You’d think with all the technology today processing a loan would be seamless, perfect, and never without a smooth and timely outcome. Well you’d be wrong. While it is fair to say technology has really helped the overall process, it has however become a much more compliant comliant world. When we started processing loans… many many MANY moons ago. There was a few forms in triplicate filled out by hand or a handy selectric II typewriter and underwriters looked at loans on their merits.. There were no credit scores.
Well those days have changed and along with the seemingly never ending amount of compliance, rules and regulations, technology has only offset the added delays.
And let’s not forget, while we at CPR are technologically and digitally proficient, the average borrower is still living in an analog world.
It’s not uncommon to get a stack of paperwork from a client which will have to reviewed, organized, compiled, verified, and THEN converted to a digital format. In fact, even with the amount of digital signatures being completed out there, many lenders still want good ole fashioned “wet signatures” on certain documents. And final loan documents are still almost entirely wet signed and witnessed by a Notary as it has always been.
So ever with the technology today, we are still doing the same job in mostly the same way.
Tags: loan processing