HousingWire Article: CEO Armando Falcon on the FHFA’s move toward crypto mortgages

Press Categories: News

HousingWire Article: CEO Armando Falcon on the FHFA’s move toward crypto mortgages

It’s been just over a week since Federal Housing Finance Agency (FHFA) Director Bill Pulte directed Fannie Mae and Freddie Mac to start preparing for the use of cryptocurrency in single-family mortgages.

With limited guidance beyond the FHFA’s directive, mortgage originators and industry experts are working to assess how cryptocurrency could be applied to mortgages. They’re evaluating potential use cases, volatility risks, collateral pricing and implications for the underwriting process.

Among these experts is Armando Falcon, chairman and CEO of Falcon Capital Advisors and the former director of the Office of Federal Housing Enterprise Oversight (OFHEO), now known as the FHFA.

Falcon sat down with HousingWire to offer his perspective as a predecessor of Pulte’s and to showcase Falcon Capital Advisors’ new digital asset practice that advises mortgage lenders on how to safely incorporate crypto and other digital currencies into their businesses.

This interview has been edited for length and clarity.

Sarah Wolak: Can you tell me about your background as a regulator for the government-sponsored enterprises (GSEs) and what you do today?

Armando Falcon: I left the government about 20 years ago. I went into the consulting business with another group of people and eventually set up my own firm. And so for the past 17 years or so, I’ve been building a management consulting firm focused on not just the mortgage market, but also credit markets and capital markets.

I think we built up a nice niche business of providing basic management consulting services, and we try to be on the leading edge of developments in the mortgage market. Several years ago, I saw that there was a growing movement in the eNote initiative. So I formed an E-note digital mortgage practice group within the firm, and I’ve now got a team of people there who focus on that.

Whenever we see the markets moving in a certain direction, we try to align with where the market’s going and help clients take advantage of new opportunities, as the mortgage market is always evolving. And that sort of leads into the whole cryptocurrency world.

Wolak: Can you tell me about your latest division, Digital Assets Advisors?

Falcon: We’ve been watching what’s going on with the digital currencies world. We view digital assets, as a lot of people say, as crypto — and that refers to digital currencies generally — but the whole digital space is more than crypto.

It’s also various types of assets, like NFTs, and so this practice group, once the Trump administration decided they wanted to bring some regulatory structure around the digital currency world — and, more broadly, digital assets — we thought that if this market’s going to start to develop within a well-established regulatory framework, then our clients and new clients may need some help.

Our first webinar is in a few weeks, and that will focus primarily on the emerging role of crypto in housing finance.

Wolak: Can you share some of the developments you’ll be discussing, specifically about Fannie’s and Freddie’s directive to prepare for crypto?

Falcon: Director Pulte instructed the GSEs to reconsider how crypto is utilized or not utilized in the underwriting process. And so we’ll talk about some of the implications of that as it moves forward, and what potential originators and servicers and investors have to be thinking about as that begins to get implemented.

Wolak: What are some of the things that they have to be mindful of?

Falcon: We have to think about what the risk appetite is. Do they do they have the risk appetite and the proper risk management practices internally to originate mortgages in the way that the agency is going to permit crypto to be utilized in the underwriting process?

They will, like anything else, be able to decide if they want to engage in that type of mortgage origination or not. They’ll have to consider what the competitive advantages and disadvantages are if they don’t get involved.

So the next step is to make sure that they have a full compliance regime, the right risk management practices, the right amount of policies and procedures, training for all of their personnel, and make sure their whole investor network is aligned with the origination of these types of mortgages.

Wolak: What about the hurdles for the GSEs when developing the framework to accept crypto?

Falcon: They have to make sure that it’s done in a very safe and sound manner. The last thing they want to do is to authorize something that creates unintended consequences.

It’s one thing to say crypto will be allowed in the underwriting process for getting a mortgage. It’s another thing to ask, well, what kind of crypto? There are many types of cryptocurrencies out there, besides just Bitcoin. Does the crypto have to have a certain amount of market volume so it is very liquid?

Does it have to be traded on an exchange so that it’s freely bought and sold and converted into cash, if need be? All these things have to get figured out to make sure it’s not the wild west, right?

Wolak: Based on your experience, what do you think it will take for Fannie and Freddie to safely and accurately integrate crypto into risk models as they move forward in this process?

