So far, 2023 has been an extremely challenging year for lenders (to say the least), but recently, there have been several positive developments that, if not worth celebrating, should at least be added to the “glass half-full” column. In no particular order, these include: eNote adoption continues In 2022, MERS reported that 322,517 eNotes were registered on its eRegistry. While this number was down sharply on a unit basis, as a percentage of overall eNotes to overall registration the number held steady at approximately 6% of the total. This suggests that 1) eNotes are not just for refinances – which were previously thought to account for the majority of eNotes, but lenders clearly are using them in purchase loans as well, and 2) Lenders haven’t lost sight of the economic and quality-control advantages that digital mortgages provide. So yes, there are headwinds but eNote adoption is continuing, even in this difficult market cycle. Home equity is alive and well Transunion recently came out with its 2023 forecast, and not surprisingly, home equity lines and loans were a standout. The company estimated that more than 84 million homeowners had tappable equity with the median amount being $236,000. Transunion noted that […]
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