MBA’s annual convention is the largest and most content-packed mortgage industry conferences of the year. This year’s event in Austin, Texas, was no exception.
For those of you who may have missed the conference, key themes were eClosing and the increasing the acceptance of eNotes, economic trends and secondary market issues.
October saw several national and state rules and revisions announced, many of which go into effect in early 2020. In addition to an update to Regulation Z, Fannie Mae continued to provide minor updates to the URLA. However, lenders still do not have a timeframe for implementing the new applications and forms. In addition, California confirmed the details of its privacy law, which goes into effect in January. This law could impact some loan documents, so see below for additional details.
Earlier this week, Docutech announced an integration with NotaryCam that will enable borrowers to execute a complete RON eClosing ceremony in Docutech’s Solex eClosing platform by remotely connecting to the other parties (the eNotary, the closing agent, an attorney, etc.) via NotaryCam’s virtual audio/video connections.
We sat down with Rick Triola, Founder and CEO of NotaryCam, to spotlight their mission in creating a more widely accepted and regulated RON process, the future of the industry and the benefits of adopting a RON solution.
We recently hosted an eClosing for Investors webinar to help bring clarity to the subject of mortgage eClosings. Docutech EVP of eStrategies Harry Gardner was joined by experts from Fannie Mae, MERS and Simplifile to discuss the foundations of eClosing, the state of the industry today, investor eClose requirements and how investors can get started. If you missed the live webinar, we encourage you to watch it at your convenience.
September was a relatively quiet month from a rulemaking perspective. Only one state made changes to its regulations during the month that went beyond document changes. We saw nothing new from government agencies or investors.
We did make a few changes to our document library in September. Details are below. Remember that you will always be up to date, up to the minute, by following the posts in our compliance blog.
Remote Online Notarization, or RON, is one of the most exciting developments in the eClosing world in recent years. There are a few common misconceptions surrounding RON, and depending on who you talk to, it might be the greatest thing since sliced bread, or a flash in the pan that will never really catch on. Here we will explain the latest developments, the pros and cons, and the current reality of RON eClosings.
Leading into the upcoming Digital Mortgage Conference, positive momentum in the mortgage industry is helping to fuel increased excitement and investment in platforms aimed at making a true end-to-end digital mortgage a reality. Thanks in part to lowered interest rates driving heightened consumer demand coupled with improved operational efficiency, lenders are optimistic about profit margins, with 53% of those recently surveyed expecting an increase.
We sat down with Tom Gallucci, the Vice President of Business Development for The Mortgage Collaborative, to spotlight their mission and the services they offer in this collaborative group. Docutech is the collaborative’s exclusive doc services provider offering members preferred pricing to the ConformX dynamic doc gen engine as well as the Solex eSignature and eClosing platform.
August saw several changes handed down by various government agencies and investors, along with new state-mandated document changes. The details are here in our monthly compliance update blog post. For updates as they are published, subscribe to our compliance blog.
