Industry Briefs Oct. 1, 2021: SimpleNexus Integrates with DocMagic

SimpleNexus Integrates with DocMagic eVault, eNote Technologies

SimpleNexus, Lehi, Utah, integrated its Nexus Closing eMortgage platform with DocMagic’s eVault and eNote technologies. The integration enables automated generation of an eNote with a tamper-evident seal and delivers the eNote to a secure eVault for delivery to the MERS® eRegistry.

Nexus Closing provides borrowers a modern closing experience as part of an end-to-end, single-sign-on homebuying experience that increases repeat and referral business. In addition to integrating DocMagic’s eVault technology, Nexus Closing comes with integrated remote online notarization and eSigning. It has been certified to meet both Fannie Mae and Freddie Mac’s technical requirements for eClosing, eNote and eVault functionality and is compatible with the GSEs’ respective eNote delivery systems.

Zventus Launches Blockchain Lab

Zventus, Los Angeles, launched a blockchain lab for the financial services industry, specifically focused on the mortgage sector.

As an extension of the company’s global consulting, customized staffing solutions, technology, and outsourcing services, Zventus’ new Mortgage Blockchain Lab will focus on developing new products, services, and platforms to enhance the loan process. Zventus developed the lab in partnership with several academic, technology and training partners, enabling the company to target creation of 1,000 new blockchain technology jobs by 2024.

Black Knight: Forbearance Plans Fall by 18,000

Black Knight, Jacksonville, Fla., said active forbearance plans fell by 18,000 (-1.4%) last week, leaving 1.58 million. homeowners in COVID-19 forbearance as of September 14.

Declines of 11,000 and 10,000 among FHA/VA and GSE loans respectively were partially offset by a 3,000 rise in private-label securities/portfolio plans. Overall, forbearances are now down 182,000 (-10%) from the same time last month, with the strongest decline (-13%) seen among GSE plans.

The population of mortgage holders in COVID-19 related forbearance plans represents 3% of all active mortgages, including 1.7% of GSE, 5.2% of FHA/VA and 3.8% of portfolio held and privately securitized loans.

FHA Adds COVID-19 Forbearance Relief Options

The Federal Housing Administration on Sept. 27 announced new and extended COVID-19 relief options for borrowers recently or newly struggling to make their mortgage payments because of the pandemic and for senior homeowners with Home Equity Conversion Mortgages who need assistance to remain in their homes.

FHA made the following changes:

–A new COVID-19 Forbearance or HECM Extension period for borrowers who may be newly affected by the pandemic. FHA is now providing up to six months of COVID-19 forbearance for borrowers requesting an initial COVID-19 Forbearance or HECM Extension from their mortgage servicer between October 1, and the end of the COVID-19 National Emergency, and an additional six months if the COVID-19 Forbearance or HECM Extension is exhausted and expires before the end of the COVID-19 National Emergency.

–An additional COVID-19 Forbearance or HECM Extension period for borrowers recently seeking assistance. FHA is now providing up to six months of additional forbearance for borrowers who requested or will request an initial COVID-19 Forbearance or HECM Extension from their mortgage servicer between July 1 and September 30, allowing these borrowers up to a maximum of 12 months of COVID-19 Forbearance or HECM Extension.

Plaza Home Mortgage Relaunches Non-QM Program

Plaza Home Mortgage Inc., San Diego, reactivated its Solutions Non-QM program, offering loan amounts up to $3.5 million.

Known as Solutions Non-QM, the program is available through Plaza’s Wholesale channel and will be supported by a dedicated “Scenario Desk” and Non-QM Underwriting team. Initial offerings include 12- and 24-month bank statement loans, expanded standard documentation eligibility, and additional flexible documentation types to provide financing solutions to more borrowers.

The Sless Group Named PRMI’s Dedicated Reverse Mortgage Center

Primary Residential Mortgage Inc. designated The Steven J. Sless Group of Primary Residential Mortgage Inc, Owings Mills, Md., as its dedicated reverse mortgage center.

The Sless Group now provides hands-on support throughout the entire reverse loan process to PRMI’s branch partners nationwide. Through a dedicated online platform, the team coordinates all aspects of PRMI’s reverse mortgage operations including sales management, loan support, technology and investor relations. PRMI branch partners can log on to request help with a reverse mortgage loan, process their reverse mortgage loan or refer a reverse mortgage loan to The Sless Group. Along with having a pre-underwriting review on every loan, they are assigned a dedicated loan coordinator to get their file to the closing table quickly. They also receive regular communication about where the loan stands through every step of the processing journey and can opt for clients to receive automated status notifications as well.

Equifax Partners with NAMMBA to Assist Underserved Communities

Equifax Inc., Atlanta, announced a partnership with the National Association of Minority Mortgage Brokers of America (NAMMBA) to help support its efforts to assist underserved communities and their housing needs.

Through this partnership, Equifax will work to expand access to credit to underserved and marginalized borrowers while also working to deliver differentiated data to align with Environmental, Social and Governance (ESG) and Diversity, Equity and Inclusion (DEI) initiatives.