Falcon: I think one good step would maybe to do this as a pilot program, rather than wide-scale permission to transact. It would make sense to start with just the pilot program, so the originators, some participants in the pilot program on the origination side, can do some transactions. They can figure out if there are any hidden risks that they didn’t anticipate or problems with the transaction itself.

Same thing for the regulator — they can assess the transaction and see how it went, and decide if risk management and internal controls were adequate.

Wolak: How are you perceiving the FHFA’s directive?

Falcon: I look at this as just part of the continual evolution of the mortgage market. You know, before, I mentioned eNotes. Who would have ever guessed we would have paperless mortgages? There were a lot of hurdles to get to this point where eNotes are now accepted by investors and by originators.

ITIN mortgages are now also very well accepted in the industry, and investors put money into them. Maybe crypto will end up being treated just like a form of currency.

So that’s certainly something that the underwriting process can handle and that investors can figure out. Are there any differences in those mortgages from any other kind of traditional mortgage? I think the industry’s very capable of figuring this out.

Published on Housing Wire July 3, 2025 by 

Research from Snapdocs and Falcon Capital Advisors Finds Digital Closings Create Up to 10 Bps Pricing Advantage for Lenders

Media Contact
Sam Garcia, Publicist
Strategic Vantage Marketing and Public Relations
214.762.4457 | [email protected]

Business Contact
Laura Mighdoll, Business Contact
Snapdocs
[email protected]

SAN FRANCISCO–(BUSINESS WIRE)—Snapdocs, the mortgage industry’s leading digital closing provider, today announced new research conducted in partnership with Falcon Capital Advisors, revealing that eClosing technology enables lenders to achieve a pricing gain of up to 10 basis points1 by accelerating loan delivery to the secondary and capital markets. The study highlighted that lenders using the Snapdocs platform delivered loans an average of five days faster, securing this pricing gain for loans delivered into an earlier month’s mortgage-backed security. This research also validated that lenders see a portfolio benefit of $115–$2832 per loan when digital closings are adopted at scale.

“Our research shows that eClosing technology is a game-changer for lenders in optimizing their secondary market strategies,” said Armando Falcon, Chairman and CEO of Falcon Capital Advisors. “Quantifying the value of faster loan delivery enables lenders to accurately assess the true return on digitization, whether evaluating new technology investments or measuring the impact of their current solutions.”

While pricing gains emerged as an added advantage for lenders selling to secondary markets, it is just one of eight key factors that research participants said contribute to the average $115-$283 benefits per loan with eClosing technology. Other cost-saving drivers include closing and funding process efficiencies, fewer errors, automated quality control and document management, lower shipping and custodian expenses, elimination of lost and damaged notes, savings from delayed investor delivery, and reduced warehouse line spend. These savings increase with the level of loan digitization—from wet-ink signatures to hybrid closings, hybrid closings with eNote, and fully digital remote online notarization (RON).

“Increasing our hybrid and eNote adoption has accelerated delivery to our warehouse partners and investors by eliminating signing errors and streamlining the process for our post-closing team,” said Eric McCall, VP, First Home Mortgage. “We’re now able to deliver loans faster, which has led to savings for our bottom line. Snapdocs has been an indispensable partner in our transition from paper to electronic closings.”

Snapdocs engaged Falcon Capital Advisors to conduct this study to address a critical gap in the industry’s understanding of the tangible value eClosing technology offers lenders. While digital closings are widely acknowledged as an innovative step, few studies quantify the specific financial advantages for lenders. This research is a powerful tool for lenders to make informed decisions about technology investments that drive real business improvement.

“When adopting new technology, we always advise lenders to establish benchmarks, track performance, and hold vendors accountable,” said Michael Sachdev, CEO of Snapdocs. “Our research with Falcon Capital confirms that investing in eClose technology not only drives efficiency and is a step toward modernization, but also unlocks significant financial gains for lenders. By shortening the time from closing to investor delivery, lenders gain flexibility and secure better pricing, creating measurable savings and a distinct competitive edge.”

A full report of the research findings is available at Snapdocs.com.

