On August 8, 2019 the VA published VA Circ. 26-19-22 (available at: https://www.benefits.va.gov/HOMELOANS/resources_circulars.asp) which provides preliminary guidance from the VA and the correlation between Interest Rate Reduction Refinance Loans (“IRRRL”) and the “Economic Growth, Regulatory Reform, and Consumer Protection Act” (113 Stat….
On August 8, 2019 FNMA and FHLMC published a joint announcement (available directly at: https://www.fanniemae.com/content/notification/notification-urla-announcement-august-2019) stating that they will be removing the “Language Preference” and “Homeownership Education and Housing Counseling” questions from the new URLA and including them in a new “voluntary consumer information form” which is under development….
On May 24, 2018 President Donald J. Trump (R) signed into law the “Economic Growth, Regulatory Relief, and Consumer Protection Act” (“EGRRCPA”) which, among other things, required the Social Security Administration (“SSA”) to establish an identification process for the prevention of fraud,…
On July 11, 2019 both FNMA and FHLMC announced that they “expect” to make an ARM product based on the Secured Overnight Financing Rate (SOFR), which is becoming the preferred standard for replacing the LIBOR when it is retired towards the end of 2021 (a high-level overview of LIBOR’s retirement can be found on our website here: https://compliance.docutech.com/2018/12/12/phasing-out-london-interbank-offered-rate-libor-and-cost-of-funds-index-cofi/)….
On June 7, 2019 Gov. Ron DeSantis (R) approved FL HB 409 (2019), which modifies the formats of the “short forms” of notarial acknowledgments promulgated in Fla. Stat. Ann. § 695.25 (see https://www.myfloridahouse.gov/Sections/Bills/billsdetail.aspx?BillId=63304). The effective date of these amendments is January 1,…
FNMA and FHLMC have postponed the optional use date (July 1, 2019) for the redesigned Uniform Residential Loan Application. A new timeline has not yet been determined:
“At the direction of the Federal Housing Finance Agency (FHFA),…
In an email dated June 12, 2019 (Subject: USDA Technology Fee Implementation), the Office of Rural Development announced the following (cited in relevant part):
“On January 1, 2020 the USDA Single Family Housing Guaranteed Loan Program will begin to assess and collect a fee (aka technology fee) from lenders on each closed loan that was submitted via the Guaranteed Underwriting System (GUS)….
On June 4, 2019 the IRS announced the following in IR-2019-101 (available here):
“Effective July 1, 2019, the IRS will no longer provide transcripts requested on Form 4506, Form 4506-T and Form 4506T-EZ to third parties,…
On May 28, 2019 Gov. Steve Sisolak (D) signed into law NV SB 201 (2019) which modifies various parts of Chapter 604A of Nevada’s Revised Statutes (see https://www.leg.state.nv.us/Session/80th2019/Reports/history.cfm?DocumentType=2&BillNo=201), which chapter coincides and supplements the Federal “Military Lending Act” (10 U.S.C.A….
Earlier this year, Gov. Ralph Northam (D) signed into law VA SB 1080 (2019), which revamps many of Virginia’s laws governing real property laws, including the creation of a new Title 55.1 and the repeal of Title 55 (see https://lis.virginia.gov/cgi-bin/legp604.exe?ses=191&typ=bil&val=SB1080&submit=GO)….
On May 20, 2019 the South Carolina Department of Consumer Affairs announced (in Release # 19-09) that their headquarters are moving from their current location on Devine Street to a new address on Greystone Boulevard, in Columbia, South Carolina. The Department will open for operation at the new address starting May 24th….
On May 7, 2019 Gov. Tim Walz (DFL) signed into law MN HF 1840 (2019) which removes references to “subprime” in several sections of Minnesota’s Statutes (see https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF1840&ssn=0&y=2019), including references in Minn. Stat. Ann. § 58.13(1)(a)(18), which requires certain disclosures for loans with a lower investment grade….
On May 6, 2019 Gov. Eric Holcomb (R) signed into law IN HB 1136 (2019), which (inter alia) amends Ind. Code Ann. § 34-4.5-3-203.5 to establish a tiered late payment charge restriction structure based on the frequency of when installment payments become due (e.g.…
On May 1, 2019 Gov. Eric Holcomb (R) signed into law IN HB 1487 (2019) which, inter alia, amends Ind. Code Ann. § 26-1-9.1-521 to permit the use of either the Indiana Secretary of State’s version of the Uniform Commercial Code (“UCC”) forms (e.g.…
On May 1, 2019 Gov. Eric Holcomb (R) signed into law IN HB 1440 (2019), which repeals Chapter 5, Article 2, Title 23 of Indiana’s Code (concerning loan brokers) and substantively replaces it with new Article 2.5, Title 23 (see http://iga.in.gov/legislative/2019/bills/house/1440)….
On April 25, 2019 Gov. John Hickenlooper (D) signed into law CO HB 19-1172 (2019), which concerns “an organizational recodification of Title 12 of the Colorado Revised Statutes” (see https://leg.colorado.gov/bills/hb19-1172).
We are currently reviewing this change to determine any impact to our document library and/or systems and evaluating any necessary changes….
On April 3, 2019 Gov. Steve Bullock (D) signed into law MT HB 370 (2019), which amends various sections of the “Revised Uniform Law on Notarial Acts” (Mont. Code Ann. §§ 1-5-601 et seq.). These amendments take effect on October 1,…
As required by Okla. Stat. Ann. tit. 14A, § 1-106, the Oklahoma Department of Consumer Credit has published their yearly adjustment to the dollar amounts set forth in certain sections of Oklahoma’s Consumer Credit Code (available directly at: https://www.ok.gov/okdocc/documents/2019%20dollar%20changes%20FINAL.pdf)….
FNMA has just announced the following changes to FNMA 2019 Selling Guide B1-1-01:
“In December 2018, we updated the Uniform Underwriting and Transmittal Summary (Form 1008) and at the time we communicated an effective date of July 1,…
On April 1, 2019 Gov. Roy Cooper (D) signed into law NC SB 162 (2019), which amends the late fee restrictions promulgated under N.C. Gen. Stat. Ann. § 24-10.1. While some of the restrictions remain the same (e.g.…
