Back in 2017, the Financial Conduct Authority (FCA) announced that in 2021 it would phase out the London Interbank Offered Rate (LIBOR). The Federal Reserve Board (FRB) convened the Alternative Reference Rates Committee (ARRC) in 2014 to work on developing “alternative reference rates” and,…
Yesterday, FNMA SEL-2018-09 announced the following:
“. . . we have updated the Uniform Underwriting and Transmittal Summary (Form 1008). We worked jointly with Freddie Mac to update this form. As a reminder, it is only required for manually underwritten loans….
The Office of the Comptroller of the Currency, Federal Reserve Board, and the Bureau of Consumer Financial Protection published a final rule in the Federal Register amending the exemption threshold used to determine whether a higher-priced mortgage loan is subject to the appraisal requirements applicable to “higher-risk mortgages,” which requirements are set forth under 15 USCA § 1639h and implemented by regulations promulgated by each of these agencies….
The Federal Reserve Board and the Bureau of Consumer Financial Protection published a final rule in the Federal Register which amends both versions of Regulation Z (12 CFR Pts. 226 and 1026) and increases the exemption threshold amount outlined in Subsections 3(b) of both regulations by increasing it from $55,800 to $57,200,…
On November 3, 2018 the Pennsylvania Department of Banking and Securities published a bulletin updating the amount of the “base figure” defined in 41 P.S. § 101 from $250,324 to $256,023 for the year 2019 (see https://www.pabulletin.com/secure/data/vol48/48-44/1703.html)….
This past month, the Rhode Island Department Business Regulation finalized amendments to its regulations, repealing the current administrative laws (R.I. Code R. 11-2-3) implementing the “Home Loan Protection Act” (R.I. Gen. Laws §§ 34-25.2-1 et seq.) and re-implementing them with technical,…
Today, FNMA issued a selling news alert via email that states the following in relevant part (Subject: October 23 Selling News: DU Release in December; New APIs; and More):
“We updated the definition of mortgage in the MERS® Mortgage Assignment (Maine) Form 3749 and edited the accompanying instructions to align with the revision….
Back in May of this year, the Federal Housing Finance Agency (FHFA) published their “Language Access Multi-Year Plan” for providing support to borrowers with limited English proficiency (“LEP”; see our announcement about this event at: https://compliance.docutech.com/2018/05/10/compliance-news-fhfa-outlines-plans-for-language-access-support/).
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….