1, 2 The ROI of Digital Closings, 2024 Edition | page 5 and 6, page 7 respectively

###

About the Research

To conduct this study, Snapdocs collaborated with Falcon Capital Advisors, the industry-leading advisory firm providing strategic advice and technical expertise to financial institutions and government agencies. The study involved in-depth interviews and surveys between June and August 2024 with over 25 industry participants, including both Snapdocs customers and non-Snapdocs customers, to assess changes in key metrics after implementing digital closings. Participants represented a diverse range of business sizes and models, encompassing loan originators, secondary and capital market professionals, warehouse lenders, investors, and custodians.

About Snapdocs

Snapdocs is the leading digital closing provider, connecting the people, processes, and technologies that power a mortgage closing. Our platform automates every interaction between lenders and title companies from pre-closing through the sale of the loan. With our patented AI technology, hands-on customer service, and extensive settlement and notary networks, all mortgage participants enjoy accurate, smooth, and secure closings. This approach gives customers a competitive advantage by saving them time and money. Snapdocs makes mortgage a snap. For more information, please visit www.snapdocs.com.

Falcon Capital Advisors Among First to Earn MISMO Certified Consultant Designation

Contact
Caitlin Groves
(202) 557-2849

WASHINGTON, D.C. (April 23, 2024) – MISMO®, the real estate finance industry’s standards organization, today announced that Falcon Capital Advisors is among the first organizations to receive the designation of MISMO Certified Consultant.

“We are pleased to recognize these organizations for their dedication to effective business practices through their expertise in, and adherence to, MISMO standards,” said David Coleman, President of MISMO. “These organizations will be an asset to the clients they serve because of their deep industry knowledge and commitment to MISMO standards.”

“Falcon Capital Advisors is proud to be among the first to earn MISMO’s Certified Consultant designation,” said Armando Falcon, Chairman and CEO of Falcon Capital Advisors. “Our verified expertise in MISMO standards allows us to provide our clients with end-to-end transformation services at the highest level.  We are pleased to continue our support of interoperability and digital advancement across the entire mortgage finance industry.”

MISMO’s Certified Consultants Program is designed to allow seasoned consultant companies to display their mortgage industry domain knowledge, expertise in the MISMO standards, and their commitment in supporting the MISMO community.

Organizations of varying scale, size, and with different areas of MISMO expertise may become a MISMO Certified Consultant. The MISMO Certified Consultant program framework includes a multi-step process to verify that each consulting company meets the criteria outlined in the program requirements. The program also has several domains in which consultants can identify a specialization.

MISMO’s work to solve key business challenges is made possible by its members, champions, sponsors, and lender support through the Innovation Investment Fee. Visit MISMO.org to learn how you can get involved.

# # #

About MISMO

MISMO develops essential standards to enable the real estate finance industry’s digital future. Through MISMO, all mortgage stakeholders have an opportunity to collaborate, innovate, and prosper by creating standards to improve efficiency, reduce costs, and enhance the overall mortgage experience. For more information on MISMO’s work to help shape the future of the mortgage industry, visit www.mismo.org. For more information about the Innovation Investment Fee and how the industry benefits visit here.

Visit Mismo.org for full press release.

Falcon Wins Research Grant to Study CDFI Mortgage Lending

Falcon Capital Advisors is pleased to share that it won a research grant from The Center for Impact Finance, with funding provided by the Citi Foundation’s Community Finance Innovation Fund, to support research on Community Development Financial Institutions (CDFI) activity in the single-family mortgage space. The study will be the first to examine how CDFIs support homeownership and do a deep dive into the products offered, the borrowers served, and the business models used by the CDFI lenders.

“This research is extremely timely,” said Armando Falcon, CEO of Falcon Capital Advisors. “The good work CDFIs do to serve homebuyers is ripe for illumination. This research will be a must-read for lenders and investors seeking to understand the CDFI participation in the mortgage market.”

CDFI Advisory: “What to Expect in the Revised CDFI Application”

On August 21, 2023, Acting Director of the Community Development Financial Institutions Fund (“CDFI Fund”) Marcia Sigal indicated that the CDFI Fund is still on track to release the new CDFI Application (“Application”) sometime this fall.[1] What can we expect to see in the new Application[2]?

The Community Development Advisory Board meeting on July 31 provides critical insights on the direction of the final draft.[3] In that meeting, the Advisory Board heard from the CDFI Certification Subcommittee (“Subcommittee”) on its recommendations for navigating a few of the most controversial areas of the proposed Application changes.

