By the middle of the decade, digital mortgages will be the rule, not the exception. While the mortgage industry has been moving this way for more than a decade, the past year accelerated the evolution, and 2021 is poised to push lenders and consumers even further towards a fully digital mortgage.
A number of changes were identified by our compliance experts during the month of February, as detailed below. Remember that you will always be up to date, up to the minute, by following the posts in our compliance blog.
Customer expectation drives customer satisfaction. A customer at McDonald’s is generally satisfied when they receive their order quickly with a fresh tasting hamburger or fries. If that same customer goes to a high-end steak house, just getting a passable meal quickly is not enough. The expectation is now for perfect service, high quality steak and a memorable setting.
Remote online notarization is helping people plan for their future, buy homes from their couch, and replace lost or stolen passports in a fraction of the time. Connecting with a notary via your phone or computer has not only made the notarization process easier, but more accessible. Its adoption is one of the fastest enactments of public policy in our country’s history, shaping how technology can better support life’s biggest moments.
As we recap the document and compliance updates that occurred in January, we start with a reminder regarding the imminent change to the industry’s most used mortgage application document. If you have yet to begin your work in preparation for the new Uniform Residential Loan Application (URLA), now is the time and we’re here to help.
2020 is a year that most of us would like to put behind us and forget, but as time passes, we may be able to reflect and see valuable lessons may have been learned during such a strange year. Nobody could have predicted a global pandemic, stay at home orders, social distancing, remote work, numerous Zoom meetings, and record levels of Netflix binging.
As 2020 came to an end, states and lenders were adjusting many loan documents to reflect end of year changes in the industry. These changes are incorporated into ConformX, to ensure that your documents are in compliance with state, federal and investor requirements.
As election season comes to a close, we saw the regulatory landscape and compliance landscape prepare for shifts and updates. Many states modified laws, which then required additional document changes on the First American Docutech front. These changes are automatically incorporated into ConformX, to ensure that your documents are in compliance with state, federal and investor requirements.
The industry saw very little new investor compliance activity in October. Regulator activity was likewise muted, perhaps due to the runup to the presidential election. The only activity from any government agency came from the IRS, who finally published their long-awaited new 4506-C form.
