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.

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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.

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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.

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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.

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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.

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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.


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Brief Takeaways from MISMO’s Winter Summit By Tim Cooper, Manager, Digital Practice

02/08/2022

The U.S. Department of Housing and Urban Development (“HUD”) has announced an update to the date for the upcoming HUD-Held Vacant Loan Sale (“HVLS 2022-1”). The new date for this sale is now December 1, 2021, which replaces the previous sale date of November 10, 2021.

The sale will consist of due and payable Secretary-Held loans. The loans are first liens secured by 1 to 4-unit, vacant residential properties where the last surviving borrower is deceased. This sale will include increased bidding opportunities for non-profit and state & local government purchasers.

Entities interested in participating can contact the Office of Asset Sales Single Family Transaction Specialist at 1-844-709-0763 or email [email protected] for more information.

For prospective bidders to this sale, please refer to the section on this webpage entitled, For Prospective HUD Asset Sale Bidders, to become a qualified bidder and receive the Bidder Information Package for HVLS 2022-1.

How the Correspondent Lending Channel Can Help Drive the Future of eNote Adoption

07/12/2023

A challenge to the widespread adoption of eNotes (i.e., promissory notes generated, presented, and signed electronically) has been getting broad participation from the correspondent lending channel.  Originators who have correspondent aggregator partners that do not accept eNotes have been hesitant to implement eClosing solutions.

Falcon Digital Mortgage June Newsletter

06/28/2022

Ginnie Mae has officially reopened its Digital Collateral Program, a project that our consulting group has been very involved in over the last two years. This is a major step forward for eMortgage securitization.