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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How Biden's $1.9T stimulus plan impacts housing
President-elect Joe Biden's $1.9 trillion financial plan, unveiled Thursday as the American Rescue Plan, includes a call for extending the national moratorium on evictions and foreclosures until Sept. 30, while also setting aside funds to provide legal assistance to households facing foreclosure or eviction. Biden is also calling for an additional $30 billion in funding for emergency rental, energy and water assistance for hard-hit households, plus $5 billion in emergency assistance to people experiencing or at risk of homelessness.
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30-year jumbo mortgage rate rises (but it's still pretty low)
The average rate on a 30-year jumbo mortgage ticked up 5 basis points this week, coming in at 3.46 percent. That's in line with expert predictions from last week, when most in Bankrate's weekly poll said they expected rates to rise.
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Spruce launches new digital tool for real-estate closings amid proptech industry boom that's pushed traditional home buying and
Spruce, a real-estate tech company that creates digital closing tools for residential transactions, is launching a white-label version of its closing service. Called SprucePowered, the software will allow proptech companies to create their own title agencies, bringing the entire closing process into their own firms without having to build their own solutions or acquire digital closing companies.
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No more anonymous home buyers: New law requires shell companies to name their owners
The new law will require domestic and foreign LLCs doing business in the U.S. to disclose "who is the real, natural person (aka beneficial owner) who owns and controls an entity at the point of formation," as well as update the information if the company changes ownership. The information will be stored in a federal database accessible to banks and law enforcement agencies but not available to the general public.
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Clerks condemn lawsuit challenging COVID office hours
City Clerk John Odum and more than 200 of his colleagues across Vermont and the Northeast have responded to a recently filed lawsuit with a letter to the plaintiffs.
According to the letter, the lawsuit, which was filed by the Connecticut Attorneys Title Insurance Co. last month, would, if successful, compel Vermont municipal clerks' offices and town halls to immediately return to pre-pandemic open office hours.
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Purchaser Has No "Notice" from an Erroneous Abstract of Judgment
A judgment creditor can record an abstract of judgment, a document that identifies the judgment debtor and the amount of the debt. But what happens when the abstract of judgment doesn't accurately identify the judgment debtor?
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