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DocMagic adds ADA-compliant loan documents to its library

Housing Wire

Digital lending solutions provider DocMagic announced this week that it has added ADA-compliant mortgage loan documents to its document library. The new digital documents are accessible to visually impaired users and others with disabilities, unlocking opportunities for these consumers into the broader mortgage market.

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Change Lending keeps CDFI certification after agreement with US Treasury 

Housing Wire

Non-bank originator Change Lending will continue to originate non-qualified mortgages ( non-QMs ) for underserved borrowers after it reached a tentative deal with the U.S. Change is proud to be certified as a CDFI and to continue our mission,” Carlos Salas, CEO of Change Lending, said in a statement.

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HUD ends silence on targeted lending programs

Housing Wire

In a legal memo, HUD stated that SPCPs are allowed under the Fair Housing Act. ECOA prohibits reverse redlining — targeting minority communities for predatory lending — but Congress amended the statute in 1976 to allow for special purpose credit programs. It doesn’t have to go through regulatory approval or Congress.

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UWM moves to dismiss AML’s antitrust claim 

Housing Wire

The document brings 12 antitrust counts, including claims related to Michigan, California, Florida, and Texas statutes. AML also claims that wholesale lending is a separate submarket of the mortgage industry, which has barriers to entry. AML was not the first broker shop to enter a legal battle with UWM.

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Stavvy’s solution securely digitizes and automates every aspect of the real estate transaction process

Housing Wire

Most digital solutions in the lending industry are designed to solve one problem and built for one audience in mind. This fragmentation makes it difficult for everyone involved in the lending process to communicate with each other effectively. Stavvy has the power to bring these disparate components together.

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Loan officers are dramatically cutting their pay to win clients. It’s often illegal. 

Housing Wire

Not the corporate advertisement or online group that says you’re getting this lead from us and here’s documentation that it occurred and now you’re going to get less comp. It’s the ultimate in legalized fraud. Because it’s not true.” So the individual CEO is making all the money.

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Solving for fraud, biometrics are the future of mortgage

Housing Wire

Some may argue whether today’s technology is that much better than the tools we used in the past, particularly in the servicing business where many still use platforms designed and first built decades ago. Better, faster, cheaper has long been the promise of technology in the mortgage industry. Fortunately, such technologies exist today.

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