Lenders of all sizes are struggling with being prepared for URLA due to a lack of resources and expertise. In some cases lenders just need someone to come alongside their internal team to get this across the finish line. Technology can help.
For example, Awesome Technologies has launched the URLA and ULAD Business Resources Uniform Mortgage Data Program. The goal of the program is to implement standard datasets that make it easier for the industry to exchange information with Freddie Mac and Fannie Mae and to share data among various stakeholders within the industry.
Awesome Technologies doesn’t offer a “canned” URLA solution. They assess each company’s existing operational environment and both patch what needs to be addressed while suggesting improvements going forward. Awesome Technologies provides an URLA readiness checklist; and discovery call.
If the lenders engages further with Awesome Technologies their plug-in reads the lender’s Encompass objects and identifies which objects system needs changes. Their BA makes those changes and then their BA test all the possible scenarios and hands everything over to the client for testing. From there, if the UAT is successful then the move to production happens, which would mean the client is ready for URLA.