On April 29, 2021 Gov. Eric Holcomb (R) signed into law IN HB 1255 (2021) which amends a vast array of laws impacting notarial acknowledgments and proofs and the electronic recording of mortgages (starting from Section 37 of the bill)….
On April 19, 2021 Gov. Doug Burgum (R) signed into law ND SB 2103 (2021), which amends the so-called “North Dakota Money Brokers Act” (N.D. Cent. Code §§ 13-04.1-01 et seq.). Amendments include the addition of a new Ibid.…
Today, the CFPB announced the publication of additional “TILA-RESPA Integrated Disclosure FAQs” on their website, specifically addressing the partial exemptions extended by the “Building Up Independent Lives and Dreams” (BUILD) Act (134 Stat. 5134 [2021]) to the TILA-RESPA Integrated Disclosure rules….
As previously announced, Governor Jim Justice of West Virginia, signed into law WV S.B. 469 (2021) which permits Remote Online Notarizations (RON). The law requires that when using RON, the notary must indicate that RON was used….
In an email dated May 11, 2021 (Subj: Don’t let an outdated URLA cause a delay!), the U.S. Department of Agriculture announced the following:
“Beginning June 1, 2021, USDA will require submission of the redesigned Uniform Residential Loan Application (URLA) Fannie Mae Form 1003/Freddie Mac Form 65,…
In Bulletin 2021-16, FHLMC announced that they will be limiting the scope of the pre-close borrower discussions required under FHLMC Single-Family Seller/Servicer Guide § 6301.4 (and first instigated last year due to the COVID-19 pandemic) to cash-out refinance transactions only….
Most loan programs allow for gifts to be given to the borrower to help alleviate costs associated with the loan. A gift letter describing the gift specifics, filled out by the gift donor, is typically a required step. However, different agencies specify slightly different language requirements for the gift letter….
By: Timothy A. Raty; Sr. Regulatory Compliance Specialist
While rules regarding the rounding of numbers on the Loan Estimate and Closing Disclosure have been promulgated, criticized, and debated ad nauseum, rounding rules are almost never promulgated for other disclosures or calculations which are required by law –…
By: Timothy A. Raty; Sr. Regulatory Compliance Specialist
An issue which has plagued the industry since the original TILA-RESPA Integrated Disclosure rule was finalized (see 78 FR 79730 [2013]) is ambiguity as to which fees should be disclosed on the Loan Estimate (“LE”)….
In 2017, the citizens of the former Republic of Texas approved an amendment to Tex. Const. art. 16, § 50(f) to permit a Texas home equity loan (aka a “Texas 50(a)(6) loan”) to be refinanced with a loan other than a reverse mortgage or another Texas 50(a)(6) loan (see https://compliance.docutech.com/2017/11/08/document-updates-various-texas-home-equity-loan-documents/ for details)….
