NC is at the forefront of first-ever eClosing and plans to make it new standard in state

So exciting to see that North Carolina passed a major milestone in the housing finance industry this month, performing its first ever eClosing!

According to Housing Wire, the state, along with North State Bank and the help of other key parties, executed a 100% electronic mortgage closing. Investors Title Insurance Company of Chapel Hill insured the electronic, notarized mortgage, while DocMagic and World Wide Notary were the electronic solution providers that were used.

“This was our first North Carolina eClosing,” N.C. Secretary of State Elaine Marshall said, “It is not our last. We want this to become a regular option for lenders and their customers because of the many advantages eClosing offers versus the slower, traditional paper-based system.”

Tim Anderson, director of eServices with DocMagic, explained that the announcement is important since North State Bank plans to push this way as their default and not the exception.

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Did you know? Indiana joined states with predictable recording fees.

According to ALTA, Indiana became the latest state to enact legislation that enacts predictable recording fees, which helps facilitate fee accuracy and compliance with the TILA-RESPA Integrated Disclosures rule.

Gov. Eric Holcomb signed Senate Bill 505 on April 21. The legislation, which goes into effect July 1, sets a statutory fee for bulk form copies of 10 cents per copy of a recorded document and 10 cents per recorded document for a copy of the indices. It also allows a fee set by ordinance in an amount of up to 20 cents per copy and per recorded document if the county executive finds that the costs incurred by the county recorder exceed the amount of the statutory fee.

Adoption of flat recording fees help settlement agents provide more accurate recording fees upfront and help reduce lender liability if fees change substantially on the Closing Disclosure. Recording fees fall into the bucket of fees that can’t change more than 10 percent from the Loan Estimate to the Closing Disclosure.

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SoftPro® Wins Gold in 2017 American Business Awards

SoftPro® Wins Gold in 2017 American Business AwardsSM

We are so happy to announce that SoftPro was named the winner of Gold Stevie® Awards in both the Company of the Year – Real Estate and Customer Service Department of the Year categories in The 15th Annual American Business Awards!

The American Business Awards are the nation’s premier business awards program. All organizations operating in the U.S.A. are eligible to submit nominations – public and private, for-profit and non-profit, large and small. Nicknamed the Stevies for the Greek word meaning “crowned,” the awards will be presented to winners at a gala ceremony at the Marriott Marquis Hotel in New York on Tuesday, June 20.

SoftPro’s winning entries highlighted our Client Contact Initiative begun in 2016, which is tasked with gauging customer satisfaction and identification of client needs. Since its inception, our company has earned a 3.74 rating from its customers on a 1 – 4 scale with 4 being the best. In addition to our two Gold Stevies, we were also recognized with Silver in Corporate Social Responsibility Program of the Year and Most Innovative Tech Company of the Year.

Patrick Hempen, SoftPro Chief Customer Officer, said, “It is a great honor that our employees’ everyday commitment to make it about the customer has been recognized by the American Business Awards. I could not be more proud of our company as a whole, as well as our Support Team for their continued dedication to customer service.”

More than 3,600 nominations from organizations of all sizes and in virtually every industry were submitted this year for consideration in a wide range of categories; and more than 190 professionals worldwide participated in the judging process to select this year’s Stevie Award winners. Judges’ commented on SoftPro’s winning entries, “SoftPro is a shining example of customer loyalty driven growth” and ”You got me with ‘It’s all about the customer,’ which so few customer support organizations realize.”

“Each year the judges find the quality and variety of the nominations to be greater than the year before. The 2017 competition was intense, and every organization that has won should be proud,” said Michael Gallagher, president and founder of the Stevie Awards.

Details about The American Business Awards and the list of 2017 Stevie winners are available at www.StevieAwards.com/ABA.

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Mortgage rates break holding pattern and drop…

While still higher than last year, mortgage rates have broken their holding pattern and dropped, according to Freddie Mac.

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Interest rates are down but so is available credit

While we are seeing all time low interest rates, we aren’t seeing the expected increase in loan volume. The tighter rules and regulations tied around obtaining a loan is making it more difficult for a consumer to take advantage of the lower interest rates. Below is an interesting article on the lack of credit being issued to consumers.

Low interest rates don’t equal more loans

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