At the beginning of this year, the Federal Home Loan Mortgage Corporation (“FHLMC”) announced that, “to provide transparency to our Sellers, we are adding the selling requirements for Cooperative Share Loans and Cooperative Project to the [Single Family Seller/Servicer] Guide in new Guide Chapter 5705” (FHLMC Bulletin 2020-1)….
As announced earlier this week, Oregon recently enacted legislation requiring certain types of forbearance accommodations for mortgage loans. OR HB 4204, § 1(9) (2020) requires the following:
“Within 60 days following the effective date of this 2020 special session Act (August 29,…
Document Updates and Retirements: Massachusetts HCL Disclosures on URLA (Cx4193 & Cx20667), MA High Cost Loan Application Disclosure (Cx3742), & MA High Cost Loan Payment Disclosure (Cx3746)
Formerly under Mass. Regs. Code tit. 209, §§ 32.32(3)(f)(1) & 40.04(6)(a), the following was required:
“The following statement must appear in at least 12 point type directly above the borrower’s signature line on the application: ‘The loan which will be offered to you is not necessarily the least expensive loan available to you and you are advised to shop around to determine competitive interest rates,…
On March 20, 2020 Gov. Charlie Baker (R-MA) issued COVID-19 Order No. 12, which permitted the conditional deferrals of certain inspections on home safety equipment as a result of the COVID-19 pandemic. On June 26, 2020 Gov. Baker signed COVID-19 Order No….
New Documents and New Programs: Interest Only and Non-Assumable Secured Overnight Financing Rate (“SOFR”)
Interest Only SOFR
Support has been added for several new Interest Only SOFR products under the “Custom Programs” investor (CSTM) in ConformX.
These two new 3/6 IO SOFR programs:
3/6 SOFR ARM Interest Only for 10 Yrs….
Cx13134 is provided pursuant to Colo. Rev. Stat. Ann. § 12-10-725(2) and 4 Colo. Code Regs. Pt. 725-3, while Cx14095 is provided pursuant to Colo. Rev. Stat. Ann. § 12-10-724 and 4 Colo. Code Regs. § 725-3:5.22. Both documents are based on model forms published by the Colorado Division of Real Estate on their website (https://www.colorado.gov/pacific/dora/node/101671)….
On July 6, 2020 Gov. Mike Parson (R) signed into law MO H.B. 1655 (2020), which (inter alia) repeals many of the laws currently affecting notaries under Mo. Stat. Ann. §§ 486.200 through 486.405 and replaces them with new provisions in Ibid.…
On June 30, 2020 Gov. Kate Brown (D) signed into law OR HB 4204 (2020), which “establishes temporary limitations on lenders being able to enforce default remedies on obligations secured by mortgages, trust deeds, land sale contracts or other instruments.”
Of particular interest is Subsection 1(9),…
Earlier this year, Gov. Eric Holcomb (R) signed into law S.B. 340 (2020), which made a subtle amendment to Ind. Code Ann. § 32-21-2-3(a)(1), effectively requiring that “conveyance, a mortgage, or in instrument in writing to be recorded must be” both acknowledged by the grantor and proved before certain persons (e.g.…
On June 25, 2020 Gov. Tate Reeves (R) signed into law MS H.B. 1156 (2020), which enacts a “Revised Mississippi Law on Notarial Acts” and amends or repeals other provisions of Mississippi’s Code (include Miss. Code Ann. § 89-3-7) concerning notarial certificates….