In The News

Snapdocs, a mortgage digital closing provider, released new research revealing that the majority of lenders who have purchased eClose technology are not realizing the benefits of the product at scale.

Mortgage applications increased 5.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 15, 2023. Last week’s results included an adjustment for the Labor Day holiday.

The Mortgage Bankers Association’s (MBA) monthly Loan Monitoring Survey revealed that the total number of loans now in forbearance decreased by 6 basis points from 0.39% of servicers’ portfolio volume in the prior month to 0.33% as of August 31, 2023. According to MBA’s estimate, 165,000 homeowners are in forbearance plans. Mortgage servicers have provided forbearance to approximately 7.92 million borrowers since March 2020.

Mortgage lending veteran and long-time Guaranteed Rate employee Ryan Ogata has transitioned to lead the company’s reverse mortgage division as Executive Vice President of Reverse Mortgage Lending.

Voxtur Analytics Corp. (TSXV: VXTR; OTCQB: VXTRF) (“Voxtur” or the “Company”), a North American technology company creating a more transparent and accessible real estate lending ecosystem, has reported, further to the releases issued on June 26, 2023, August 2, 2023, and August 8, 2023, the closing of an additional $1,260,000 of gross proceeds from a non-brokered private placement of units (the “Offering”). With respect to recent prior private placements, the Company closed on $3,052,699 of Units on June 26, 2023, $942,000 of Units on August 2, 2023, and $6,448,353 of Units on August 8, 2023, for an aggregate amount of $11,703,052 of gross proceeds closed under the offerings.

Planet Home Lending, a national mortgage lender and servicer, has opened a new branch office in Myrtle Beach, South Carolina (NMLS ID# 2520358). Led by Branch Manager Andy Griggs (NMLS ID# 75287), the new office will cater to homebuyers and owners in Horry, Brunswick, and Columbus counties.

The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for August 2023 shows mortgage applications for new home purchases increased 20.6 percent compared from a year ago. Compared to July 2023, applications increased by 4 percent. This change does not include any adjustment for typical seasonal patterns.

Snapdocs, a digital closing provider, has promoted Michael Sachdev from president to chief executive officer. Sachdev succeeds Snapdocs founder Aaron King, who will take on the role of executive chairman. Snapdocs is focused on solving the fragmentation in the mortgage industry—making closings faster, more cost-effective, and error-free for all parties involved. This move will position the Snapdocs leadership team to take on the next stage of growth in pursuit of this vision.

MISMO, the real estate finance industry’s standards organization, has published the updated Version 3 XML Reference Model General Information Guide. Previously known as the Version 3 General Information Guide, the new edition incorporates updates required for the Version 3.6 XML Reference Model.

Mortgage applications decreased 0.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 8, 2023. This week’s results included an adjustment for the Labor Day holiday.