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Tuesday, March 25

Get in while the gettin’s good.

That’s one way to sum up what homebuyers should know about mortgage rates in 2014.

Of course, there’s a little more to it than that, so if you’re looking to get the best possible rate in 2014 you should be aware of where mortgages stand and where experts think they’re going.

The good news is that rates are still attractive right now. In January, the average commitment rate on a 30-year, fixed-rate mortgage was 4.43 percent, according to Freddie Mac. That’s up from last year, but…

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Monday, March 24

FHA-Seal-SmallThe first electronic settlement of an FHA loan was conducted in Utah this week.  Mountain America Credit Union was the Lender and the loan documents were supplied by DocMagic, Inc.  DocMagic has been providing eDelivery and eSignature technology to the mortgage industry for years. Stewart Title performed the closing.

On January 30, 2013 the Federal Housing Administration announced that it granted expanded authority to Lenders to accept electronic signatures on settlement documents associated with FHA mortgage loans. The only exception at this time is the note but the FHA stated that it will begin accepting notes by the end of the year.

Electronic signatures have been legal in the U.S. since the Electronic Signatures in Global and National Commerce Act (ESIGN) was passed in 2000.  Freddie Mac and Fannie Mae began accepting electronically signed documents in 2001 and 2002 respectively. In 2004 the first electronically signed notes were accepted.

eSettlement Solutions, LLC was created in 2008 for the purpose of performing and promoting electronic real estate settlements. In our experience, the time taken for the execution of paper documents in a traditional settlement, in contrast to the “click and close” scenario, was reduced from about an hour to an average of twenty minutes.

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Wednesday, March 19

Quicken loans and co-sponsor Yahoo Sports are promoting an online NCAA March Madness Bracket Challenge which will award $1 Billion (yes with a “B”) to any entrant who submits a perfect bracket.  Warren Buffet’s Berkshire Hathaway Inc. is backing the prize. Berkshire specializes in insuring unusual risks.
All a participant needs to do to win the billion dollar prize is correctly predict the winners of all 63 games in the tournament. The odds of selecting a perfect bracket are 1 in 9,223,372,036,854,775,808. That is 1 in 9.2 Quintillion or about a Billion Billion.
So who is the real winner of Buffet’s Quicken Loans bracket challenge?  Quicken Loans is of course. The data generated from the contest will provide Quicken with leads for for mortgage loans well worth the minimal investment.
On the other hand, participants in the eSettlement Solutions Bracket Challenge have a 1 in 15 chance of winning a prize based on prior results.

Contact us today for more information.