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January 2024 » thefivestar.com 7 January 2024 M T E C H notaries commissioned outside the state for transactions such as title and escrow transaction documents in connection with California real property. "California embracing remote online notarization is an effort that has taken years and is a critical next step toward nationwide acceptance of RON and eNotary services," said Brian Webster, President of NotaryCam. "While real estate isn't the only industry that can benefit from RON, the passage of this bill is a boon for this sector of the economy, as California represented roughly 18% of all real estate transactions nationally in 2022. NotaryCam is looking forward to providing our services to California residents and eagerly anticipates the day when we can do the same for notaries commissioned in the state." Other provisions of the bill are slated to take effect in phases starting January 1, 2025, by which time, RON technology providers must certify that they meet the specified requirements to perform RON transactions in the state. The final phase, which is expected to commence by January 1, 2030, authorizes the commissioning of California notaries to perform remote online notarial acts following the completion of technology updates by the California Secretary of State office to allow for such actions. This bill joins California with 44 oth- er states that have enacted laws provid- ing permanent access to remote online notarization, according to the American Land Title Association (ALTA). TRUV INTEGRATES WITH FREDDIE MAC BORROWER VERIFICATION PLATFORM T ruv announced it is now a service provider supporting the Freddie Mac Loan Product Advisor (LPA) asset and income modeler (AIM). Truv's new integration with AIM enables lenders to use the Truv platform to obtain and transmit the information and data required to Freddie Mac's LPA for the AIM assessment. With coverage of a whopping 92% of the U.S. workforce, the Truv platform is used by many mortgage lenders and integrated with leading point-of-sale and loan origination systems. By empowering lenders to verify a borrower's information on one platform, Truv enables lenders to replace costly third-party borrower verification service providers and manual, error-prone methods of verifying borrower data with cost savings and faster times to close by two days or more. Independent mortgage banks (IMBs) and mortgage subsidiaries of chartered banks reported a pre-tax net loss of $1,015 on each loan they originated in Q3 2023, an increase from the reported loss of $534 per loan in Q2 2023, according to the Mortgage Bankers Association (MBA). "We are proud to collaborate with Freddie Mac to help lenders streamline their origination processes," said Kirill Klokov, Co-Founder and CEO of Truv. "More than ever, lenders need robust, safe technology to lower their origination costs while reducing risks. By automat- ically extracting income data from a borrower's payroll accounts, our platform does both, while empowering lenders to verify the borrower's information in a single step." "Approved third-party service pro- viders like Truv support delivering the best tools and insights the industry has to offer," said Daniel Miller, Single-Family Director of Strategic Technology Part- nerships at Freddie Mac. "This collab- oration will help lenders quickly and easily obtain income and employment verification." Magazine INTRODUCING The Five Star Institute's premier trade publications, DS News and MReport, have joined forces to become MortgagePoint. This new publication brings you the same exclusive news, features, interviews, and commentary you've come to expect from Five Star—now taken to the next level and all in one place. MortgagePoint is your one-stop shop for coverage of the full spectrum of mort- gage, from originations to default. Scan the QR code to sign up and learn more. THE INDUSTRY'S MOST VALUED PUBLICATIONS JOINING FORCES