Residential Briefs

MBA NewsLink Staff

May 26, 2017

FHFA Issues Request for Input to Improve Access to Credit for Qualified Mortgage Borrowers with Limited English Proficiency
The Federal Housing Finance Agency on May 25 issued a Request for Input on issues facing qualified mortgage borrowers with Limited English Proficiency throughout the mortgage life cycle process, including lending and servicing.

FHFA's 2017 Scorecard for Fannie Mae, Freddie Mac and Common Securitization Solutions, requires Fannie Mae and Freddie Mac to identify major obstacles for LEP borrowers in accessing mortgage credit, to analyze potential solutions and to develop a multi-year plan appropriate for the Enterprises to support improved access.

FHFA requests input on issues faced by qualified LEP borrowers to learn more about the procedures and tools that loan originators, servicers, and other parties in the mortgage lending process presently employ to assist LEP borrowers, to identify existing requirements, including laws and regulations that guide practices for interacting with LEP borrowers and to better understand the challenges in effectively servicing this population.

Responses are due by July 10. The Request can be accessed at

Asurity Technologies Introduces RegTech Compliance Platform
Asurity Technologies, Washington, D.C., announced its formation as an entity bringing together Treliant Solutions LLC, Risk Management Solutions Inc. and Mortgage Resources Group LLC into an integrated compliance platform.

Asurity Technologies is an enterprise formed to provide the financial services industry with RegTech services. The platform allows lenders to establish compliance through RiskExec, a SaaS analytic service to manage fair lending and redlining risk and submit for the Home Mortgage Disclosure Act and the Community Reinvestment Act.

The platform also provides an individual mortgage loan compliance produce, MRG Docs, that generates residential mortgage documents compliant with all local, state and federal consumer compliance regulations.

Simplifile Adds 14 Counties in Northeast to E-Recording Network
Simplifile, Provo, Utah, added 14 new recording jurisdictions in five states in the Northeast to its e-recording network.

The 14 new jurisdictions are:
--Town of Brooklyn, Conn.
--Town of Cromwell, Conn.
--Town of Salisbury, Conn.
--Town of Southbury, Conn.
--Town of Warren, Conn.
--Anne Arundel County, Md.
--Queen Anne's County, Md.
--Cambria County, Pa.
--Huntingdon County, Pa.
--Belknap County, N.H.
--Chemung County, N.Y.
--Columbia County, N.Y.
--Fulton County, N.Y.
--Schenectady County, N.Y.

Black Knight Launches Municipal Lien Search Service
Black Knight Financial Services, Jacksonville, Fla., introduced Municipal Lien Search, a new service that helps find liens that are not included on property reports and are outside the scope of title insurance coverage. Examples of these types of liens include county debts; code and force violations; waste, water and sewer.

Available nationwide, the Municipal Lien Search tool is requested and delivered through Black Knight's OrderPoint technology, an online tracking and delivery tool that is integrated with Black Knight's national title production network.

Docutech Expands with Scottsdale, Ariz. Office
Docutech, Idaho Falls, Idaho, announced its operation expansion with opening of a new office in Scottsdale, Ariz. The new office will serve to support the company's growth initiatives with key roles in Operations, Finance, Sales and Marketing.

Leading operations for Docutech is newly appointed President and Chief Operating Officer Amy Brandt, who holds more than 20 years of executive level experience in the mortgage and software industries. Brandt oversees daily operations, including business strategy and optimization, innovation, product development and execution, go-to market strategies and client and employee growth and retention.

Nebraska District Court Grants Motion for Summary Judgment in MERS' Favor
MERSCORP Holdings Inc., Reston, Va., said the District Court of Lancaster County, Neb. granted summary judgment in Mortgage Electronic Registration Systems Inc. (MERS') favor supporting MERS' role as beneficiary.