Representing the Subcommittee, Michael Swack outlined the recommendations to the Advisory Board that he styled as “capturing the unintended consequences” of early drafts of the revised Application. There was no substantive engagement on whether or if the CDFI Fund would adopt changes based on the Subcommittee’s report; however, it is reasonable to expect that these areas will get further attention for revision based on the Subcommitte’s work.

The link to the formal report is available here: “Final and Approved CDFI Cetification Recommendations presented by the Community Development Advisory Board to CDFI Fund Acting Director Marcia Sigal July 31, 2023”. https://www.cdfifund.gov/sites/cdfi/files/2023-08/CDFI_Certification_Recommendations_Presented_to_CDFI_Fund_Director_31JULY2023.pdf  (11 pages)

The areas discussed in the open meeting are:

  1. Mortgage Underwriting: The Subcommittee noted that the Ability to Repay (“ATR”) product feature requirements associated with Qualified Mortgage should be included. These include: points and fees are less than or equal to three percent (3%) of the loan amount (with important exceptions for loan amounts less than $100k); no negative amortization, interest-only, or balloon loans and a maximum loan term is less than or equal to 30 years.[4] That said, the Subcommittee recommended that loans for which there is a clear “community development purpose” that would otherwise breach one of these product features could be permitted if a compelling narrative is provided to the CDFI Fund.[5]It is important to note that while CDFIs can underwrite loans that do not meet the “Qualified Mortgage” or “ATR” standard without the regulatory overhang of liability, the CDFI Fund is within its right to impose its own regulatory standards. The “Official Interpretation of Paragraph 43(c)(1) published by the CFPB is likely to be very instructive on expectations of the CDFI Fund on the details of a compliant mortgage lending operation.[6]
  1. Low-Income Target Market Documentation: The Subcommittee noted that the documentation and verification standards for a CDFI to prove they were serving low-income individuals were operationally challenging for community service organizations. For example, it is impractical to ask that a small business operating as a community facility request tax documents from its customers. As a result, the Subcommittee recommended clarifying direction on providing income verification for “indirect” beneficiaries. Instead, the Subcommittee recommended that the CDFI Fund explore circumstances for which self-reporting of direct and indirect beneficiaries’ income or the broader use of income proxies.
  1. Staffing and the Financing Entity Test: One of the key metrics associated with meeting the “Financing Entity” test is that a predominance of the staff time is spent on providing financial products (or services). This proposed change in the drafts for the revised Application was met with significant pushback from the CDFI community that had become accustomed to including the staff time devoted to Developmental Services in the calculation. The Subcommittee recommended that Developmental Services should The Application (and, by extension, the certification process) should support the practice by granting it as time that can count towards the “Financing Entity” staff time test.
  1. Development Services and the “In-Person” Preference: The Subcommittee recommended that the changes related to qualifying “Development Services” should be more flexible to allow CDFIs to innovate. The implied result of the draft provisions in the revised Application was that only live, synchronous classroom-based teaching would be an acceptable delivery mechanism for Development Services. Instead, the Subcommittee recommended that the revised Application include an area for a narrative to a CDFI to make a compelling argument for their plans. Specifically, the Subcommittee noted that Zoom and online remote access are good ways to reach people.
  1. Accountability and Board Service: The Subcommittee noted that the drafts for the revised Application significantly limited the universe of people who could demonstrate “Accountability” by specifying that only the executives of qualifying nonprofits or service-related entities could count towards the Board service requirement. By implication, the Subcommittee recommended that less senior staff of the nonprofits or service-related entities should also be eligible. Similarly, the Subcommittee seemingly recommended that the Board of Directors of qualifying nonprofits and service-related entities be restored as suitable for the Accountability prong.
  1. Accountability and Conflict of Interest Rules: The Subcommittee noted that current borrowers of the CDFI should be eligible for service on the CDFI’s Board for purposes of the Accountability prong. The Subcommittee noted that borrower representations often provide invaluable insights into needs, opportunities and challenges. The Subcommittee stated that recusals could be used to mitigate any potential conflict of interest issues.
  1. Target Market Reporting and Conflicting Rules for Banks/Credit Unions: Without providing much detail in the meeting, the Subcommittee noted that the apparent conflicts in the CDFI rules with common regulatory compliance practices of credit unions, banks and venture capital funds deserve a closer look.[7] The final report details recommendations. Notably, the Subcommittee recommends that the CDFI Fund abandon reliance on the Military Annual Percentage Rate (MAPR) as the benchmark for the interest ceiling.

