By: Timothy A. Raty, Sr. Regulatory Compliance Specialist
Earlier this month, the Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corporation (“FHLMC”) announced some of their plans for the gradual elimination (and replacement) of their adjustable-rate mortgages (“ARMs”) programs,…
On February 5, 2020 the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”) announced the following:
“Due to lack of demand and an increase in associated operational costs, Freddie Mac is retiring the eligibility for sale of Mortgages originated with a biweekly payment schedule,…
On February 5, 2020 FNMA announced the publication of revised ARM notes and riders which include fallback language recommended by the Alternative Reference Rates Committee (ARRC). FNMA encourages lenders to adopt this language immediately, with a mandatory usage date of June 1,…
Under Massachusetts law, the following is proscribed:
“It is an unfair or deceptive act or practice for a mortgage broker or lender to accept any broker fee, application fee or other fee, prior to the borrower’s receipt of any disclosure forms mandated by 940 CMR 8.05(1)….
Nevada law found in NRS 111.3112(1)(b) states:
“The county recorder shall not record with respect to real property, a notice of completion, a declaration of homestead, a declaration of removal of discriminatory restriction, a lien or notice of lien,…
Cx18892 is a duplicate of the U.S. Department of Agriculture’s form RD 3555-18 (available at: https://forms.sc.egov.usda.gov/eForms/searchAction.do?pageAction=BrowseForms&_MenuAction=Yes) and Cx3818 is a duplicate of the last two pages of said form (primarily comprised of the “Lender Certificate” section).
RD 3555-18 was recently revised and we will be updating Cx3818 and Cx18892 to match the latest version….
After a recent compliance review, we are updating our Loan Modification Agreements to better match the corresponding security agreements to include necessary witness signature lines for various states. By default, witness lines will not appear on the Loan Modification Agreements for any states except Florida (FL ST 589.01),…
As part of a periodic audit focusing on notary sections, we are reviewing all of our standard documents with a notary block. To ensure more conservative compliance, we will be comparing the notary block to the model forms published for each of the fifty states and the District of Columbia….
On December 20, 2019 the Georgia Department of Banking and Finance finalized amendments to Ga. Comp. R. & Regs. 80-11-1 to include various provisions to accommodate 12 U.S.C.A. § 5117, which generally grants licensed (or registered) loan originators temporary authority to originate loans while they operate in a State in which they are in the process of being licensed or registered (e.g.…
These two disclosures for Illinois are provided pursuant to 765 Ill. Comp. Stat. Ann. 910/11 and Ill. Admin. Code tit. 38, §§ 1050.1110(f) & 1050.1360(a)(1). Both documents disclose (verbatim) the Illinois Mortgage Escrow Account Act, Section 5 of which permits the borrower to terminate their escrow account once their mortgage has been “reduced to 65% of its original amount” (Supra 910/5)….
