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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Falcon Digital Mortgage View

03/16/2022

"To Measure is to Know" - Lord Kelvin

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 ROI. Everyone believes in the potential of digital - faster, cheaper, more efficient - but there's been a lack of hard numbers to prove it - until now. Recently two different surveys, commissioned by Notarize and ICE respectively, drilled down into the benefits of eClosing solutions and put hard 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 2 days off the loan cycle using the company's hybrid eClosing system. The bottom line is that with an eClosing solution in place lenders can close loans faster with fewer errors and save more money than with an in-person or legacy paper process. These studies are an important step for our industry, and something we look forward to helping our clients understand. - Armando

Wolters Kluwer Acquires IDS

Wolters Kluwer recently announced the acquisition of IDS. IDS will become part of Wolter Kluwer's Governance, Risk, and Compliance Group, a leading provider of compliance software for U.S. banks, lenders, credit unions, insurers, and securities firms. The acquisition further builds out Wolters Kluwer's presence in the eClosing space. At the end of 2020, the company also acquired eOriginal. LEARN MORE

MISMO Looking to Create Standards for eVaults

MISMO has issued a call for participants for its new development workgroup (DWG) focused on creating eVault standards that improve the current process, enhance digital mortgage scalability and help ensure the seamless transfer of eNotes to facilitate their sale to investors. The new eVault Standards DWG will work with industry participants, government agencies, and other stakeholders to create a single set of standards to streamline eVault operations. LEARN MORE

Your MERS Annual Report is Coming

It's never too early to start planning for your MERS Annual Report. Although it is not due until December 31, MERS servicers can submit the Annual Report beginning in June. Falcon Capital Advisors is one of a handful of approved Annual Report third-party review firms. We can schedule our review of your organization's MERS policies and procedures to occur any time in the year and then work with you during the submission window to submit your Annual Report to MERS. Contact us at [email protected] to get started. CONTACT US

Servicers Going Digital with eModification

In a recent interview with DS News, Tim Anderson, the President of Evolve Mortgage Services' eMortgage Division discusses the benefits of eModification for servicers. Anderson said, "With an eModification, the entire loan modification process - including notarizing the new loan - can all be done online. An eModification enables servicers to process loan modifications more quickly and easily than they would under traditional, antiquated, paper-based processes." LEARN MORE

Snapdocs First to Achieve MISMO Certification for eClosing System

Snapdocs’ eClosing platform, procedures, and policies have been certified as compliant with MISMO's requirements. Snapdocs is the first, and at the moment only, eClosing provider to achieve this certification from MISMO. LEARN MORE

New Hampshire Completes First RON eClosing

Summit Title just completed the first RON eClosing in the state of New Hampshire. As consumers are increasingly demanding fully remote access to facilitate loans and mortgages, states are establishing or expanding RON measures, New Hampshire passed RON into law last year. Summit used Stavvy's digital closing and RON tools. LEARN MORE

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

05/12/2022

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.