A proposed FHA administrative fee as high as 4 basis points to fund quality assurance enforcement and technology upgrades also went down in flames.

But is DocMagic president and CEO Dominic Iannitti done buying? Stay tuned…

The FHA and Ginnie Mae will share in the record-setting $16.7 billion settlement between Bank of America, the Department of Justice and certain other federal agencies and six states to resolve claims related to mortgage fraud and toxic mortgage-backed securities. The FHA will receive approximately $800 million and an undisclosed amount for consumer relief from BofA. The bank was accused of falsely certifying poorly underwritten loans for FHA insurance, resulting in huge losses for the agency. It is unclear how much Ginnie Mae’s share would be from the settlement. “As a direct endorser of FHA-insured loans, Bank of America performs a critical role in home lending,” said U.S. Attorney Loretta Lynch for the Eastern District of New York during the announcement of the global settlement in August. “In obtaining a payment of $800 million and sweeping relief for troubled homeowners, we have not ...

Banks are lagging behind consumer expectations when it comes to digital technologies, especially as far as younger, more elusive borrowers are concerned. But for those institutions that get with the program, they can boost their market share and their bottom line, a new study from Cisco Consulting Services suggests. For mortgage lenders, making an obvious move in a digital direction, such as offering a remote “video mortgage,” could increase profits by as much as $134 million for a financial institution with $10 billion in annual revenue, according to the study. There appears to be strong market interest in such services. Fifty-four percent of U.S. respondents surveyed were interested in the mortgage advisor concept, and 42 percent would likely choose a ...

A recent independent survey commissioned by Discover Home Loans found that most homebuyers believe online technology improves their search and purchasing ability. According to the results, 89 percent of homebuyers used some form of online technology to help them with the home purchase process. Almost half of all homebuyers, 47 percent, said technology saved them money while 92 percent said it saved them time. Specifically, 83 percent of the group looked at real estate listings or applications like Trulia or Zillow, while 72 percent used online maps or map apps to explore potential neighborhoods. Approximately 55 percent researched a neighborhood using local websites. The majority of respondents, 90 percent, said using technology was a “positive experience.” Two-thirds of this group ...

The Mortgage Industry Standards Maintenance Organization recently released version 3.3.1 of its residential reference model for public comment. This version of the standard includes data points and structures related to a number of recent regulatory and reporting requirements and additions in the areas of mortgage insurance coverage and conditions, title, payoff and property valuation. “Version 3.3.1 of the MISMO Reference Model and Logical Data Dictionary are the direct result of MISMO contributors from across the industry collaborating to solve business problems and develop the standards needed to meet industry needs in today’s rapidly changing regulatory and compliance environment,” said Mike Fratantoni, president of MISMO and chief economist for the Mortgage Bankers Association. In addition to the LDD, XML schema and ...

What exactly is Owners.com? Launched in 1996, it’s supposedly the largest directory of homes for sale by owners. In other words, they don’t use traditional Realtors…

However, the technology initiative will not be a slam dunk. Real estate laws vary from state to state, which can present a high hurdle for large national lenders to clear.

In 2015, the team at the GSE common securitization platform will focus on implementation of the remaining software components...

By 2030, artificial intelligence will have transformed businesses and the work that people do to the extent that certain jobs, such as real estate agents, will become extinct, according to a new report from realty consulting firm CBRE and property developer Genesis. The ideas, trends and behaviors that will shape work and the workplace in 2030 are already noticeable today, said the report. When that time comes, “where we work and live will be diverse and intertwined,” it said. The report was based on interviews with 220 experts, business leaders and young people in Asia, Europe and North America on how these observed trends will impact business and evolve work practices and the workplace. The report predicts that process work, ...