Details are available in the final report.[8] It is hard to predict exactly how much of the Application, reporting or Target Market Verification may change based on these recommendations, but the existance of this report certainly narrows the focus of the most likely areas for further adjustment.[9]

Falcon Capital Advisors is here to answer all of your questions! Please feel free to drop me a line, [email protected]

[1] See “Message from CDFI Fund Acting Director Marcia Sigal: A Status Check on CDFI Fund Activities.” Published by the CDFI Fund. Available here: https://www.cdfifund.gov/director-messages/40

[2] The proposed Application changes and the iterations of the drafts for public review are available here: https://www.cdfifund.gov/programs-training/certification/cdfi/certification-pra (last updated May 1. 2023)

[3] Virtual Public Meeting of the CDFI Fund’s Advisory Board Rescheduled to July 31, 2023

[4] See “Basic Guide for lenders: What is a Qualified Mortgage?” Published by the CFPB. Available here: https://files.consumerfinance.gov/f/201310_cfpb_qm-guide-for-lenders.pdf

[5] “Community Development Purpose” is a term of art that is commonly used in the Community Reinvestment Act compliance regime. One demonstrable definition appears in  the “Interagency Questions and Answers Regarding Community Reinvestment “:  “A loan, investment, or service has as its primary purpose community development when it is designed for the express purpose of revitalizing or stabilizing low- or moderate-income areas, designated disaster areas, or underserved or distressed nonmetropolitan middle-income areas, providing affordable housing for, or community services targeted to, low- or moderate-income persons, or promoting economic development by financing small businesses or farms.” Available here: https://www.fdic.gov/resources/supervision-and-examinations/consumer-compliance-examination-manual/documents/11/xi-12-1.pdf

However, in the CDFI proposed revised Certification application, it is part of a drop down that includes,

  • Business development.
  • Asset/wealth building.
  • Homeless/transitional housing/services.
  • Senior housing/services
  • Community facilities development/ improvements.
  • Special needs housing/services.
  • Accessibility modifications.
  • Affordable housing.
  • Job creation/retention.
  • Charter school development.
  • Community healthcare centers development.
  • Commercial real estate development.
  • Climate resilience
  • Reduced poverty and/or inequality.
  • Credit building.
  • Financial stability.
  • Other.”

See PM #9, Available here: https://www.cdfifund.gov/programs-training/certification/cdfi/certification-pra

[6] See “Official Interepretation of Paragraph 43(c)(1) General Requirement” Published by the CFPB. Available here: https://www.consumerfinance.gov/rules-policy/regulations/1026/43/#c-1

[7] See “Final and Approved CDFI Cetification Recommendations presented by the Community Development Advisory Board to CDFI Fund Acting Director Marcia Sigal July 31, 2023.” CDFI Fund. Available here: https://www.cdfifund.gov/sites/cdfi/files/2023-08/CDFI_Certification_Recommendations_Presented_to_CDFI_Fund_Director_31JULY2023.pdf

[8] Id.

[9] Drafts of the proposed changes are available on the CDFI Fund’s website here: https://www.cdfifund.gov/programs-training/certification/cdfi/certification-pra

Falcon Digital Mortgage August 2023 Newsletter

FHFA Request For Input on the Enterprises’ Single-Family Pricing Framework

An opportunity to advocate for eMortgages presented itself in May when the FHFA issued a Request for Input (RFI) on the Enterprises’ Single-Family Pricing Framework and how it can enhance FHFA’s ability to ensure that the Enterprises fulfill their mission. We saw the connection of this RFI to eMortgages and moved to coordinate a collective industry response.

On August 14th we submitted a response urging the FHFA and the Enterprises to continue to lead the market on eMortgage innovation and incentivize their adoption by reducing the upfront and/or ongoing guarantee fees for loans originated and delivered to the Enterprises as eMortgages.

With many of you supporting as co-signers our RFI response laid out the rationale for why widespread eMortgage adoption would help the Enterprises reduce their risk profile and capital requirements, and advance their mission- related goals, specifically in the areas of affordable housing, market liquidity, process efficiency, innovation, and environmental, social, and governance (ESG).

