MERS has reported the registration of the first electronic promissory note on the MERS eRegistry.The MERS registration, by 1st Advantage Mortgage LLC on July 23, makes the eNote "the first truly uniform electronic note that can be bought and sold on the secondary mortgage market," MERS said. It ensures that only 1st Advantage is recognized as the owner, and offers investors confidence that they can gain the benefits of buying the eNote while maintaining "holder in due course" status. "This technological advancement will dramatically change the way we do business," said Paul Lueken, president of 1st Advantage. ".... Electronic closing packages will allow us to be more efficient in getting closing documents to the title companies, and the cost of copying and shipping loan documents will be eliminated." The eNote and the closing documents were electronically signed at a standard settlement conference in the offices of Chicago Title, and the electronic closing was accomplished using patent-pending technology developed by Document Processing Systems of Novi, Mich., MERS said.
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The Community Home Lenders of America and the Community Associations Institute want the FHA to insure loans on condos approved by Fannie Mae and Freddie Mac.
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The Federal Open Market Committee's decision to reduce interest rates for the first time in nine months lifted bank stocks Wednesday. The 25-basis-point reduction could lead to net interest income headwinds now, but loan growth later, analysts said.
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Most lenders said they had already priced in the widely-anticipated decision to cut short-term rates for 30-year home loans but other products will benefit.
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The deal for the Class A office building owner will be funded from Rithm's cash as well as liquidity on the balance sheets, plus possible co-investors.
September 17 -
Mortgage applications saw a significant jump for the second consecutive week, as homeowners took advantage of plummeting rates, the MBA said.
September 17 -
The government-sponsored enterprise is making changes to mortgage-backed securities and servicing disclosure files to support use of the advanced credit score.
September 17