Falcon Digital Mortgage May Newsletter

Ginnie Mae and Falcon to Host a Webinar

Later this month, Ginnie Mae is expected to reopen its Digital Collateral Program, a project that our consulting group has been very involved in over the last two years. To help Issuers and the eMortgage ecosystem get up to speed on the new program, our company is hosting a joint webinar with Ginnie Mae on Thursday, June 2 at 2pm ET.

Presenters will include Lynne Chandler, Ginnie Mae’s Digital Program Director and Rebecca Perkovich and Tim Renner from Falcon Capital Advisors. The informative one-hour program will cover:

  • Digital Collateral Program overview and requirements
  • Policy changes
  • Ginnie Mae Digital Collateral Program Guide (eGuide) changes How to apply to become an eIssuer
  • FAQs
  • And more

The webinar is open to all Ginnie Mae Issuers, interested lenders and other eMortgage ecosystem stakeholders. Click here to register.

Hope you can join us! – Armando


ICE to Buy Black Knight

Last week, NYSE and Ellie Mae owner ICE announced it will acquire Black Knight in a deal valuing the mortgage-lending software and data analytics firm at $13.1 billion. Now ICE must convince regulators that the acquisition will not harm competition in the mortgage tech solutions market. But top executives at both companies told analysts last week that the businesses are complementary with ICE focusing on origination and Black Knight focusing on servicing and the secondary market. The company doesn’t expect the deal to be completed until the first half of 2023.

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MISMO Starts eVault Standards Development Workgroup

Earlier this year MISMO put out a call for participants to create a set of eVault standards to improve the current process and enhance digital mortgage scalability. Learn more about MISMO’s newest eVault Standards Development Workgroup (DWG) from Tim Renner, Falcon’s Counsel who is co-chair of the group.

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Integration Updates

Vesta, a LOS and SaaS company, and Docutech, a provider of eSign and eClose technology, announced an integration that allows lenders using the Vesta LOS to easily generate document packages and support eSignatures via Docutech’s digital mortgage and eClosing solutions.

SaaS platform paymints.io has integrated with Notarize allowing paymints.io users to see if a transaction is eligible for a digital closing from within the paymints.io platform. Finally, Figure Technologies‘ lien and eNote registry system, DART, announced integrations with Blue Sage and Docutech.

Through the integrations, Blue Sage and Docutech customers will have the ability to register loans with DART simplifying the loan process and allowing for immediate settlement.

 

NotaryCam Surpasses 1 Million RON Transactions

Over the past 10 years, NotaryCam has facilitated more than 1 million transactions for Fortune 500 companies, banks, mortgage lenders, attorneys, settlement agents and more

across the country and around the world. Commenting on the milestone, NotaryCam president and founder Rick Triola said, “Whether it was the first or the one-millionth transaction, NotaryCam has been committed to providing a RON platform that facilitates a smooth mortgage closing experience without any of the limits imposed on traditional closings, and we will continue to bring that commitment to our next million transactions.”

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Bitcoin-Backed Mortgages

Buying a house with Bitcoin as collateral may soon be possible as crypto startups try to crack the $2.6 trillion mortgage market. A start-up called Milo started offering 30-year mortgages backed by cryptocurrencies in March and is working with more than 700 potential borrowers on pre-approvals and has made $5 million to $10 million in loans.

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Have an eMortgage related news item you want to share? Want to make sure you and your team are on our distribution list? Have a question about Falcon’s digital mortgage advisory services? Send us a note at [email protected]

Q&A with Tim Renner, Co-Chair of the MISMO eVault Standards Development Workgroup

What are the MISMO eVault Standards DWG?
• The MISMO eVault Standards DWG is a development workgroup formed by MISMO to create mortgage industry standards for eVaults.

