The House passed the SECURE Notarization Act, which would allow for remote online notarization and set minimum standards. It would also allow for interstate notarizations.
Ohio recently became one of 20 states to have some form of legislation or regulation providing remote work opportunities for licensed mortgage loan originators.
Usage of Freddie Mac’s Loan Prospector is largely confined to mortgages that will be delivered to the GSEs while usage of Fannie Mae’s Desktop Underwriter is more widespread in the mortgage market.
Higher interest rates didn’t have much of an impact on home price appreciation in March; Freddie Mac launched new automated underwriting capabilities; Fitch shifts its outlook for ratings of Finance of America Companies to negative; MISMO remains busy.
A Fannie Mae survey of lenders found almost all hope the appraisal process will enter the 21st Century, but most would first invest in digital loan application systems or e-mortgages.
The metaverse financing space is heating up, with major platforms handling hundreds of millions of dollars in “land” transactions last year. Whether mortgage companies should stick a toe in the water is an open question with plenty of risks and potential rewards.
CRA proposal would expand assessment areas for large banks; ICE to acquire Black Knight; Ishbia vows no layoffs at United Wholesale Mortgage; UWM competing on price; MBA concerned about kleptocrat legislation; Fairway unit offering NFTs of individual homes.
Mortgage industry stakeholders underscore how alternative data could help ensure equitable credit provision. Machine learning is key to identifying how alt data affects credit but also carries possible additional biases, they said.
Purchase-mortgage lending expected to increase; tips on remaining profitable amid rising interest rates; Texas Capital Bank slashes projections for warehouse lending; mixed trends for closing costs; Optimal Blue offers benchmark pricing tool for third-party originations; Comcast venture group invests in Neat Capital; MISMO’s e-Eligibility Exchange.
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