The Consumer Financial Protection Bureau has announced that it is rescinding seven policy statements that were issued last year to assist financial institutions during the height of the pandemic. Issued between March 26 and June 3, 2020, the policy statements provided some flexibility in complying with certain regulatory filings and consumer finance laws.
The first step of a closing is for a massive amount of information—about the borrower, the property and the type of loan—to be entered into the lender’s loan origination system (LOS). Data validation is the process by which that information is audited and verified.
Millennials are much more likely than other generations to say they would be comfortable buying a home online—and their younger Gen Z counterparts aren’t far behind, according to a new Zillow survey.
DocMagic is teaming up with New Jersey-based Secure Insight to set up a training program on remote online notarization (RON) technology and processes. The move will establish a database of notaries who have been fully trained and certified on DocMagic’s industry-leading, 100% paperless Total eClose platform. The partnership combines DocMagic’s technology and Secure Insight’s unique database and individual training for notaries.
DocMagic has been named to HousingWire’s 2021 Tech100 Mortgage list, which recognizes the mortgage industry’s most innovative and impactful companies.
Welcome to Ask the eClosing Team, a new series where DocMagic’s eClosing pros tackle real questions that we’re hearing from lenders. Today’s response is supplied by eClosing Team leader Dan McGrew, president and CEO of Elite Digital Advisors.
The effective date requiring the new Uniform Residential Loan Application (URLA) is fast approaching—starting March 1, the updated form will be required in residential mortgage loan packages that lenders intend to sell to Fannie Mae or Freddie Mac.
The first remote online notarization (RON) law of 2021 has passed, and it has a surprising detail—it also enshrines remote ink-signed notarization (RIN) in the state’s statute.
On Jan. 13, the Consumer Financial Protection Bureau (CFPB) issued a “Statement Regarding the Provision of Financial Products and Services to Consumers with Limited English Proficiency (LEP)." The statement encourages financial institutions to expand services to LEP consumers who often face barriers such as language access issues when obtaining credit.