increase of nearly 10% in a single quarter—primarily due to a rise in personnel expenses.
With increases to employee hours, substantial decreases to production volume, and a huge jump in the net cost to originate, is there any way to recover and see the profits of the pre-TRID world? With Zia, the answer is yes.
Our Advanced Closing Extraction (ACE) mortgage accelerator for Ephesoft can offset the issues seen from TILA-RESPA by:
- Decreasing employee hours with automation for classification and extraction
- Increased production volume with easy-to-implement exception handling and time-saving shortcuts
- Providing an overview of how time is being spent and the effectiveness of processes with analytics, reporting, and monitoring
See ACE in action:
Whether you are a mortgage bank, wholesale bank, mortgage insurer, or service provider in the industry, the need to automate classification and extraction of closing documents is clear. Learn more about how can help your company here.