On July 6, 2020 Gov. Mike Parson (R) signed into law MO H.B. 1655 (2020), which (inter alia) repeals many of the laws currently affecting notaries under Mo. Stat. Ann. §§ 486.200 through 486.405 and replaces them with new provisions in Ibid.…
On June 30, 2020 Gov. Kate Brown (D) signed into law OR HB 4204 (2020), which “establishes temporary limitations on lenders being able to enforce default remedies on obligations secured by mortgages, trust deeds, land sale contracts or other instruments.”
Of particular interest is Subsection 1(9),…
On June 25, 2020 Gov. Tate Reeves (R) signed into law MS H.B. 1156 (2020), which enacts a “Revised Mississippi Law on Notarial Acts” and amends or repeals other provisions of Mississippi’s Code (include Miss. Code Ann. § 89-3-7) concerning notarial certificates….
Yesterday, the CFPB published revisions to their TRID FAQs (available at: https://www.consumerfinance.gov/policy-compliance/guidance/mortgage-resources/tila-respa-integrated-disclosures/tila-respa-integrated-disclosure-faqs/), which includes new FAQs on whether or not negative prepaid interest should be included in the Total of Payments disclosure on the CD (it should be included) and whether or not a creditor can require a consumer to sign and return the LE and CD (if a creditor requires a signed copy to be returned,…
Today, the CFPB announced the following on their website:
“The Bureau of Consumer Financial Protection is proposing to amend Regulation Z, which implements the Truth in Lending Act, generally to address the sunset of LIBOR,…
Today, FNMA posted SEL-2020-03 (available directly at: https://singlefamily.fanniemae.com/media/document/pdf/announcement-sel-2020-03-selling-guide-updates), which announced that FNMA has changed some of their late charge policies “to provide further discretion to our lenders”, as well as announcing the following concerning the newest version of Form 1008:
“In Dec….
The updated (rev. 2/20) versions of FNMA and FHLMC ARM notes and riders, including fallback language recommended by the Alternative Reference Rates Committee (ARRC), print for all standard Conventional ARM notes and riders in ConformX by default….
On May 11, 2020 the VA published VA Circ. 26-20-13, Change 1, which (inter alia) amends VA Circ. 26-20-13 to require the following:
“d. Water System Acceptability. Well water testing for refinance transactions where the home is already encumbered by a VA loan will be waived….
On May 6, 2020 the Minnesota Department of Commerce published its bi-annual adjustments to certain dollar amounts promulgated under the Minnesota Consumer Credit Code (Minn. Stat. Ann. § 47.59) and Regulated Loan Act (Ibid. ch….
On April 30, 2020 Gov. Mike Dunleavy (R) signed into law AK H.B. 124 (2020), which permits electronic recordings and remote notarizations. These provisions take effect on January 1, 2021.
We are currently reviewing this change to determine any impact to our document library and/or systems and evaluating any necessary changes….
Per Okla. Stat. Ann. tit. 14A, § 1-106, the Oklahoma Department of Consumer Credit has adjusted certain dollar amounts listed in Oklahoma’s version of the Uniform Consumer Credit Code (Ibid. §§ 1-101 through 9-101), including the maximum amounts which can be charged for a late fee (Ibid.…
The South Carolina Department of Consumer Affairs has published their adjustments to the dollar amounts promulgated in various parts of South Carolina’s Consumer Protection Code (S.C. Code Ann. §§ 37-1-101 through 37-30-175), per Ibid. § 37-1-109….
On April 21, 2020 the National Credit Union Administration (“NCUA”) published an interim final rule in the Federal Register (85 FR 22014 [2020]), which amends 12 C.F.R. § 722.3 by including a new Subsection (g) which permits credit unions to defer,…
FNMA and FHLMC have published a joint announcement and implementation timeline for the new Uniform Residential Loan Application (“URLA”) and associated MISMO® loan application submission files (available here and here).
The new URLA and the submission files must be used beginning March 1,…
Today, FHLMC published Bulletin 2020-9, which announces FHLMC’s “eligibility, underwriting and delivery requirements for SOFR-indexed ARMs [and] the availability of new ARM Notes and riders specific to the SOFR ARM offering.”
Lenders may immediately begin to underwrite borrowers for their SOFR programs and,…
Today, FNMA released an updated version of Lender Letter 2020-03, providing clarification and special rules for the handling of certain mortgage loans due to the coronavirus pandemic. These rules include:
…
By: Timothy A. Raty, Sr. Regulatory Compliance Specialist
Date: March 26, 2020
“No technological computation and calculation would
be possible in an environment that would not employ a
generally used medium of exchange, money.”
(Ludwig von Mises,…
On March 11, 2020 Gov. Brad Little (R) signed into law ID HB 401 (2020) which amends several sections of Idaho’s Code governing mortgage companies – most notably repealing Chapter 28, Title 26 (https://legislature.idaho.gov/sessioninfo/2020/legislation/H0401/). These amendments take effect on the later of 60 days following adjournment of the current Idaho Legislature session or July 1,…
On March 3, 2020 Gov. Tony Evers (D) signed into law WI AB 293 (2019) which practically repeals and replaces Chapter 137 of Wisconsin’s Statutes (as well as Wis. Stat. Ann. § 706.07) with a new Chapter 140, which promulgates the requirements for notarial certificates (see https://docs.legis.wisconsin.gov/2019/proposals/ab293)….
In an email dated March 5, 2020 FNMA announced the following:
“Revisions to certain Fannie Mae-only ARM Notes and ARM Riders; retirement of Multistate Biweekly Notes and Riders
We’ve revised certain Fannie Mae-only notes and riders to reinsert Maximum Rate in Section 4(D)….