My hope is that at a minimum this collective industry response will lead to greater dialogue and out-of-the box thinking for how we can accelerate digital transformation within our industry for the benefit of all. Thank you for coming along side us and continuing to advocate for eMortgages

Please see the following link to view the submission:

FHFA RFI Submission_eMortgages

-Armando

Startup Stavvy Acquires Mortgage Servicing Rival Brace

Stavvy, a fintech company specializing in digital and remote collaboration for lending and real estate companies, and Brace, a digital mortgage servicing platform will offer a collective solution that empowers homeowners with self-service capabilities encompassing every critical stage of default servicing.

LEARN MORE

 

Vendor News

Propel™ by Asurity® has integrated their document generation solution with NotaryCam’s® remote online notarization (RON) services and eClosing technologyLEARN MORE

Snapdocs has launched Connected Closings, an integration between the Snapdocs Digital Closing and Notary Scheduling platforms.LEARN MORE

Digital mortgage platform SimpleNexus has integrated with Finastra’s loan origination system, MortgagebotLOS.
LEARN MORE

INDUSTRY COMMENTARY AND EDUCATION

Why Is Your eClose Technology Investment Not Paying Off?

Docutech recently posted a blog that emphasized the importance of making eClosing the default way to close in order to maximize your investment.

LEARN MORE

Time to Double Down on the Consumer Experience.

Matthew Woodhouse from ServiceLink discusses the importance of enhancing the borrower experience through technology, transparency, and education through the lens of their 2023 ServiceLink State of Homebuying Report (SOHBR).

LEARN MORE

Falcon CDFI Practice

On July 27, 2023, our CDFI Advisory practice offered a webinar entitled, “CDFI 101 for Non-Bank Mortgage Lenders.” The presentation reviewed current and expected rules and regulations that govern the space and offered important considerations for anyone in the mortgage industry looking to learn more about the CDFI model. To learn more and view the presentation, click here.

Our Services

CDFIs. FCA will help you prepare your CDFI Certification Application and provide everything you need to get your CDFI off the ground, from navigating the regulatory process, to setting up your lending platform with tools and best practices. For those seeking to do business with CDFIs, we vet candidates and advise on best practices.

  • Manage the CDFI Certification Process
  • Provide a federal compliance cloud-based compliance system
  • Develop lending policies
  • Advise on mortgage lending
  • Perform risk analysis of CDFI relationships for banks, investors, and donors
  • Advise on the FHLB membership process

Contact Jim Voth at [email protected] to learn more.

Join Our Webinar

MERS® Annual Report & Third-Party Review Process. Learn how to remain compliant with MERS® System requirements with Falcon experts.

September 7th, at 3pm ET.

PRE-REGISTER

 

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]

Falcon Digital Mortgage July 2023 Newsletter

The Impact of Today’s Mortgage Market on Digital Investment

This month, Falcon Managing Director Jim Voth moderated a HousingWire webinar titled Digital Lending in the Real World. Jim was joined by Kevin Wilzbach of Wolters Kluwer, Shane Hartzler of Stavvy, Teri Pansing of Fairway Independent Mortgage Corporation, and Josh Silber of Lennar Mortgage in discussing how the current state of the market is impacting the mortgage industry’s overall investment in technology.

Despite origination volumes being down and the undertaking by many organizations of a variety of cost-saving measures like reductions to staffing, digital transformation continues to be a priority for much of the mortgage industry. In a poll of webinar attendees, 53% of respondents indicated their organizations have recently accelerated, not stalled, their digital initiatives.

As noted during the webinar, a common motivator for organizations to digitize their mortgage processes is the desire to provide a better customer experience. But each organization’s digital transformation path is a unique one and is as much, or more, about reengineering operations and developing business solutions as it is about investing in technology. Yes, technology is an important enabler, but it takes introspection, a plan, commitment, and follow-through to be successful.

