On June 28, 2018, California Governor Jerry Brown signed into law the California Consumer Privacy Act of 2018 (CCPA). This law, as discussed previously, formalizes rights that consumers have concerning the collection and use of their personal information….
Today, FNMA and FHLMC issued a joint “URLA Implementation Timeline” which indicates that the new URLA must be used beginning on November 1, 2020. Industry participants may begin using the new URLA as soon as September 1, 2020 and pre-approved participants may begin using it as soon as June 1,…
FNMA has announced pending plans to modify their ARM products in the first half of 2020 (see https://www.fanniemae.com/content/news/libor-sofr-transition?utm_campaign=ssn-sell2019iss&utm_source=sfsfmc&utm_medium=email&utm_content=eml-noa-1120b-o-n&utm_term=b2b). These changes are being done under the guidance of the FHFA and in coordination with FHLMC.
Some of the planned changes include incorporating the Alternative Reference Rate Committee’s (ARRC’s) “fallback language” into the uniform notes and other legal documents for ARMs….
The Pennsylvania Department of Banking and Securities has announced in 49 Pa.B. 6554 (Nov. 2, 2019) that they would be adjusting the “base figure” from $256,023 to $260,404 (see http://www.pacodeandbulletin.gov/Display/pabull?file=/secure/pabulletin/data/vol49/49-44/1633.html). The “base figure” is defined in 41 P.S….
The Finance Commission of Texas adopted proposed amendments to various sections of 7 Tex. Admin. Code Pt. 80 & 81, as well as amendments to the “Conditional Letters” published within such codes and on their website (https://www.sml.texas.gov/ResidentialMortgageLoanOriginator/rmlo_mb_forms.html)….
On October 30, 2019 the CFPB published in the Federal Register final rules increasing the dollar amount of the Regulation Z exemption threshold outlined in 12 CFR § 1026.3(b)(1)(i) from $57,200 to $58,300 (see 84 FR 58020 [2019];…
The Washington Department of Financial Institutions has finalized amendments to its regulations administrating the “Consumer Loan Act” (Wash. Rev. Code Ann. §§ 31.04.015 et seq.) and “Mortgage Broker Practices Act” (Ibid. §§ 19.146.005 et seq.…
On October 23, 2019, FNMA and FHLMC published a notice concerning updates to the Redesigned 1003, available here: https://www.fanniemae.com/content/notification/notification-urla-announcement-october-2019, and posted directly on the FNMA Redesigned 1003 website along with the updated copy here: https://www.fanniemae.com/singlefamily/uniform-residential-loan-application
These updates,…
Last year, now-former Gov. Jerry Brown (D) signed into law “The California Consumer Privacy Act of 2018” (“CCPA”), which is scheduled to take effect on January 1, 2020. On October 11, 2019 the California Secretary of State’s office assigned Legislative Chapter numbers to the following five amendments to the CCPA,…
Last year, FNMA announced revisions to their Form 1008 (Uniform Underwriting and Transmittal Summary), with a mandatory effective date of July 1, 2019. Earlier this year, FNMA announced that they had postponed this mandatory effected date to February 1,…
Earlier this year, Congress passed the Taxpayer First Act (133 Stat. 981 [2019]; see https://www.congress.gov/bill/116th-congress/house-bill/3151/text?q=%7B%22search%22%3A%5B%22taxpayer+first+act%22%5D%7D&r=1&s=8#toc-H41D3744607B44119A2D000B89E5119D2), Section 2202 of which amends 26 U.S.C.A. § 6103(c) to require, within the context of a taxpayer requesting a copy of the taxpayer’s tax returns,…
The Maryland Department of Labor, Licensing, and Regulation finalized (with some modifications) their proposed revisions to Md. Code Regs. 09.03.06 on August 29, 2019, with the finalized rules being published in the Maryland Register on September 13, 2019 (see 46 Md….
In an email dated August 28, 2019 FNMA announced that they had “updated the summary document for the Multistate Fixed-Rate Note 3200 to include an Authorized Change for properties located in Alabama.” We have reviewed this change, which now permits lenders to include the following as the last sentence in Section 6(A) of Form 3200:
“In no event will any late charge under this Section 6(A) exceed $100.”
We are planning to incorporate this change and details of any modifications we make will be announced on our website (https://compliance.docutech.com/)….
In an email sent by the USDA Office of Rural Development dated August 20, 2019 (Subject: “USDA Final Rule – Single Close Construction, Elimination of Interest Rate Cap”), the following revision was announced:
“Form RD 3555-21, with revision date of October 2019,…
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),…
