Servicers Suffer from Disparate Tech

first_img in Daily Dose, Featured, News, Technology Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago May 17, 2017 1,749 Views Home / Daily Dose / Servicers Suffer from Disparate Tech Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post HOUSING mortgage Mortgage Lenders Mortgage Servicers mortgage technology OrangeGrid Technology 2017-05-17 Seth Welborn Servicers Suffer from Disparate Tech Previous: MERSCORP To Offer LEI Registrations Later This Year Next: Falling Inventory Stock is Troubling Servicers Navigate the Post-Pandemic World 2 days ago Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: HOUSING mortgage Mortgage Lenders Mortgage Servicers mortgage technology OrangeGrid Technology Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago About Author: Aly J. Yale Related Articles Aly J. Yale is a freelance writer and editor based in Fort Worth, Texas. She has worked for various newspapers, magazines, and publications across the nation, including The Dallas Morning News and Addison Magazine. She has also worked with both the Five Star Institute and REO Red Book, as well as various other mortgage industry clients on content strategy, blogging, marketing, and more. The Best Markets For Residential Property Investors 2 days ago Share Save Today’s mortgage servicers are suffering from overly disparate technology solutions, and those disconnected systems are holding businesses back, according to a recent report by OrangeGrid.The report, titled “Rethinking Your Mortgage Servicing Ecosystem – Responding to Increasing Risks and Costs,” claims that the typical technological tools used by a mortgage servicer are out of date, antiquated, and holding businesses back. This is largely because tech solutions in today’s post-crisis, highly-regulated industry are product-specific, which creates a “complex ecosystem made up of siloed disparate systems.”“These disparate systems created fractured inefficient processes adding to operational expense and risks since users are no forced to work in multiple systems to complete their work, often times re-keying important information between systems,” OrangeGrid reported. “While the introduction of these applications provided a solution to a targeted problem, they created another issue with the lack of transparency and cohesiveness in servicing a residential loan.”Out-of-sync technologies also make it hard to serve the millennial homebuyer, who expects a more seamless, digitized solution when purchasing a home.“The legacy systems in use today do not translate to a modern workforce or the growing class of consumers entering into the mortgage market that expects a completely difference experience than what is largely available,” OrangeGrid reported.The solution, according to OrangeGrid, isn’t migrating to an all-encompassing one-stop-shop system. Instead, the report proposes “an overlay platform,” which can “sit above the overall system architecture, creating a single truth of process” and offer a “shared status across a chain of events that can deliver an improved user experience, provide greater transparency to loan information across all supporting systems, and can provide solutions for existing gaps in the overall process.”This type of solution will “bridge data gaps,” according to OrangeGrid, and provide “incremental productivity lift without risk of crippling ability to conduct business as usual.” Additionally, it will provide lenders a technological move that’s not too intimidating to take on.“Lenders pause when deciding whether to consolidate legacy solutions and migrate to new technology,” OrangeGrid reported. “They see (often after experiencing such trauma before) work, distraction, and cost. By selecting a flexible and configurable software solution, bundled with implementation and operational support by business process practitioners, risks are greatly minimized, cost is controlled, and process mistakes or new business changes will be easy to fix.” Sign up for DS News Daily last_img read more

Bobby Jenks’ harrowing come-clean tale reminds us of people’s silent struggles

first_imgThe truth is, we never really know what’s going on with someone else. That applies, of course, to the players we watch on the baseball field and the people we interact with in our daily lives. That lesson was drilled home again on Thursday, reading Bobby Jenks’ harrowing come-clean tale on The Players’ Tribune.  I’ll admit, I’ve always kind of wondered what really happened to Bobby Jenks. He was this big, burly mountain of a man throwing gas as the White Sox closer. As a rookie in 2005, he burst onto the scene and helped the Sox to the World Series title, with a 2.25 ERA in eight October innings, and then he had 167 saves for the club from 2006 to 2010. MORE: Who is Steve Cohen, and other questions about the Mets’ futureHe signed with the Red Sox as a free agent after the 2010 season, but all we really knew about his time with Boston was what we learned from box scores — he struggled in a few appearances (6.32 ERA, 0-for-2 in save opportunities in 2011) — or learned from injury reports — he landed on the DL in June and again in July — or learned from a police report — he got a DUI during spring training 2012. And he never pitched again. That’s what we knew, because that’s what Bobby Jenks wanted. And, yeah, it’s easy to make assumptions or guesses as to how Jenks self-imploded, maybe under the pressure of pitching for Boston or for whatever reason. That’s certainly happened to some players, but assumptions are a dangerous thing.As Jenks told the world on Thursday, his situation was so much more complicated than most of us ever could have imagined. He was dealt a cavalcade of bad hands, stemming from one infamous back surgery that, done properly, should have been a blip on Jenks’ career. Instead, it ended it. From The Players’ Tribune (a piece you should read as soon as possible) …The more my attorneys and I dug into that initial surgery on my spine, the more things seemed out of whack. When we eventually put all the pieces together, what we discovered was jaw-dropping.In short, there’s this thing now going on at some hospitals that’s referred to as concurrent surgeries, and it’s straight up evil. It’s basically one doctor overseeing two surgeries … at the same time.Yes … you read that right. One doctor. Doing two surgeries. Simultaneously.There’s a difference between making up excuses for mistakes and explaining reasons for things that happened, and Jenks’ honest tale was certainly the latter. He owns up to the mistakes made.  Another excerpt …When the officers pulled me over, I was honest with them. They wanted me to do a sobriety test, and I came right out and told them I was messed up on pills.“I’m going to fail it,” I said. “I’m intoxicated.”On the way to the police station, they showed me a dash-cam video of how I’d been driving. It was terrifying. I was swerving in and out of lanes the entire time. I could’ve easily killed someone. I was just completely out of it. As soon as those pills hit, I was just totally gone.Anyway, go read the story.And, please, take just a moment to realize that you never really know what people are dealing with in their lives, so maybe cut them just a little bit of slack, or maybe just refrain from jumping to assumptions.last_img read more

Hemp bill signed into law at the Ohio State Fair

first_imgShare Facebook Twitter Google + LinkedIn Pinterest Governor Mike DeWine signed Senate Bill 57 into law, decriminalizing hemp and paving the way for the development of a new hemp industry in our state. The Ohio Department of Agriculture (ODA) will administer the newly-created hemp program.Hemp is a cannabis plant that does not produce intoxicating effects, grown for its many industrial uses. Hemp contains a fiber, a grain, and oil that can be extracted for CBD, which is now being used in food and dietary supplements.The hemp program sets up a licensing structure for farmers who are interested in growing the crop and those interested in processing it. It also allows for universities to grow and cultivate the crop for research purposes. ODA will also be testing CBD and hemp products for safety and accurate labeling to protect Ohio consumers.“Industrial hemp will give Ohio farmers another crop option to help them diversify their farms and possibly find another stream of revenue to offset years of declining commodity prices,” said Adam Sharp, Executive Vice President, Ohio Farm Bureau Federation. “We are pleased that the state legislature passed and Governor DeWine signed SB 57 and we look forward to working with the Ohio Department of Agriculture as the program begins to take shape.”ODA has created a web page to explain the hemp program and gather information from those interested in growing or processing the crop.DeWine signed the bill at the conclusion of the Joint Legislative Agriculture Committee Meeting Ohio House of Representatives Agriculture and Rural Development Committee and the Ohio Senate Agriculture and Natural Resources Committee meeting held at the Ohio State Fair in the Nationwide Donahey Land & Living Building. The bicameral group showcased the work they’ve accomplished and heard testimony on various food and agricultural issues at the event.last_img read more