Author: PROGRESS In Lending

The CFPB, OCC, FRB, FDIC, NCUA, and FHFA have invited comment on a proposed rule to implement the quality control standards mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act for the use of automated valuation models (AVMs) by mortgage originators and secondary market issuers in determining the collateral worth of a mortgage secured by a consumer’s principal dwelling.

Commercial and multifamily mortgage delinquencies increased in the first quarter of 2023, according to the Mortgage Bankers Association’s (MBA) latest Commercial/Multifamily Delinquency Report.

LodeStar Software Solutions, a national provider of closing fee-related compliance tools for mortgage lenders, has made its closing fee technology and data available for attorneys and firms issuing Attorney Opinion Letters (AOL) in lieu of traditional title insurance policies.

MISMO®, the real estate finance industry’s standards organization, announced that Version 3.6 of the MISMO Reference Model has reached “Candidate Recommendation” status, meaning that it has been thoroughly reviewed by a wide range of organizations and industry participants and is available for use across the industry.

Planet Home Lending, LLC, a national mortgage lender and servicer, announced the asset acquisition of retail lender Platinum Home Mortgage Corporation, Hoffman Estates, Illinois. Planet will acquire the majority of Platinum’s origination staff, including more than 20 branch offices in strategic locations throughout the United States.

FirstClose, Inc., a fintech provider of data and workflow solutions for mortgage and home equity lenders nationwide, announced that Co-Founder and Chief Revenue Officer, Tim Smith has been appointed to Chief Strategy Officer and Craig Austin, Executive Vice President of Sales and Business Development, has been promoted to Chief Revenue Officer.

Kriss Law/Atlantic Closing & Escrow (“KL/ACE”), a national, attorney-driven settlement services and closing firm, will partner with The Closing Exchange, a technology-integrated signing services company, to deliver HECM-compliant signing services and expertise to clients nationwide.

According to data from the latest CoreLogic S&P Case-Schiller Index, home price growth in early spring 2023 proved stronger than initially anticipated, reflecting a major imbalance in the housing market. While eager homebuyers jumped in as soon as mortgage rates retreated from their 7% highs, this market dynamic was not met with same enthusiasm from sellers.

IDEA Law Group has joined the LOGS Legal Network as a member firm, further strengthening, and expanding geographical, industry, and practice resources for both firms.