2022 Year in Review

What a year! We started relatively strong, coming off the best year ever in terms of originations. But as we all know, interest rates doubled over the course of the year causing a precipitous drop in volume, which in turn stalled the real estate market.

Market headwinds caused some firms to delay or shelve large-scale digital transformations, while other firms used the slowdown to shift IT resources to projects that could increase efficiency, drive profitability and enhance their customer experience. Overall, lenders are more focused now more than ever on technology. They are recognizing that technology can benefit them in both up and down markets, but there is certainly no one-size-fits-all approach.

Over the course of the year, there were some notable events that will serve to support digital adoption going forward. These include:

  1. Ginnie Mae’s Digital Collateral Program. Ginnie Mae reopened the application window for its Digital Collateral Program and began accepting new applicants for the This paves the way for even more approved Ginnie Mae issuers to securitize government loan pools consisting of eMortgages — a major step forward for eMortgage adoption.
  2. Increased RON acceptance. We entered 2022 with 38 states having permanent RON laws and we’ve added a few more to close out the year at On the federal level, for the first time we saw a RON bill (the SECURE Notarization Act) pass in the House. While it didn’t make it out of the Senate, this marks progress nonetheless so hopes are high for 2023.
  3. ROI Studies. One of the hurdles that advocates of digital lending have faced in convincing their companies to undertake a major digital transformation has been the ability to show hard And this year, not one but two studies came out (commissioned

by Notarize and ICE respectively) that drilled down into the benefits of eClosing solutions and put specific numbers against them.

Notarize’s study found that lenders can save up to $444 per loan and title agents up to $100 per loan when using an eClosing solution. ICE’s study found that lenders can save 70 minutes per loan and shave two days off the loan cycle using the company’s hybrid eClosing system.

We are certainly looking forward to what 2023 brings!



Data from FHFA and CFPB Shows Digital Processes Are Increasingly Important When it Comes to Picking a Lender

The FHFA and CFPB recently released updated data from the National Survey of Mortgage Originations. The data highlights borrowers’ experiences with the mortgage process during the height of the pandemic. One of the key findings was that in 2020 a higher share of borrowers reported that a paperless online mortgage process was more important to them (48 percent) than in 2019 (42 percent). In addition, 46% of purchase applicants stated that a paperless online process was an important factor in their lender choice.



Figure-Affiliated SPAC Plans to Merge With Mortgage Bank

Figure Technologies has signed a letter of intent to merge with a warehouse lender and bank holding company, aiming to bring its blockchain technology to the acquired financial institution. The SPAC would take the bank public and allow it to leverage Figure’s technology,              potentially introducing a system of originating loans as fully digital assets that can be traded in real-time as digital tokens.




Vendor News, Integrations & Partnership Updates

Guaranteed Rate and Stavvy recently announced a partnership designed to accelerate adoption of digital closing technology. The companies said that together they will drive digitization and enable relationships across the mortgage ecosystem, “from title and settlement agents to real estate professionals.”

Notarize has added four states to its notary sourced transaction (NST) platform. NST allows notaries to make use of RON and set their own pricing structures.


Digital HELOC Round Up

A lot of companies are making news in the digital HELOC space and competing to see who can fund HELOCs the fastest… loanDepot’s mello unit is now offering an all digital

HELOC that allows consumers to apply and get approved online in a matter of minutes and get access to funds within seven days. Movement Mortgage and Figure have partnered to give Movement’s borrowers access to their equity with approval in five minutes and funding within five days. Finally, fintech startup, Hitch, just entered the game and is promising borrowers access to funds within three days once approved.



IPEN – The Simple Way to Close Loans Electronically And Efficiently

Last month Tim Cooper was joined by executives from EscrowTab, Federal Title and Union Bank & Trust for an in-depth discussion on IPEN.

Some of the key takeaways from the panel were:

  • Title, notaries and lenders have limited knowledge of IPEN and education is key.
  • IPEN provides efficiencies in the process for title companies, notaries attorneys and lenders including reduced shipping, printing and paper costs, error reduction, reduction in time to return documents and quicker recording.
  • There are far fewer complexities and investor requirements for IPEN than for RON.

Click here to access the full on-demand session.




Upcoming Events

Heading to the MISMO Winter Summit in Delray Beach, FL next month? Be sure to check out the panel “eNote Outlets Beyond the GSEs: The Who, What Why and When”, which will be moderated by Falcon’s Tim Renner.




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]

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