Today, FHLMC published Bulletin 2020-9, which announces FHLMC’s “eligibility, underwriting and delivery requirements for SOFR-indexed ARMs [and] the availability of new ARM Notes and riders specific to the SOFR ARM offering.”
Lenders may immediately begin to underwrite borrowers for their SOFR programs and,…
Today, FNMA released an updated version of Lender Letter 2020-03, providing clarification and special rules for the handling of certain mortgage loans due to the coronavirus pandemic. These rules include:
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By: Timothy A. Raty, Sr. Regulatory Compliance Specialist
Date: March 26, 2020
“No technological computation and calculation would
be possible in an environment that would not employ a
generally used medium of exchange, money.”
(Ludwig von Mises,…
On March 20, 2020 the Massachusetts Department of Fire Services released a memorandum temporarily permitting the inspections of smoke detectors and carbon monoxide alarms, which sellers are normally required (under various provisions of Massachusetts law) to have completed prior to the transfer of title,…
Pursuant to 32 CFR § 232.6(a), the Military Lending Act (MLA) requires that “[w]ith respect to any extension of consumer credit…to a covered borrower, a creditor shall provide to the covered borrower…[a] statement of the MAPR applicable to the extension of consumer credit…”…
On March 11, 2020 Gov. Brad Little (R) signed into law ID HB 401 (2020) which amends several sections of Idaho’s Code governing mortgage companies – most notably repealing Chapter 28, Title 26 (https://legislature.idaho.gov/sessioninfo/2020/legislation/H0401/). These amendments take effect on the later of 60 days following adjournment of the current Idaho Legislature session or July 1,…
As previously announced (see here and here), FNMA and FHLMC have adopted the “fallback” language proposed by the Alternative Reference Rates Committee (“ARRC”; see https://www.newyorkfed.org/arrc/fallbacks-contract-language) and have incorporated it into their uniform ARM promissory notes and ARM riders….
The Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”) retired their convertible ARM loan documents quite some time ago. These documents and related programs are not in use in ConformX.
We will discontinue support for the following programs:
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The Nevada Division of Mortgage Lending publishes model/official forms which can (or are required to) be used to comply with certain disclosure laws. These forms and laws, plus our versions of these forms, are as follows:
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TRID requires “the amount of any fee the creditor imposes on the consumer for not establishing an escrow account in connection with the transaction” (12 C.F.R. § 1026.38[l][7][i][B][2]) to be disclosed in the “No Escrow” table on page 4 of the Closing Disclosure….
