01.23.23

Compliance News: FHA Publishes Updated Instructions for Single Family Mortgage Model Documents for 2021 (Effective 2023) GSE Security Instruments and Notes

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….

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10.13.22

Compliance News: California Amends Requirements for Notice to Cosigner (Cx886)

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….

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09.01.22

Compliance News: Missouri House Bill Revises Grantor Information

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:

  1. The title of the document;

    2. …

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08.31.22

Update: FHA Notes & Mortgages

As previously announced, FNMA and FHLMC have published revised uniform instruments that must be utilized for all loans delivered to the GSEs with note dates on or after January 1, 2023. We have also announced that these documents are available for testing and can be currently used upon client request….

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05.03.22

Compliance News: Supplemental Consumer Information Form

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….

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05.02.22

Compliance News: New California Appraisal Disclosure

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….

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