On September 25, 2020 Gov. Gavin Newsom (D) approved CA A.B. 1864 (2020), which renames and repurposes the California Department of Business Oversight into the new California Department of Financial Protection and Innovation (see http://leginfo.legislature.ca.gov/faces/billHistoryClient.xhtml?bill_id=201920200AB1864). This change will take effect on January 1,…
On September 15, 2020 Gov. David Ige (D) signed into law HI S.B. 2275 (2020), which is meant to “update the laws regarding notaries public to conform to the Revised Uniform Law on Notarial Acts (2018), the Hawaii Uniform Electronic Transactions Act,…
Docutech is pleased to announce the publication of a draft of its new 3rd generation State Disclosure Matrix (now entitled “Disclosure” Matrix). Improvements over the previous 2nd generation State Disclosure Matrix are as follows:
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On July 24, 2020 the Department of Veterans Affairs amended VA Circ. 26-19-22 for the following reasons:
“A statutory fee recoupment calculation established in Circular 26-19-22 has been successfully implemented by an overwhelming majority of lenders who correctly applied the policy and met the requirements of the Act….
On June 20, 2020 the Colorado Division of Real Estate announced that they had adopted amendments to 4 Colo. Code Regs. Pt. 725-3. The Division summarizes these changes as follows:
“. . . rules that have been updated to consider mortgage loan originators holding licenses in other jurisdictions,…
All states have laws which apply to a broad variety of mortgage loans (e.g., California Residential Mortgage Lending Act, Mississippi S.A.F.E. Act, etc.), but a significant number of them also have laws which apply to a small “niche” of mortgage loan laws….
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,…
