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:
…
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….
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….
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….
On August 20, 2021, the IRS announced their plan to modernize Form 4506-C (our Cx3095) also known as the IVES Request for Transcript of Tax Return. This blog post is a great resource for what the form is used for and how it works….
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 Ohio Department of Commerce has announced an increase in the coverage amount for a residential mortgage to be subject to, or exempt from, a prepayment penalty under Ohio Rev. Code § 1343.011(C). In order to be exempt,…
The Georgia Waiver of Borrowers Rights (Cx1009) is an agreement where a borrower waives all rights regarding receiving notice or having a judicial hearing before the lender exercises its right to non-judicially foreclose on a property. This document is traditionally included in mortgage loan closing packages….