In Schroeder v. Bank of America N.A., the plaintiff alleged that MERS could not serve as beneficiary in Nebraska deeds of trust, and could not assign a valid security interest. The Plaintiff sought to quiet title, a declaration as to the interests in the property and an injunction prohibiting foreclosure.

In his order, Judge Kevin McManaman found that not only is MERS entitled to summary judgment because the plaintiff does not have standing to challenge the assignment of the deed of trust, but also entitled to such ruling based on the lack of merit to the plaintiff's claims. He ruled that the deed of trust was a contract the plaintiff agreed to and "[t]he freedom to contract allows the parties to contract for MERS to serve as beneficiary, as nominee for the lender and the lender's successors and assigns." Citing to numerous cases, McManaman noted that challenges similar to those raised by the plaintiff had been rejected by courts across the country.

FHFA: House Prices Rise 1.4 Percent in First Quarter
U.S. house prices rose 1.4 percent in the first quarter, the Federal Housing Finance Agency reported in its monthly House Price Index.

The report said house prices rose 6.0 percent on a yearly basis. Home prices rose in 48 states and the District of Columbia; top five areas in annual appreciation were the District of Columbia (13.9 percent); Colorado (10.7 percent); Idaho (10.3 percent); Washington (10.2 percent); and New Hampshire (9.5 percent).

Of the nine census divisions, the Pacific division experienced the strongest increase in the first quarter, posting a 2.0 percent quarterly increase and a 7.7 percent increase from a year ago. House price appreciation was weakest in the Middle Atlantic division, where prices rose 1.0 percent.

"Mortgage rates during the quarter remained slightly elevated relative to most of last year, but demand for homes remained very strong," said FHFA Deputy Chief Economist Andrew Leventis. "With housing inventories still languishing at extremely low levels, the strong demand led to another exceptionally large quarterly price increase."

Indecomm Integrates IncomeGenius with Advanced Data's Income Tax Verification 4506-T Service
Indecomm Global Services, Edison, N.J., and Advanced Data announced a technology integration partnership that enables mutual clients to digitally use tax return transcripts through IncomeGenius, Indecomm's web-based income analysis platform using Advanced Data's Income Tax Verification service.

Data are then combined with other borrower income data from the OCR capabilities in IncomeGenius to create a complete income analysis.

SLK Global's Tax Service Division Launches RETS
SLK Global Solutions, Dallas, launched a Real Estate Tax Servicing service, RETS, for the mortgage loan servicing industry catering to both commercial and residential portfolios.

When servicers call SLK Global Solutions with a question about property taxes, they will be connected to an analyst. Clients have the option of an instant chat feature that is built into the RETS website portal. RETS as a platform can be customized to the specific needs of the servicer.

Advantage Systems Offers Advanced Reporting Module to Mortgage Lenders
Advantage Systems, Irvine, Calif., announced an Advanced Reporting Module within Accounting for Mortgage Bankers to produce specialized quarterly reports required by various agencies within the industry.

The Advanced Reporting Module simplifies the process of producing the Mortgage Bankers Financial Reporting Form and Nationwide Mortgage Licensing Service Call report.

CBCInnovis, Factual Data to offer LexisNexis RiskView Liens & Judgments Report
CBCInnovis, Columbus, Ohio, and Factual Data, Loveland, Colo., announced their alignment with data and analytics company LexisNexis Risk Solutions to offer the LexisNexis RiskView Liens & Judgments Report.

This new Fair Credit Reporting Act product enables lenders to fill the gap left behind when the national credit reporting agencies cease offering access to most liens and judgment data in two months. The report will be available from both companies in July.

Mid America Mortgage Purchases eNote from First eMortgage Transaction in North Carolina
Mid America Mortgage Inc., Addison, Texas, purchased the eNote from North Carolina's first eMortgage transaction.

The transaction, which was completed entirely electronically on May 5, was a refinance for a property in Winston-Salem and was executed by Hickory-based North State Bank. Upon completion of the closing, Mid America was able to purchase the resulting eNote within one business day after receiving the final loan package.

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