The labor market remains under stress, as evidenced by yesterday’s initial claims report from the Labor Department, which showed claims rising for the second straight week to its highest level since August.
Category: News and Trends
MISMO Approves Reference Model 3.4
MISMO®, the mortgage industry’s standards organization, today announced that its widely adopted MISMO 3.4 Reference Model has been upgraded to “Recommendation” status. This status is the highest possible maturity level that can be bestowed on a MISMO standard.
Rachael Sokolowski and Rick Triola: Impediments to Interstate Commerce Eliminated by Passage of The Secure Notarization Act
What ever happened to Senate Bill 3533, the Securing and Enabling Commerce Using Remote and Electronic Notarization Act of 2020 (the “SECURE Act”), bipartisan legislation to authorize and establish minimum standards for electronic and remote notarizations (RON), which was introduced in mid-March? We assert that this question would be on more lips and in more headlines had not nearly every state in the Union either adopted its own version of the law or enacted pandemic-necessitated workarounds.
Quote
“There is growing concern that absent a slowdown in the number of coronavirus cases and another round of much-needed federal aid, millions of renters in the coming months face the prospects of falling further behind.”
–Gary V. Engelhardt, Professor of Economics in the Maxwell School of Citizenship and Public Affairs at Syracuse University and co-author of a Research for Housing Institute America study on financial distress during the coronavirus pandemic.
Industry Briefs Oct. 16, 2020
FormFree, Athens, Ga., has been granted Patent Number 10,769,723 for its proprietary ‘Systems and Methods for Electronic Account Certification and Enhanced Credit Reporting’ by the United States Patent and Trademark Office.
MBA: September New Home Purchase Mortgage Applications Down 5% from August; Up 38.2 Percent from Year Ago
The Mortgage Bankers Association’s Builder Applications Survey data for September shows mortgage applications for new home purchases increased by 38.2 percent from a year ago, unadjusted, but fell by 5 percent from August.
Brian Zitin: Foreshadowing Future Appraisal Bottlenecks During Covid-19
Lenders are seeing record-breaking volume month over month, and it doesn’t seem to be slowing down. One thing that has slowed down across the industry, however, is appraisal turn times. As the volume of loans requiring appraisals goes up, the number of appraisers seems to be going in the opposite direction.
Women in Leadership: An Interview with Cristy Ward of Mortgage Connect
Cristy and I sat down on October 13th and discussed the current state of the market and the trends we are observing in default management servicing.
Sponsored Content from Nomis Solutions: What Are Mortgage Shoppers Looking for in 2020 and Beyond?
We focused on the importance of pricing along the customer journey: during the hunt for a loan, when comparing lenders before completing an application, and (given the ease of comparing prices online these days) whether consumers continue to shop once their application is underway. From this, we identified five insights that will guide lenders as they evolve and enhance their pricing capabilities.
Sponsored Content from Pavaso: Data Privacy and Working with eClosing Service Providers
With eClosings on the rise and remote online eClosings in demand during the COVID-19 pandemic, many lenders and settlement providers are eager to extend these services to their customers. There are many important factors to consider when selecting an eClosing technology service provider.