By Michael Bell and Elliot Liss | HousingWire
The mortgage transaction involves many moving parts. A typical residential purchase home loan can be touched by five, 10 or even more separate service providers before the loan closes and the deed is recorded. Too often, redundant processes or poor communication lead to delay, unnecessary cost and even error. That’s the way it has been for decades, unfortunately.
The past few years, however, bear witness to a push — whether intentional or not — toward better collaboration in the name of the consumer. TRID, Dodd Frank and the CFPB’s enforcement actions are well-known examples of regulation driving mortgage-related businesses to collaborate more harmoniously.
