On September 25, 2018 FNMA distributed an email which contained the following news:
“Updated model construction loan forms
We’ve revised our model construction loan documents (Forms 3734, 3735, 3737, and 3738) and related summary pages to remove references to renovation loans….
Recently, the Vermont Department of Financial Regulation published revisions to Vt. Admin. Code 4-2-5 (alternatively cited as either Vt. Admin. Code 21 010 or Regulation B-98-1, though in the latter case, it will be changed to Regulation B-2018-2) affecting commitment letters (see http://www.dfr.vermont.gov/reg-bul-ord/form-content-and-timing-residential-real-estate-mortgage-loan-commitment-letters-2018)….
On August 24, 2018 Gov. Phil Murphy (D-NJ) signed into law A.N. 2035 (2018) which amends several provisions of the “New Jersey Residential Mortgage Lending Act” (N.J. Stat. Ann. §§ 17:11C-51 et seq.), including what types of fees mortgage brokers may charge and enhanced definitions of such charges under Ibid.…
The following announcement was posted today by the Internal Revenue Service (cited in relevant part):
“. . . On September 23, the IRS also will post an updated Form 4506-T and Form 4506T-EZ, Request for Transcript of Tax Return,…
On July 18, 2018 FNMA published Lender Letter LL-2018-03, which provides for revisions to FNMA’s requirements concerning PMI termination, as currently found in FNMA 2018 Servicing Guide B-8.1-04 and F-1-02 (see https://www.fanniemae.com/singlefamily/news). Servicers are required to implement these changes by March 1,…
On July 10, 2018 the Federal National Mortgage Association (“FNMA”) introduced “Enterprise-Paid Mortgage Insurance” (“EPMI”) as an alternative to the more traditional borrower-paid and lender-paid private mortgage insurance plans (“BPMI” and “LPMI”, respectively). FNMA is rolling-out EPMI in a pilot program for testing,…
In their “Daily Digest Bulletin” dated July 10, 2018 the California Department of Business Oversight announced the following:
“The DBO has posted to its website translated mortgage disclosure forms in Spanish, Chinese, Tagalog, Vietnamese, and Korean. These forms can be used by a financial organization that negotiates primarily in any of the above languages the [sic] modification of any of the terms of a loan or extension of credit secured by residential real property….
On June 28, 2018 Gov. Jerry Brown (D) signed into law CA AB 375 (2017), enacting “The California Consumer Privacy Act of 2018”, which will be codified at Cal. Civ. Code §§ 1798.100 et seq. (see http://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=201720180AB375)….
Docutech is pleased to announce the publication of a revised version of our VA Disclosure Matrix, reflecting recently enacted changes made due to the “Economic Growth, Regulatory Relief, and Consumer Protection Act”. A copy of the Matrix can be downloaded here….
On June 25, 2018 Gov. Roy Cooper (D) signed into law NC HB 852 (2018) which amends various parts of North Carolina’s statutes concerning real property (see https://www2.ncleg.net/BillLookUp/2017/HB%20852), including an amendment to N.C. Gen. Stat. Ann. § 47-17.1 which will now state the following:
“The register of deeds of any county in North Carolina shall not accept for registration,…
On June 27, 2018 the Georgia Department of Banking and Finance finalized new regulations affecting a wide range of financial institution activities (see https://dbf.georgia.gov/dbf-regulations).
We are currently reviewing this change to determine any impact to our document library and/or systems and evaluating any necessary changes….
On June 19, 2018 Gov. Rick Snyder (R) signed into law MI SB 737 (2017), which changes a few of Michigan’s recording requirements (see https://www.legislature.mi.gov/(S(vjitvmzxzlrcl1clc34vca55))/mileg.aspx?page=getobject&objectname=2017-SB-0737&query=on). These changes took effect immediately.
We have already reviewed these amendments and have determined that no changes are necessary to our documents and systems….
Today (June 20, 2018) the U.S. Department of Agriculture published in the Federal Register (at 83 FR 28547 [2018]) a proposed rule affecting single-closing, construction-to-permanent loans (see https://www.federalregister.gov/documents/2018/06/20/2018-13154/single-family-housing-guaranteed-loan-program).
Among the changes proposed include permitting creditors to charge a higher rate of interest during the construction phase than the note rate (subject to caps imposed by RD),…
In relation to the recent passage of the “Economic Growth, Regulatory Relief and Consumer Protection Act” (see https://compliance.docutech.com/2018/05/23/compliance-news-congress-approves-economic-growth-regulatory-relief-and-consumer-protection-act/), the Department of Veteran’s Affairs has issued Circular 26-18-13 (available at: https://www.benefits.va.gov/homeloans/resources_circulars.asp) which provides guidance as to how creditors are to comply with certain provisions of the EGRRCPA….
On May 20, 2018 Gov. Mark Dayton (DFL) signed into law MN S.F. 893 (2017) which enacts the “Revised Uniform Law on Notarial Acts” into Minnesota and codifies it in Minn. Stat. Ann. §§ 358.51 through 358.76 (see https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF0893&ssn=0&y=2018)….
On May 22, 2018 Gov. Phil Scott (R) signed into law H.B. 526 (2017) which enacts the “Uniform Law on Notarial Acts” and codifies it in a new Chapter 103 into Title 26 of Vermont’s Statutes (see https://legislature.vermont.gov/bill/status/2018/H.526)….
On May 22, 2018 the U.S. House of Representatives approved the “Economic Growth, Regulatory Relied, and Consumer Protection Act” (US SB 2155 [2018]), which will now be submitted for passage to President Donald J. Trump, who is expected to sign it into law (see https://www.congress.gov/bill/115th-congress/senate-bill/2155?q=%7B%22search%22%3A%5B%22S2155%22%5D%7D&r=1)….
On May 15, 2018 Gov. Larry Hogan (R) passed into law MD SB 1068 (2018) which, among other provisions, exempts certain loans from the provisions of Subtitle 1, Title 12 of Maryland’s Commercial Law, if such loans are declared to be made pursuant to certain other laws (see http://mgaleg.maryland.gov/webmga/frmMain.aspx?pid=billpage&stab=01&id=sb1068&tab=subject3&ys=2018RS)….
On May 8, 2018 Gov. Nathan Deal (R) signed into law GA HB 1036 (2017), which permits the clerk of the Superior Court of Fulton County “to require that no instrument by which the title to real property or any interest therein is conveyed,…
In an email dated May 17, 2018 the USDA announced the following:
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