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.
Summertime is a relatively slow time for lawmakers, and with most state governments in recess, we didn’t see any compliance-related changes coming out of the state houses in July. However, July was a surprisingly busy on the federal and investor compliance front. From changes at the GSEs to IRS and Social Security updates, lenders will need to account for new processes.
For the past three years, Fannie Mae and Freddie Mac have been working together to create a uniform loan application for residential mortgage originators that will give them the data they need in a manner that’s easier for them to process. The effort was the first attempt by the GSEs to alter the standard mortgage loan application in 20 years.
Docutech is extremely proud to announce that our President and CEO, Amy Brandt, was recently honored by HousingWire as an honoree in the publication’s ninth annual Women of Influence listing, as well as PROGRESS in Lending’s inaugural Most Powerful Women in FinTech award. Brandt was recognized by both publications for her more than 20 years of dedicated leadership and proven success within the mortgage, software, technology and financial services industries.
The Spring homebuying reports are in, and there are some very positive signs for lenders. And, based on this recent news from the Fed, things are likely to get even better soon.
According to the most recent Origination Insight Report from Ellie Mae, more of the loan applications lenders are taking are making it all the way to the closing table. According to the report, the closing rate hit its highest level since Ellie began publishing the report in 2012, rising to 75.6%. It increased from 70.2% year-over-year and 74.8% from April.
So far, 2019 has appeared to be quiet when it comes to new mortgage compliance initiatives. However, lenders should closely watch the trends related to consumer privacy and cybersecurity.
After tracking trends rising from the GDPR laws in Europe, along with new state laws, investor changes and new federal agency rules, we believe these two issues will drive the next wave of regulatory changes at the federal level.
In today’s lending market, eClosing is the fundamental component to providing a true digital mortgage. Now, with the availability of integrated eClosing solutions, combined with the growing investor acceptance of eNotes, Lenders are making the investment in eClosing platforms to deliver a truly optimized and convenient mortgage experience.
June saw a number of changes handed down by various government agencies, investors and one state government, some of which may result in changes to our system or document library. The details are here in our monthly compliance update blog post. To stay up to the minute, you can always find compliance information on our compliance blog.
We saw several states completing the lawmaking process in May, which may result in some changes to our system or document library. The details are here in our monthly compliance update blog post. You can always find up-to-the-minute compliance information on our compliance blog. Subscribe to the blog to be among the first to learn about all the industry’s most important compliance news.