Why are eVault Standards important to the mortgage industry?
• Two primary functions of eVaults are to store electronic records such as eNotes and to send and receive copies of such records, and information about them, to/from other eVaults. Having a single set of standards for the mortgage industry will help to ensure interoperability among different eVault providers and serve as baseline requirements that can be leveraged by investors and other interested parties when evaluating eVaults, as well as by technology providers when developing them.

What are some examples of things that might be addressed by the planned eVault standards?
• The eVault standards are intended to cover the functionality, features, and security aspects of eVaults. One such item planned for consideration by the DWG is a set of rules for the validation of SMART Doc eNotes sent and received between eVaults.

Who is participating in the eVault Standards DWG?
• The DWG is open for participation by all MISMO members. It currently consists of representatives from mortgage lenders, the GSEs, Ginnie Mae, the Federal Home Loan Banks, and technology providers.

How can one participate in the eVault Standards DWG?
• MISMO members can sign up for the DWG via MISMO Connect. It currently meets on the second and fourth Wednesday of each month from 11 am – 12 pm ET. The next meeting is on May 25th.

Falcon Digital Mortgage View

“Leadership is the art of seeing the invisible” – Jonathan Swift

I was thinking of that quote the other day as I was reading about the recent blockchain transaction between Figure Lending and Apollo. To me, the nature of the eNote mortgages on-boarded as unique digital assets and the use of blockchain in their transfer demonstrates that innovation is alive and well in the mortgage industry. This was also the case last Fall when Redwood Trust and Liquid did the first blockchain non-agency RMBS securitization.

Clearly, these leaders have seen and acted on something that the broader market is just beginning to recognize. In fact, the most recent Fannie Mae Mortgage Lender Sentiment Survey® (MLSS) found that only 25% of lenders said they were familiar with blockchain and its possible applications in the mortgage business.

Will blockchain transform the secondary market? Maybe in the long-term. But in the nearer-term, high-visibility deals like this one will make the private-label market more receptive to eNotes. – Armando


Digital Transformation Will Continue Despite Slowdown

Will a slowdown in the mortgage market result in lenders cutting back on tech investments? Not necessarily. Check out Jim Voth’s latest interview with MortgageOrb on why now is not the time to pause a digital transformation.

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People on the Move

Last month was a big month for leadership changes across the industry. Ginnie Mae named Sam Valverde Executive Vice President and Chief Operating Officer and Felecia Rotellini as Senior Advisor and Chief of Staff to the President.

Stavvy appointed Brooke Adams General Counsel and Chief Compliance Officer. Truist announced Dontá L. Wilson will now lead its Retail Community Banking and Marketing activities.

 

ICE Mortgage Creates eClose Ties with 3 POS Platforms

ICE Mortgage Technology has integrated with three leading point of sale vendors — Roostify, Maxwell and Floify — to allow for cross-platform operability for eClosings. Commenting on the integrations, ICE’s SVP of Business and Client Development, Parvesh Sahi said,
“We are making it easy for lenders to adopt automation and start gaining the competitive advantages that come with our eClose solution.”

 

New MERS eRegistry Participants

Last month 4 new members — 2 originators, an investor and an eVault provider — completed their integration with the MERS® eRegistry. The new members include Nova Financial & Investment Corp., Zillow Home Loans, Colorado Housing & Finance Authority and International Document Services, Inc. Congratulations to these innovators for joining the growing list of organizations that can transact eNotes across the mortgage ecosystem!

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eSigning Technology Enhancements

Qualia, a digital real estate closing platform, launched a series of new features and updates to its RON technology. Qualia RON is now available in Texas, Tennessee, Washington, Maryland, Utah and Nevada. Pavaso, a digital real estate closing technology company, has also updated its eSigning experience with new process improvements and an entirely new look and feel

 


Have an eMortgage related news item you want to share? Want to make sure you and your team are on our distribution list? Have a question about Falcon’s digital mortgage advisory services? Send us a note at [email protected]

2021 Year in Review

Take a look back at some of the biggest developments in the digital mortgage space in 2021.