Pennsylvania Permanently Allows Remote Notarization Of Documents
After temporarily lifting the requirement that notaries public be physically present to witness required signatures, due to the COVID-19 pandemic, Pennsylvania became the 30th state in the nation to make remote notarization a permanent option. Gov. Tom Wolf signed Act 97 into law on October 29, 2020. Effective immediately, Act 97 gives lawyers and their clients new avenues for getting important documents notarized, but still leaves unanswered some practical and legal questions about executing estate planning documents.
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CFPB Files Complaint Against a Former Mortgage Lender
The CFPB recently filed a complaint in the United States District Court for the District of Connecticut alleging violations of various federal consumer protection laws by 1st Alliance Lending, LLC, a former mortgage lender. The complaint also names several principals of 1st Alliance as defendants.
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Homeowner battles Wells Fargo over mortgage agreement
Kelli received forbearance protection for another three months beginning in July. She was notified again in September by phone she could receive three more months of forbearance, lasting through the end of 2020. But then Kelli received a letter in December from Wells Fargo notifying her she was behind on her mortgage payments and her home could be placed in foreclosure.
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Mortgage rates hold steady at 2.77%
The average mortgage rate for a 30-year fixed loan fell two basis points last week to 2.77%, according to Freddie Mac's Primary Mortgage Market Survey. Now 12 basis points above the record low set Jan. 7, rates more closely resemble those seen over two months ago. The 15-year fixed mortgage rate also shifted downward to 2.21 from 2.23 the week prior.
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Compass investors in line for payday, $100M for a flex-living startup
Title insurance gets white-label treatment -- Digital title startup Spruce has found a way for more people to avoid clunky pen-and-paper closings: The company said it's launching a white-label product that brokerages, iBuyers and others can use for their own title businesses.
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Mortgage underwriting challenges in the pandemic
In December, AmTrust Title Insurance Company announced the hiring of seasoned underwriter Mary Shelley as its midwest region agency underwriter. We took the opportunity to talk to Shelley, who has 35 years experience in the field, about the challenges underwriters have faced during this pandemic period.
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Advancing the Acceptance of Remote Digital Real Estate Closings
Both homebuyers and sellers have expressed a desire to reduce in-person meetings with settlement service providers and want to have remote digital real estate closing options available even after the pandemic ends. We have the technology to do this, but the laws and business practices need to catch up so that we can provide safe, remote digital real estate closings.
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