In Mortgagee Letter 2022-11 from the U.S. Department of Housing and Urban Development (HUD) dated July 12, 2022, it was announced that the Federal Housing Administration (FHA) initial appraisal validity period has been increased from 120 days to 180 days from the effective date of the appraisal….
The Oregon Division of Finance and Corporate Securities has published updates to their “Interest Rate Lock/Float Agreement” on their website at: https://dfr.oregon.gov/business/licensing/financial/Pages/applications-forms-reports.aspx. This document complies with the provisions of Or. Rev. Stat. Ann. § 86A.115(2), Or. Admin….
After a review of the language that prints for our signature lines for Trusts, we have decided to update our standard Trust signatures to provide the Freddie Mac verbiage for settlor signature lines for FHLMC loans, as outlined here in their guidelines….
Periodically, the CFPB publishes Supervisory Highlights to inform relevant entities of key findings from supervisory oversight. The most recent publication was Spring 2022. The report covered many different areas from auto servicing to debt collection to student loan servicing and many things in between….
As we previously announced, the IRS has announced changes to modernize Form 4506-C. We continue to receive inquires from clients whether the IRS has published a final draft. As of this date, the IRS has not yet published a final draft….
Docutech is updating the field associated with the “Mailing Address for Notices” line on our California HELOC Deed of Trust (Cx1362) near the bottom of the document where the Trustors request that a copy of any notice of default, and of any notice of sale be mailed to the address listed….
We are updating our MD Net Tangible Benefits Worksheet( Cx13909) to match the latest version of the form published by the Maryland Commissioner of Financial Regulation, see: https://www.dllr.state.md.us/forms/frnettangiblebenefitsworksheet.pdf. This document is published pursuant to the requirements found in Md….
The South Carolina Department of Consumer Affairs has announced an increase in the coverage amount for certain residential mortgage loans exempt from prepayment penalties under S.C. Code Ann. §§ 37-10-103 & 37-23-80.
The prepayment penalty coverage amount has been increased from $630,000 to $690,000….
The Minnesota Department of Commerce recently announced changes to dollar amounts which are indexed in the Minnesota Consumer Credit Code (Minn. Stat. Ann. § 47.59(3)(i)) and in the Regulated Loan Act (Minn. Stat. Ann. § 56.131(4)) effective July 1, 2002….
On May 14, 2021, the Illinois Department of Financial and Professional Regulation published a Notice of Proposal in the Illinois Register in order to implement the new requirements for the Consumer Installment Loan Act identified in Public Act 101-0658, which was signed into law on March 23,…
