Remote online notarization (RON) has been embraced by many in the title space as a must-have tool to facilitate digital closings. But it may not be the immediate industry game-changer that some might think it is, according to WFG National Title Insurance Co. founder and Executive Chairman Patrick Stone. Read on for more from Stone.
Millennial Title recently opened an office in St. Petersburg, Fla., which marks its seventh location. It will be headed by the director of business development for Florida, an attorney and former title company owner. Read on for more.
A Hawaii borrower sought rescission of his mortgage loan and statutory damages for alleged TILA and RESPA violations. The plaintiff claimed his lender and servicer failed to make necessary disclosures and traded kickbacks in exchange for referrals of mortgage loans. The defendants argued the claims are time barred.
The Federal Deposit Insurance Corp. has issued a proposed rule to simplify aspects of the agency’s deposit insurance coverage rules. The proposal would amend the rule that governs coverage for mortgage servicing accounts to allow principal and interest funds advanced by a mortgage servicer to be included in the deposit insurance calculation.
Existing-home sales increased in June, ending four consecutive months of declines, according to the National Association of Realtors. Three of the four major U.S. regions registered small month-over-month gains, while the fourth remained flat.
While many lenders have adopted various digital technologies to help create an easier and more seamless digital process, there remain many gaps to be solved in the overall customer experience, according to mortgage advisory firm Stratmor Group. In the company’s latest Insights report, financial wellness expert Sue Woodard offers advice on how mortgage lenders should manage the customer experience.
Borrowers who received their mortgages through MLD Mortgage Inc., d/b/a The Money Store, filed a putative class action alleging a kickback scheme between the lender and All Star Title Inc., a Maryland based title and settlement services company. The Money Store moved to dismiss the complaint.
The New York State Legislature has passed legislation providing for electronic notarization and authorizing the use of video and audio conference technology in identifying individuals for electronic notarization. The bill awaits the governor’s signature.
Several industry associations, including the American Land Title Association, American Bankers Association, Mortgage Bankers Association and the National Association of Realtors, sent a letter to Sens. Kyrsten Sinema and Rob Portman, requesting they refrain from utilizing Fannie Mae and Freddie Mac guarantee fees as a source of funding offsets for its bipartisan infrastructure framework.
A common misconception: 1031 exchanges are a tax loophole. A study on 1.6 million properties concluded that 80% of 1031s were ultimately sold via a taxable sale rather than a subsequent exchange. And a 1031 repeal would shrink U.S. GDP by $9.3M.