Welcome to 2015, the year of the Integrated Mortgage Disclosures is here and it will also be a year of technology for us.
We are moving into a world where the computers will be talking to each other and handling different data exchange aspects of our files. A world in which eventually we will no longer be duplicating efforts by receiving information for our file that we have to manually enter. Our files will be processed through portals that talk to the lender and possibly different vendors in the transaction. This will reduce the amount of errors that happen due to duplication input (misspelling of names, and transposing of numbers). This means our workflow and processes will change.
To help you navigate the new technology world and to help expand your horizon, here are some more new terms for you to get familiar with:
Integration – a process of bringing different systems together so that they can “speak to one another”, easing data transfer and reducing errors and duplication of efforts.
Portal – a bridge/interface into a single system or between different computer systems that maintains and exchanges data. It is designed to be used in an interactive way, by human users.
Data exchange interface – a bridge/interface into a single or between different computer systems designed to use by computers, usually in an automated, machine-to-machine fashion.
XML – Short for Extensible Markup Language, a way of representing data for transmission between and processing by computers.
Real EC – a technology company that provides a vendor selection and data exchange interface between mortgage originators and their service providers
Closing Insight – a new service offered by RealEC that provides an integrated portal that provides for collaboration between the originator and settlement agent for the preparation of the Closing Disclosure.
LOS – Loan Origination System, software used by lenders to process their transaction
You will start hearing these terms more and more as our deadline of August 1, 2015 comes closer.Download PDF Version