More than 68% of loan defects reported in 2016 were related to the TILA-RESPA Integrated Disclosures (TRID) rule, data from mortgage software firm ACES Risk Management (ARMCO) shows. The firm’s Mortgage QC Industry Trends Report for the fourth quarter of [Read More]
DocMagic‘s mortgage document management technology is now integrated with BeSmartee‘s mortgage automation platform. Via this integration, DocMagic and BeSmartee are enabling borrowers to complete a loan application and receive disclosures in a matter of minutes, rather than the days or [Read More]
The House Financial Services Committee on Thursday passed the Financial CHOICE Act, a sweeping piece of GOP-backed legislation that would, if approved, gut major portions of the Dodd-Frank Act and significantly limit the power of the Consumer Financial Protection Bureau [Read More]
As mortgage lenders increasingly adopt e-mortgage and compliance solutions, DocMagic Inc., a provider of loan document preparation, regulatory compliance and comprehensive e-mortgage services, says it saw a 42% increase in revenue for 2016. The company credits its growth to the [Read More]
PERSON OF THE WEEK: Bob Jennings is CEO of ClosingCorp, a provider of residential real estate closing cost data and technology. MortgageOrb recently interviewed Jennings to learn more about where mortgage compliance is headed in 2017 and how automation is [Read More]
A study conducted by mortgage process outsourcing firm MetaSource finds that 12 of the top 15 quality control (QC) issues mortgage lenders faced in 2016 were related to the Consumer Financial Protection Bureau’s (CFPB) TILA-RESPA Integrated Disclosures (TRID) rule. In [Read More]
CoreLogic has introduced Property Tax Estimator, an automated solution designed to improve the accuracy of loan estimates (LEs) in the origination process. The solution is particularly effective in estimating taxes for new construction loans and in areas of the country [Read More]
PERSON OF THE WEEK: When it comes to the potential for regulatory rollback under the Trump administration, there are myriad possibilities. But, should the administration succeed in rolling back some or all of the onerous mortgage regulations put in place [Read More]
Purchase volume increased to 54% of all closed loans in December – up from 53% in November – as refinances fell to 46% of closed loans in the month, which is down from 47% the month prior, due mainly to [Read More]
PERSON OF THE WEEK: For nearly 33 years, Dallas-based Financial Industry Computer Systems Inc. (FICS) has been providing flexible, comprehensive residential and commercial technology solutions to the mortgage industry. This includes Loan Producer, a loan origination system (LOS) that can [Read More]
Whether it was dealing with complex new regulations, such as the TILA-RESPA Integrated Disclosures rule, or preparing for upcoming rules, including new reporting requirements under the Home Mortgage Disclosure Act, mortgage lenders were exceptionally busy dealing with compliance-related issues in [Read More]
BLOG VIEW: What’s at the heart of the mortgage industry? Some might argue it is underwriting, or compliance, or the secondary market, or the performance of loans. And although all of those are important areas, none of those facets of [Read More]
PERSON OF THE WEEK: Jim Micali is chief operating officer for LERETA, a provider of tax reporting solutions and data to the mortgage servicing industry. MortgageOrb recently interviewed Micali to get his view on whether the recent increase in mortgage [Read More]
The type of risk that lenders face today has changed compared with even just a few years ago.
Corporate Settlement Solutions (CSS), a title and settlement services company, is now using DocMagic’s Total eClose solution, which unites e-note, e-signature, e-notary, MERS e-registration, e-delivery and e-vault services to provide a highly efficient, paperless end-to-end e-closing. With Total eClose, CSS [Read More]
Visionet Systems Inc. reports that it has built a software application that converts the data contained in any closing disclosure to the Uniform Closing Dataset (UCD) standard developed by Fannie Mae and Freddie Mac. This is the first complete end-to-end [Read More]
ClosingCorp, a provider of residential real estate closing cost data and technology for the mortgage and real estate services industries, reports that it now offers a selection of packages for small to midsize lenders. These packages provide reduced rates to [Read More]
A new report from ARMCO, ACES Risk Management shows that the TRID rule significantly boosted the number of loan defects in the first quarter.
PERSON OF THE WEEK: Sanjeev Malaney is founder and CEO of Capsilon Corp., a provider of document and data management solutions that enable mortgage lenders, investors and servicers to increase productivity and lower costs while ensuring compliance.
“I know there will be continued pressure on the CFPB to address the issues of secondary market liability and additional cure mechanisms.” ~Michael Cremata