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.

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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.

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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.

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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.

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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


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I recently came across a study in the latest issue of theJournal of Structured Finance by MBA Chief Economist Mike Fratantoni about the acceleration of eMortgage adoption. The study looks at the jump in eMortgage adoption over the past few years, specifically fueled by the pandemic and why the market may currently be at a tipping point moving toward a period of more rapid adoption.

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Falcon Digital Mortgage June Newsletter

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