Industry Briefs Aug. 1, 2022
ACES Quality Management Updates Reporting Library to Incorporate Fannie Mae Recent Guidance
ACES Quality Management, Denver, enhanced its reporting library within its flagship audit platform ACES Quality Management & Control software to help align with recent mortgage quality control reporting recommendations issued by Fannie Mae.
In addition to adding these reporting capabilities to the ACES platform, the ACES reporting team is working on additional reporting functionality to support the Fannie Mae QC Calibrations.
Down Payment Resource releases Q2 2022 Homeownership Program Index
Down Payment Resource, Atlanta, announced findings from its latest Homeownership Program Index. The firm’s analysis of 2,273 homebuyer assistance programs in its Down Payment Resource database revealed that the net number of homebuyer assistance programs increased by 1.6% from Q1 to Q2 2022. This marks the third consecutive quarter the number of homebuyer assistance programs has grown.
The Q2 2022 HPI examined 2,273 homebuyer assistance programs that were active as of July 5. Key findings included:
— The net number of homebuyer assistance programs increased. The number of programs increased by 35 Q2 2022. Among them were five nationwide or multi-state programs and 12 statewide programs. Assistance for first mortgages, combined down payment and closing cost support, community second mortgages and deed restriction programs were also added.
— Support for manufactured homes increased again. For the third consecutive quarter the number of programs that support manufactured home purchases have increased. 625 programs now support manufactured home loans, up from 594 in Q1 2022.
— Programs offering veteran exemptions grew. The number of programs that waive first-time homebuyer requirements for veterans increased from 176 to 184 (4.5%) this quarter.
OSB Community Bank Adopts Nexus Closing by SimpleNexus to Support Hybrid Closings
SimpleNexus, Lehi, Utah, said OSB Community Bank implemented SimpleNexus’ Nexus Closing to facilitate hybrid closings. The bank will leverage Nexus Closing alongside Nexus Engagement and Nexus Origination–tools the bank has used for six years–to facilitate a ‘from anywhere’ borrower experience from application to closing.
Nexus Origination is a point of sale platform that enables borrowers to fill out loan applications, eSign documents, check loan status updates and pay mortgage-related charges through a feature called Nexus Pay. Nexus Closing supports all types of mortgage closings, from traditional to hybrid to full eClosings. The SimpleNexus suite can be accessed by borrowers, lenders and other authorized stakeholders from anywhere through a single, sign-on portal.
