NY adopted Senate Bill 1780C and Senate Bill 7780 which permit remote notarizations and updates NY executive law on electronic notarization. The executive law was amended by Bill 1780 by adding a new section 137-a, and Bill 7780 amended the executive law by adding section 135-C….
For a purchase transaction that involves both a first lien loan and a simultaneous subordinate lien loan; purchase-related amounts such as Sale Price of Property, Sale Price of Any Personal Property Included in Sale, and Deposit are only reflected in the first lien Cash to Close amounts disclosed on the Loan Estimate and Closing Disclosure….
In a previous Compliance News alert, Docutech announced upcoming changes to format and future mandatory use of the Supplemental Consumer Information Form (SCIF). The joint announcement by FNMA and FHLMC states that they have mandated the SCIF for the collection of borrower preferred language,…
On May 2, 2022, GA HB974 was signed into law. The amendments relate to recordation and registration of deeds, including requiring certain information to appear on the first page of security deeds in the state of Georgia. This act will become effective on July 1,…
On May 3, 2022, The Federal Housing Finance Authority announced that Fannie Mae and Freddie Mac (the Enterprises) will require lenders to use the Supplemental Consumer Information Form (SCIF) as part of loans sold to the Enterprises. The SCIF is used to collect information about the borrower’s language preference and on homebuyer education or counseling received by the borrower….
The State of California has announced that starting July 1, 2022, a new disclosure is required for every contract for the sale of real property and for each refinancing of first lien purchase money loans secured by no more than four dwelling units….
The List of Homeownership Counseling Organizations (our Cx17874) is provided per 12 CFR § 1024.20, which requires the lender or mortgage broker supply the loan applicant a list of homeownership counseling organizations located closest to the applicant within three business days after receipt of application….
If the ConformX fields used to populate the “Year or period requested” sections of IRS Forms 4506-C “IVES Request for Transcript of Tax Return” and 4506 “Request for Copy of Tax Return” are not set, the first two dates default to the last day of the previous two calendar years….
Upon review of the Georgia Seller’s Certificate of Exemption (our Cx1010), Docutech has determined that an update is in order. Ga. Code Ann. § 48-7-128 allows for an exemption for withholding requirements upon sale or transfer of real property to nonresidents. …
A Puerto Rico SOFR ARM index note and rider have been provided by Fannie Mae and Freddie Mac in their new series of documents dated “07/2021”. Since the new SOFR note and rider can only be used with the new Puerto Rico Mortgage of the same date,…
