Technology

By Hershkowitz, Brian | Mortgage Banking, September 1992 | Go to article overview

Technology


Hershkowitz, Brian, Mortgage Banking


Many members have called or written to find out about what the Technology Committee has accomplished. This was the first year of existence for the Technology Committee. During its short tenure the committee's ranks swelled from 3 to more than 550 individuals. The committee had originally set out to establish its goals and encourage communication between itself and its members. The goal-setting was accomplished through many meetings and conference calls of the committee leadership, and communications were well established though programs, a newsletter and many articles. In retrospect, however, the committee spent most of its time being a proactive force in the industry.

The committee's proactive advocacy for our members fell into three categories: commentary for government agencies and sponsored enterprises; redirecting the standards efforts to help mortgage bankers successfully reengineer their workflow; and exploration of new technologies that members would have an interest in.

The year started off with a resolution passed by the Board of Governor's to aggressively pursue unified means for dealing with the agencies in several critical areas. Our first step was to lobby the agencies for participation, and once achieved to create a new committee: the InterAgency Technology Liaison Committee. Far from the simpler goals of creating the uniform standards for delivery and investor reporting of mortgages, this group has taken on a life of its own, becoming one of the mediating bodies for regulatory and legislative issues that affect the interrelationship of our members and the GSEs. Our members have enjoyed the opportunity to discuss operational and marketplace issues with top executives from Fannie Mae, Freddie Mac, GNMA and HUD through this group.

In addition to our focus on dealing with Fannie Mae, Freddie Mac and GNMA in a more consistent manner, we have also pursued the adoption of pool processing standards. Having come to understand the work the Participants Trust Company (PTC) has done, we will move to adopt their standard at the next committee meeting, and to encourage other groups to utilize it as well.

We have taken the first steps to standardize the data and operational procedures used in the exchange of servicing rights. We have a core group of individuals dedicated to the project on the Technology Committee, and we are working very closely with the Loan Administration Committee to ensure that their needs are well satisfied. The initiative itself has four phases, one of which will be completed during this fiscal year.

One of the tasks originally given to the Technology Task Force was to work with HUD to reengineer the claims process. The committee has been greatly involved in the pursuit of electronic claims submission and payment. On behalf of HUD we have been surveying members, leading focus groups, advising HUD's contractors and specifying how the project should move forward. At our insistence, HUD is redeveloping the single-family default monitoring system and mortgagee record change functions to better complement our members' workflows. The three transactions under development (record change, default reporting and claims) are on a fast track within the department and will culminate in early 1993 pilot programs.

The committee spent a great deal of time meeting with mortgage insurers during FY 1992. The electronic mortgage insurance transaction, under which those with delegated authority report their activities and those who use conventional approval methods will submit their loans, received ANSI approval late last year. Part of our implementation effort involved the design of a "return trip" transaction, whereby those who had ordered insurance would receive approval/declination/confirmation information directly through their computers. A focus for our members was a systems-level notification of receipt of initial premium and specified conditions (at post-closing). We achieved all these goals and voted favorably on the new transaction within a 90-day period. …

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