Mobile technology

As the mortgage and real estate industries traverse the challenges of the increasingly digital coronavirus landscape, title agents and their integral part of the process can get overlooked.

Joe Welu, CEO and founder of Total Expert, provides his perspectives on how the coronavirus pandemic impacts the mortgage industry and ways lenders can push forward.

As the world practices social distancing to counteract spreading the virus further, it forces lenders to move as close as possible to an all-digital model, as quickly as possible.

Blend, a vendor that outfits some of the biggest banks and other lenders with consumer-facing digital mortgage technology, has released a new mobile application for mortgage professionals.

In another sign of state officials trying to outdo the Consumer Financial Protection Bureau, governors in California and New York want greater authority to license and oversee the debt collection industry.

There are no statutory restrictions on the books in any state prohibiting lenders from conducting mortgage closings electronically or remotely.

The average number of attempts to defraud mortgage companies each month increased by 42% this year and hit the smallest businesses hardest, according to LexisNexis Risk Solutions.

Quicken Loans is now able to perform an electronic mortgage closing in all 50 states, claiming to be the first lender to have this capability.

Linda Lacewell, New York’s superintendent of financial services, said the CFPB's debt collection proposal does not go far enough to protect consumers.