On February 25, 2021 Gov. Ralph Northam (D) approved VA H.B. 1882 (2021), which impacts several rules regarding deeds of trust, including whether amendments and modifications to loan documents must be recorded if the deed of trust states that it secures any additional amendments and modifications (see Va. Code Ann. § 55-1.318.1), slightly modifying the subordinate language for refinance mortgages (see amended Ibid. § 55.1-319[B][1]), and requiring the interest rate of the prior mortgage to be stated on the first page of the refinance mortgage (see amended Ibid. § 55.1-319[B][3]).
These amendments take effect on July 1, 2021.
We are currently reviewing this bill to determine any impact, and evaluating any modifications, to our document library and/or systems. Any modifications we make as a result will be announced on our website (https://compliance.docutech.com/).
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