Weekly News Roundup – Week of February 23

Hey, loan officers! Welcome to your weekly
round-up, here’s some stuff you may have missed. According to a senior economist
at Zillow, waiting just six weeks to apply for a typical US home mortgage could
cost borrowers $17,000 over the course of a 30-year fixed-rate
mortgage. The entire nation is one less speed bump away to a fully digital
mortgage. This Monday the National Association of Secretaries of State
officially adopted standards for online notarization. Currently only four states
allow for online notarization, but it looks like many more will be on their
way with associations new policies and regulatory guidance. NAMB, the National
Association of Mortgage Bankers, seeks to outlaw the sale of trigger leads. Trigger
leads our list comprised of names, contact info, and other data of those who
have recently applied for a mortgage. These lists are sold and created by
credit bureaus like Equifax and TransUnion and then resold and resold
again. The president of NAMB, John Stevens, says the practice exposes
the borrowers to identity theft, imposes on another mortgage professional’s client,
and also confuses the borrower trying to obtain a mortgage. Which can be really
confusing… I haven’t done it yet, but it seems daunting. NAMB
hopes to get this practice banned and slid into the congressional legislative
action that’s taking place after the Equifax breach. Speaking of Equifax, they
have just announced a new integration with TransAkt that will add a much
needed additional layer of security to their services. How does it work? The
technology identifies each registered mobile device and opens a trusted
channel between it and the digital service provider. We’ll see how that goes.
Well that’s all I’ve got for you this week! Have a great weekend!

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