The National Conference of Commissioners on Uniform State Laws has approved model legislation that would give county clerks and recorders the legal authority to prepare for electronic recording of real property records.The act, called the Uniform Real Property Electronic Recording Act, could create legislation that would authorize officials to begin accepting and storing records in electronic format. However, many state laws still require recorded real documents. This act would supersede those laws if it were made a law. Nonetheless, other legislation to establish the standard document format, the authority to record such forms, and the authority to fix fees for electronic recording and to collect those fees would have to be settled in order for electronic recording to become more widespread.
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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.
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Mortgage applications saw a significant jump for the second consecutive week, as homeowners took advantage of plummeting rates, the MBA said.
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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