Realtors vs Big Tech and VA Update
DDA Mortgage • November 4, 2019
Know the risks of using BIG TECH instead of a local realtor.
Check out our latest update about Big Tech and how it is influencing the real estate market.
Check out our other helpful videos to learn more about credit and residential mortgages.
A Specific Power of Attorney (POA) for a mortgage closing is a legal document that allows one person (the principal) to authorize another person (the agent or attorney-in-fact) to act on their behalf only for the purpose of completing a mortgage transaction—typically when the principal cannot be physically present at the closing. Key Points of How It Works: ✅ Purpose-Specific Authorization The document limits the agent’s authority strictly to the mortgage transaction, such as signing loan documents, the note, deed of trust, and other closing forms. It does not grant broad financial powers—only what’s specifically listed. ✅ Common Uses When the borrower is: Out of the country or state In the military Hospitalized or otherwise unavailable on closing day ✅ Lender and Title Company Approval Required The lender must approve the POA in advance. Some lenders are strict and may require the POA to be: Dated close to the closing date Notarized and possibly recorded The title company must also approve the document to ensure it's valid and complies with local regulations. ✅ Execution Requirements It must: Clearly describe the property address State the exact powers being granted (e.g., “to execute all documents required to close on the mortgage loan for [property address]”) Be notarized, and in some states, also witnessed Sometimes be recorded with the county clerk if it’s used to sign a deed or deed of trust ✅ Expiration Some are written to expire after a short period (e.g., 30 or 60 days), or immediately after closing. ✅ Revocation The principal can revoke it at any time before the closing by notifying the agent and any third parties relying on it (like the lender or title company) in writing. Example Scenario Suppose Jane is buying a home but will be overseas on the closing date. She signs a Specific POA authorizing her sister to sign all documents necessary to complete the mortgage transaction for the home at 123 Main St. The lender and title company review and approve the POA ahead of time. On the day of closing, Jane's sister signs the documents on her behalf, using the POA. tune in and learn at https://www.ddamortgage.com/blog Didier Malagies nmls#212566 dda mortgage nmls#324329
Buying a condo is different from purchasing a single-family home, and it's important to understand the unique consid Here’s a simple and clear breakdown of how AI is making second mortgages easier for homeowners and lenders alike: 🔍 What Is a Second Mortgage? A second mortgage lets homeowners borrow against their home's equity, without replacing their existing mortgage. Common types: Home Equity Loan (lump sum) HELOC (Home Equity Line of Credit) 🤖 How AI Makes Second Mortgages Easier 1. Faster Approval Times AI streamlines credit, income, and property evaluations. Cuts days or weeks off traditional underwriting. 2. Smarter Risk Assessment Machine learning analyzes borrower profiles more accurately than standard models. Lenders can offer better rates to lower-risk borrowers. 3. Better Property Valuations AI-powered AVMs (automated valuation models) assess home value using up-to-date market data, photos, and even satellite imagery. 4. Chatbots & Virtual Assistants Available 24/7 to answer questions, guide users through the process, and gather documents. Reduces human error and friction for borrowers. 5. Fraud Detection AI systems detect unusual patterns in applications to flag potential fraud before approval. 6. Personalized Loan Offers Based on data from credit, home value, and income, AI can recommend the right loan product—tailored to the borrower’s needs. 🏡 Why It Matters for You Quicker access to cash Less paperwork More competitive offers Lower costs thanks to automation If you want, I can help you compare second mortgage options, estimate your equity, or show AI-powered lenders making waves in 2025. Just let me know! tune in and learn at https://www.ddamortgage.com/blog didier malagies nmls#212566 dda mortgage nmls#324329
The federal bill that seeks to eliminate abusive trigger leads took a major step forward this week, advancing in the U.S. House of Representatives and reigniting hopes across the mortgage industry that it could soon become law. Yes, that's an important development for the mortgage and consumer protection landscape. The federal bill to eliminate abusive trigger leads recently advanced in the U.S. House of Representatives , which is a significant step toward potentially becoming law. Here’s what this means: 🔍 What Are Trigger Leads? When a consumer applies for a mortgage and a credit inquiry is made, credit bureaus can sell that information to other lenders. These are known as trigger leads . While legal, they often result in a flood of unsolicited calls or offers from competing lenders — many of which may be misleading or aggressive. 🏛️ About the Bill The legislation seeks to ban or strictly limit the use of trigger leads unless the consumer explicitly consents. It aims to: Protect consumers from confusing or predatory offers . Curb misleading solicitations that impersonate the original lender. Improve privacy and control over a borrower’s financial data. 🏠 Industry Reaction The mortgage industry and consumer advocacy groups have largely welcomed the move, arguing that trigger leads: Cause consumer confusion. Undermine trust in legitimate lenders. Lead to identity theft or fraud in some cases. 📅 What’s Next? The bill now moves to the Senate , where it will need to pass before reaching the President’s desk. Industry stakeholders are pushing for bipartisan support, noting the broad agreement on consumer protection.
