“We’ve been in the business for 20 years, and so we’re running these metrics and looking at loan file completeness, loan file quality, and have been tracking that for year over year,” Parker said. “Despite the level of talk about automation, we’re really not seeing improved data quality on loan files in 2025 over what we saw in 2015, and it’s really a bit astounding.
Parker said one of the reasons there continue to be issues is that files are passed through so many different companies along the way.
“In the mortgage industry, there are a number of different intermediaries, from brokers to wholesale investors, lenders to aggregators, and even servicers to servicers, where everybody’s checking the checkers,” he said. “You throw in diligence companies on top of this, PMI companies, investors, all doing diligence on loans. There’s just a lot of checking the checkers, and we really see being able to match up the evidence with the data, and make that portable and trusted.”
That’s one of the things LoanLogics is trying to do to help the industry. The hope is that by creating a system where companies along a loan file’s journey can easily check evidence without introducing the possibility of errors.
“When you look at how we treat the contents, it’s not a lot different than how it was done 10, 15, 20, 30, 40 years ago,” Parker said. “At LoanLogics, we see new ways of doing things, where you keep the evidence together with the data that comes from that evidence, and you make it accessible to any entity that wants to review it as part of what they do.”