-Armando

DocMagic, Finastra Partner on Mortgage Closings

DocMagic integrates its total eClose platform with Finastra’s Mortgagebot LOS solutions, enhancing the customer experience for mortgage borrowers. Finastra users can now access DocMagic’s eClosing tools, including compliant document generation, RON, and eSignatures

LEARN MORE

 

Simplifile by ICE Mortgage Technology Announces its Integration with The Closing Exchange (TCX)

Simplifile eSign events have integrated with The Closing Exchange, a mobile notary service provider. Simplifile customers can now leverage TCX’s extensive network of notaries and their expertise to conduct eSign transactions.

 

 

Wire and Title Fraud Risk Surges

In Q2 2023, wire and title fraud risk surged, impacting over half of analyzed real estate transactions with a 50.2% error rate. Digital mortgage technology offers a potential solution to rising wire and title fraud rates by implementing robust security measures and real-time verification processes.

LEARN MORE

FirstClose™ Equity Settlement Services Order Management Module Now Integrated with Calyx Point®

FirstClose™ has integrated its home equity settlement services ordering module with Calyx Software’s Point® loan origination system, enabling  Point users to streamline the origination of HELOCs and home equity loans.

LEARN MORE

Figure Expands Reach of HELOC Product Through Four New Partnerships

Figure Technologies Inc., a leader in blockchain-powered financial services has partnered with four top 20 independent mortgage banks, CMG Financial, CrossCountry Mortgage, Fairway

Independent Mortgage, and The Loan Store to offer HELOC to more customers. These partnerships will enable customers to apply and get approved in as little as five minutes through a digital application process.

LEARN MORE

Vendor Selection

Choosing the right technology partner is critical to a successful digital transformation or modernization initiative. A technology vendor that doesn’t align with an organization’s objectives, functional needs, and internal systems can make implementation and scale difficult and cause an initiative to fail.

Falcon is vendor agnostic, has intimate knowledge of the major players in mortgage technology, and has a best-in-class vendor selection methodology to help you make the right decision.

Vendor Selection Services

  • Program objective and technical requirements RFP and scoring methodology development
  • Vendor demo  facilitation Vendor shortlist and evaluation
  • Negotiating software licenses and service contracts Implementation planning
  • Program objective and technical requirements RFP and scoring methodology development
  • Vendor demo facilitation Vendor shortlist and evaluation
  • Negotiating software licenses and service contracts
  • Implementation planning

Contact Jim Voth at [email protected] to learn more.

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]

Falcon Digital Mortgage June 2023 Newsletter

Highlights from the MISMO Spring Summit 2023

I recently attended the MISMO Spring Summit in Portland, where the new president, David Coleman, shared his forward-looking vision for MISMO. The priorities expressed made me confident that MISMO is in good hands and will continue to build on its mission. David noted a focus on the continued growth of expertise within the communities of practice, prioritizing MISMO’s work on what is achievable and creating more awareness of the role MISMO plays and how it can increasingly be utilized for collaborative efforts to advance our industry.

Another Summit highlight for me was the progress made by the eVault Standards Development Workgroup, co-chaired by Falcon’s own Tim Renner and Camelia Martin of Snapdocs, which submitted SMART Doc® eNote validation rules for final approval and will soon be submitting eVault standards as well. I also enjoyed the discussion on standardizing electronic signatures for mortgages involving a living trust during the eMortgage Community of Practice and the inaugural meeting of the workgroup on standards for eHELOCs.

In summary, the MISMO Spring Summit once again proved a successful platform for mortgage industry collaboration and innovation.

-Armando

Navigating the Wild, Wild West of Digital Closing Providers

The MReport article explores how time and cost savings are driving digital closing adoption and the challenges lenders face in selecting the right technology provider.

LEARN MORE

 

Ginnie Mae Extends Use of Electronic Signatures and Remote Online Notarization

Ginnie Mae has expanded the use of electronic signatures on remote online notarization (RON) transactions to include power of attorney (POA) mortgage documents.

LEARN MORE

 

Snapdocs Webinar Mastering eClosing: 4 Ways to Improve Secondary Market Profitability

Earlier this month, Falcon’s Jim Voth joined representatives from Snapdocs and The Mortgage Firm to discuss the key efficiencies that digital closings provide to the secondary market.

LEARN MORE

NotaryLive is the First Online Notary Service to Onboard New York State Notaries

NotaryLive became the first remote online notarization (RON) platform to onboard New York State notaries.

