On March 13, 2018 Gov. Eric Holcomb (R-IN) signed into law Indiana S.B. 372 (2018), which amends various parts of Indiana’s law concerning notarial acts (see https://iga.in.gov/legislative/2018/bills/senate/372#document-50bed3d4). From the Bill’s digest:
“Notarial acts. Makes technical changes to standardize language concerning registration of trademarks and regulation related to notarial acts….
Last October, FNMA announced modifications to their Selling Guide in regards to inter vivos revocable trusts, including the addition of an optional signature block on the promissory notes for the trustees of such trusts to sign,…
In an email dated today, FNMA announced the following:
“Spanish translation forms updated to mirror Texas home equity legal document revisions:”
“We’ve updated Spanish translation forms 3044.1s, 3244.1s, and 3522.44s to reflect the English form updates made in January….
Last year, Gov. Jerry Brown (D-CA) signed into law 2017 Cal. Legis. Serv. ch. 828 (S.B. 173), which “remove[s] the [Bureau of Real Estate] from the Department of Consumer Affairs and . . . make[s] it a department within the Business,…
On February 1st, 2018, The Veterans Benefits Administration published Circular 26-18-1, Policy Guidance for VA Interest Rate Reduction Refinance Loans (IRRRL), which affects loans closing on or after April 1st, 2018.
We are currently reviewing this change to determine any impact to our document library and/or systems and evaluating any necessary changes….
On December 22, 2017 Gov. John Kasich (R-OH) signed into law OH HB 199 (2017), which creates “the Ohio Residential Mortgage Lending Act for the purpose of regulating all non-depository lending secured by residential real estate, to limit the application of the current Mortgage Loan Law to unsecured loans and loans secured by other than residential real estate,…
In 42 Tex. Reg. 7582 (December 29, 2017), the Texas Department of Savings and Mortgage Lending adopted proposed amendments to 7 Tex. Admin. Code § 80.200, which modifies the “Mortgage Company Disclosure” promulgated under such section, required to be provided to a loan originator sponsored by a mortgage loan company “to a residential mortgage loan applicant with an initial application for a residential mortgage loan” (proposed amendments can be found at 42 Tex….
In an email sent on December 21, 2017 by the U.S. Department of Agriculture (Subject: IRS Form 4506-T Suspension), Rural Development stated the following (in relevant part):
“The Single Family Housing Guaranteed Loan Program will suspend the requirement of Internal Revenue Service (IRS) Form 4506-T for all adult household members until further notice….
Today, FNMA announced updates to their new Form 1003, as well as supporting documents for it (e.g., “1003 Demographics Addendum”, “Form 1003 Instructions”, etc.). Details about these changes – as well as the updated forms – may be found at: https://www.fanniemae.com/singlefamily/uniform-residential-loan-application….
On December 14, 2017 FHLMC published Bulletin 2017-28 (available at: http://www.freddiemac.com/singlefamily/news/2017/1214_guide_bulletin_2017-28.html?attr=rssSFNews), which provides new guidance concerning land trusts (due to the fact that special negotiated terms of business are no longer necessary to sell loans involving a land trust to FHLMC),…
On November 30, 2017, Wisconsin 2017 Assembly Bill 253 was enacted which repeals, amends, and creates several provisions of Wisconsin’s laws concerning sheriff’s sales of foreclosed property (see https://docs.legis.wisconsin.gov/2017/related/acts/104). Among the provisions are the repeal of the clause in Wis….
Under Ohio Rev. Code Ann. § 1343.011(C)(2)(a), a prepayment penalty may not be assessed against “a residential mortgage obligation of less than seventy-five thousand dollars . . . that is secured by a mortgage on a borrower’s real estate that is a first lien on real estate.” The “seventy-five thousand” dollar amount is adjusted annually “on the first day of January” (Ibid.…
As previously announced, we have implemented certain changes to our Texas documents due to the recent passage of amendments to Tex. Const. art. 16, § 50 (http://blog.docutechcorp.com/document-updates-various-texas-home-equity-loan-documents-2). These changes included support for amendments to the 12-day notice required for Texas home equity loans (under Ibid.…
Today, FHLMC announced the following:
“Texas Equity Section 50(a)(6) Mortgages, originated under Article XVI of the Texas Constitution, permit a Borrower to take equity out of a homestead property under certain conditions. Previously, we restricted the eligibility of Texas Equity Section 50(a)(6) Mortgages to fixed-rate Mortgages only….
On November 9, 2017 the Federal Register published final rules jointly issued by the CFPB and FRB (and, in one instance, the OCC) which modify certain dollar amounts in both versions of Regulation Z (12 CFR Pt. 226 and 1026;…
In an email dated November 7, 2017 (Subject: November 7 Selling News: ULDD Phase 3 Specification and Loan Delivery Updates; UCD Webinars; and More), FNMA announced the following:
“Updated instructions for MERS® Mortgage Assignment Form (Maine).”
“We have revised the instructions for the MERS Mortgage Assignment Form (Maine) to include additional authorized changes….
On October 31, 2017 FNMA published FNMA Ann. SEL-2017-09 (available at: https://www.fanniemae.com/singlefamily/selling-policy-communications) which provides several updates to the FNMA 2017 Selling Guide, including the following:
…
The New Jersey Department of Banking & Insurance has published a new “NJ Application Disclosure Form” on their website (available at: http://www.state.nj.us/dobi/division_banking/ocf/), along with the following post:
“DOBI Rules at N.J.A.C. 3:1-16.3 provide for the disclosure of fees charged in connection with a mortgage loan application….
On September 20, 2017 the CFPB issued final amendments to Regulation B (12 CFR Pt. 1002) which, among other things, sets forth a “Data Collection Model Form” which can be used “for collecting information concerning an applicant’s ethnicity, race, and sex that complies with the requirements of [12 CFR] § 1002.13(a)(1)(i)(A) and (ii).” The CFPB also notes that “Appendix B to Regulation C,…
Pursuant to Executive Order # 2016-13, issued by Gov. Bruce Rauner (R-IL) (https://www2.illinois.gov/Pages/government/execorders/2016_13.aspx), the Illinois Department of Financial Institutions has repealed several parts of Ill. Admin. Code title 38, including the following:
See 41 Ill….
