Mobile technology

The temporary approval of remote ink-signed notarizations gives mortgage companies another tool for closing deals during coronavirus lockdown.

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.

The mortgage industry has put more emphasis on organizing data in a digital manner and presenting it in an easily digestible format.

MISMO released an updated set of remote online notarization standards to create consistency among industry practices and state laws as mortgage lenders continue to make strides with electronic closings.

A Western Union survey claims consumers are unable to tell the difference between humans and interactive voice response or artificial intelligence when needing customer or payment assistance, but their responses may say otherwise.

Appraisals are viewed as a choke point in the mortgage process. As the ranks of appraisers dwindle and technology advances, a new, AI-driven approach may not be far off.

JPMorgan Chase's banner quarter didn't stop executives from warning that the pause in rate hikes could crimp profits, or from hinting that the bank might downsize its mammoth mortgage operation.

From where to find borrowers that competitors overlook, to how to adjust strategies when interest rates change course, top producers are adapting when market conditions change.

Borrower hunger for fully digital mortgages and data automation grows, with the end goal of accelerating the lending process as much as possible. But a fragmented industry stands in the way of that goal.

Mortgage costs to close surged in the last decade because of technological investments as borrowers clamored for speed and digitalization. Industry experts believe those costs will decrease in the near future once acclimation sets in.

The Mortgage Bankers Association is investing $2 million to support the creation of online notary standards and several other initiatives.