LEARN MORE

 

 

Vendor News

SimpleNexus has announced an integration with Empower, Black Knight’s loan origination system (LOS). The integration will provide automation capabilities, streamlined processes, and enhancements to the home-buying experience for borrowers.

LEARN MORE

 

MERS Annual Report

Does your organization service 1,000 or more MERS-registered loans? If so, you will need a third-party firm to review and sign off on your MERS Annual Report.

Falcon Capital Advisors provides best-in-class service as a third-party reviewer. Only Falcon has a review team consisting of former members of the MERS legal, operations, membership, and compliance departments. We have unmatched experience and expertise in developing, enforcing, and reviewing requirements covered by the MERS Annual Report.

Although it is not due until 12/31, it’s never too early to start planning for the MERS Annual Report. Take your organization’s MERS compliance soaring to new heights with Falcon.

Contact Tim Renner to learn more.

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]

Falcon Digital Mortgage May 2023 Newsletter

This month in Washington, DC, Ginnie Mae held its Summit on Digital Innovation in the Mortgage Industry. The event brought together a diverse group of leaders and innovators from both the private and public sectors of the mortgage industry, including housing agencies, the GSEs, investors, originators, technology providers, industry associations, document custodians, and warehouse banks.

The summit was kicked off by Ginnie Mae President Alanna McCargo, who discussed the vital role digitalization is playing to help Ginnie Mae accomplish its affordable housing mission. The many speakers and panelists who followed shared perspectives from their own digital journeys and touched on topics such as the benefits of standardized data, enhanced security, better customer experience, process efficiencies and automation, and interoperability advancements. The summit also featured a panel on Ginnie Mae’s Digital Collateral Program for securitization of eNotes, which was led by program director Lynne Chandler, and provided useful guidance to organizations applying to or currently participating in the program.

It was great to hear so many voices touting the numerous benefits of digital mortgages. I think it’s safe to say the widespread consensus is a digital process is a better process.

-Armando

Figure Technologies Closes First Rated HELOC Securitization

Blockchain-focused fintech firm Figure Technologies completed its first asset-backed securitization of home equity lines of credit (HELOC). The securitization, underwritten by Jefferies, Goldman Sachs, and JPMorgan Chase, includes Class A and B notes rated AAA and A by DBRS Morningstar. The transaction comprises 3,568 loans, including loans from Figure and other lenders.

LEARN MORE

 

Mortgage Lenders Believe Technology Investment is Key to Scaling When Market Turns

A survey by Wolters Kluwer reveals that the majority of mortgage lenders believe technology provides higher operational gains compared to human capital.

LEARN MORE

Bipartisan Nationwide RON Bill Reintroduced

Senators Kevin Cramer and Mark R. Warner have reintroduced the Securing and Enabling Commerce Using Remote and Electronic (SECURE) Notarization Act (HR 3962). The bill aims to modernize the notarization process by allowing notaries and signers to complete transactions from different locations.

LEARN MORE

A Tech Sprint From the Federal Housing Finance Agency

The FHFA Velocity TechSprint is a three-day event hosted by the FHFA to bring together experts and practitioners from the technology and mortgage finance sectors to propose solutions for reducing mortgage costs and delivery times while increasing transparency and inclusivity. It will take place in Washington, DC from July 10 to July 13, 2023.

LEARN MORE

Vendor News

Stavvy has partnered with WFG National Title Insurance Company to offer eClosing technology solutions.

Docutech’s Solex eClosing platform has achieved MISMO eClosing certification, demonstrating its compliance with industry standards for digital mortgage solutions.

Snapdocs has integrated with Finastra’s Mortgagebot LOS to support Trustmark National Bank’s eClose transformation.

Digital Mortgage Expansion Program

Is your organization facing challenges in scaling your digital mortgage program? Don’t miss out on the benefits and savings that other lenders are already enjoying.

Falcon Capital Advisors specializes in assisting lenders with identifying and overcoming hurdles to scale their digital mortgage programs. Our expert team will provide actionable steps for quickly moving your program forward. Falcon’s approach encompasses components such as initial discovery, a diagnostic survey, an expansion roadmap, and execution support.

With support from Falcon’s team of experts, you can get your digital mortgage program back on track, achieving sustained adoption and long-term success.

Contact John Schuler to learn more

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]

2022 Year in Review

Take a look back at some of the biggest developments in the digital mortgage space in 2022.