On December 13, 2024, New York Governor Kathy Hochul signed Assembly Bill A9686 which enacts NY Banking Law § 35 which contains a new requirement for mortgage lenders and other banking organizations offering residential mortgage services to provide a “What Mortgage Applicants Need to Know” pamphlet to applicants….
Clients who have not yet submitted any needed customizations to accurately disclose their ROV process in Cx27674 “Notice of Right to Request a Reconsideration of Value (ROV)” are asked to contact Docutech’s Client Support immediately in order to meet the go-live date of October 31,…
On May 1, 2024, the Federal Housing Finance Agency released an announcement regarding Enterprise Reconsideration of Value policies. The announcement states:
“The Federal Housing Finance Agency (FHFA) today announced that Fannie Mae and Freddie Mac (the Enterprises) published new Reconsideration of Value (ROV) policies after months of collaboration with FHFA and the U.S….
On April 25, 2024, the Department of Veterans Affairs released Circular 26-24-9. This circular discusses a new VA Form 26-10291 – Assumption Entitlement Acknowledgement. The purpose of the new form is to remind veterans that when their home is assumed by a non-veteran borrower,…
On January 10, 2024, the New Mexico Financial Institutions Division announced a clarification regarding the Freedom to Choose Insurance Company and Insurance Professional Notice. The announcement details why a natural person’s name (rather than a company’s name) needs to be inserted into the “(individual’s name)” blank in the first sentence of the notice language contained in N.M….
As previously announced by Docutech, Fannie Mae recently published the following:
“The instructions to the Florida security instrument (Form 3010) were updated to include a new authorized change 16.”
Paragraph 16 now reads:
“Lenders may delete the words “Signed,…
On August 23, 2023, Fannie Mae announced the following:
“Paragraph 26(a) of the District of Columbia security instrument (Form 3009) has been revised for further clarity and replaces the prior 06/2023 version.
The instructions to the Florida security instrument (Form 3010) were updated to include a new authorized change 16.”
At this time,…
On June 27, 2023, the Federal Housing Administration (FHA) published Mortgagee Letter (ML) 2023-13 regarding the required use of the Supplemental Consumer Information Form (SCIF) for mortgage applications dated on or after August 28, 2023.
Oregon House Bill 2029 (2023) states in part:
“SECTION 1. ORS 205.232 is amended to read:
205.232. Except as provided in ORS 205.327, a county clerk shall not accept any instrument for recording unless the text of the instrument is typed,…
The Summary of Federal Register Vol. 88, No. 53, Pg. 16531 states in part:
“The Consumer Financial Protection Bureau (Bureau or CFPB) is issuing this final rule to make non-substantive corrections and updates to Bureau and other Federal agency contact information found at certain locations in Regulations B,…
New York State Assembly Bill A9493A adds a new disclosure requirement for VA loan counseling. This act takes effect April 15, 2023.
The New York banking law is amended by adding a new section 6-p to read as follows:
“§ 6-p….
We have received several inquires from clients regarding changes to the VA funding fee as published in Circular 26-23-06. VA published Circular 26-23-06 to announce changes to VA funding fee rates for loans closed on or after April 7, 2023. …
HUD has just issued FHA ML 2023-05 (available at: https://www.hud.gov/program_offices/administration/hudclips/letters/mortgagee), which announces reductions to annual mortgage insurance premium (MIP) rates and modifies the base loan amount threshold used to establish MIP rates to the conforming loan limit….
On January 20, 2023, the U.S. Department of Housing and Urban Development (HUD) published Mortgagee Letter 2023-01 regarding the Federal Housing Administration’s (FHA) modifications for the 2021 (Effective 2023) Government Sponsored Enterprises’ (GSE) security instruments and notes. These modifications are not required but may be implemented immediately….
On January 17, 2023, the VA published Circular 26-23-3 and Circular 26-23-4 regarding revisions to VA Form 26-1820 “Report and Certification of Loan Disbursement”, the discontinuation of VA Form 26-1802a “HUD/VA Addendum to the Uniform Residential Loan Application”,…
On December 16, 2022, the CFPB published a notice in the Federal Register (87 FR 77078) that they’ve updated the consumer publication “What You Should Know about Home Equity Lines of Credit,” also known as the HELOC booklet….
As previously announced, on June 6, 2022, the IRS announced a draft form was available for a revised Form 4506-C and provided guidance as to major changes that needed to be made with an expected rollout date of December 1,…
California Senate Bill No. 633 amends requirements for consumer credit contracts, particularly those regarding the Notice to Cosigner. These amendments are effective January 1, 2023.
Per the introductory paragraphs of Senate Bill No. 633:
“This bill would require the Notice to Cosigner to be provided to specified persons regardless of whether the persons are married to each other and would expand the languages into which the notices are required to be translated….
The USDA Single Family Housing Guaranteed Loan Program announced on August 30, 2022 the introduction of New Forms RD 3555-11, RD 3555-17, RD 3555-18, and RD 3555-21.
Per the USDA SFHG announcement:
“The following updated forms will be available with a new revision date of August 2022….
On June 30, 2022, Governor Mike Parson of Missouri signed into law amendments to the Revised Statutes of Missouri, Section 59.310.2. The amendments went into effect August 28, 2022. Section 59.310.2 outlines requirements for documents presented for recording. Previously the list included the following:
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