On April 21, 2017 Gov. Jim Justice (D-WV) signed into law S.B. 563 (2017), which amends various provisions of the West Virginia Consumer Credit and Protection Act (W. Va. Code R. §§ 46a-1-101 through 46a-8-102), including provisions relating to balloon payments,…
On April 18, 2017 Gov. Larry Hogan (R-MD) signed into law H.B. 182 (2017) which amended various licensing provisions under Maryland’s law, including requiring the transfer of licensing information to the NMLS and clarification that a separate license is required for each branch location (see http://mgaleg.maryland.gov/webmga/frmMain.aspx?pid=billpage&stab=01&id=hb0182&tab=subject3&ys=2017RS for details)….
On April 6, 2017 Gov. Susana Martinez (R-NM) signed into law H.B. 15 (2017), which implements a new “Data Breach Notification Act.” Among other provisions, this Act requires “a person that owns or licenses records containing personal identifying information of a New Mexico resident” to take certain precautions and actions to protect personal identifying information,…
The Department of Veterans Affairs (“VA”) has just published VA Circular 26-17-11, which provides instructions for how the Closing Disclosure (required under 12 CFR §§ 1026.19[f] & 1026.38) should be properly filled out for VA loans. Noteworthy parts of this Circular include the following:
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The Department of Veterans Affairs (“VA”) has issued clarifying instructions concerning VA Form 26-8923 (IRRRL Worksheet) and how this form should be filled out in relation to the Loan Estimate required under 12 CFR §§ 1026.19(e) & 1026.37 (see VA Circ….
Under Oklahoma’s “Uniform Consumer Credit Code” (Okla. Stat. Ann. tit. 14a, §§ 1-101 through 9-103), there are provisions of law which reference specific dollar amounts, which amounts are required to be updated by the Department of Consumer Credit every year (see Ibid.…
Gov. Pete Ricketts (R-NE) has signed into law L.B. 184 (2017), which modifies several sections of Nebraska’s law governing the timing and format of loan brokerage agreements (see http://nebraskalegislature.gov/bills/view_bill.php?DocumentID=30981). The effective date of these changes is either September 1,…
FNMA has announced that, “to align with the existing policy covered in another topic in the Guide, Texas 50(a)(6) mortgages have been added to the list of transactions that are not eligible for a property inspection waiver (PIW).” (FNMA SEL-2017-03) Thus,…
Gov. C. L. ‘Butch’ Otter (R-ID) signed into law H.B. 209 (2017) on March 27, 2017. This law amends several provisions of Idaho’s laws concerning notarial acts, including a complete repeal of the Idaho Notary Public Act (Idaho Code Ann….
Governor Asa Hutchinson (R-AR) has signed into law H.B. 1801 (2017; see http://www.arkleg.state.ar.us/assembly/2017/2017R/Pages/BillInformation.aspx?measureno=HB1801) & 1940 (2017; see http://www.arkleg.state.ar.us/assembly/2017/2017R/Pages/BillInformation.aspx?measureno=HB1940) which amend the licensing provisions of Arkansas’ Fair Mortgage Lending Act (Ark. Code Ann. §§ 23-39-501 through 23-39-518) as well as the requirements concerning the recordation of “an instrument evidencing a transfer of real property.”
We are currently reviewing these changes to determine any impact to our document library and/or systems and evaluating any necessary changes….
On March 22, 2017 Gov. Gary Herbert (R-UT) signed into law H.B. 320 (2017), which amends various provisions of the Notaries Public Reform Act (Utah. Code Ann. §§ 46-1-1 through 46-1-23; see https://le.utah.gov/~2017/bills/static/HB0320.html for details).
Among the bill’s changes are the addition of new section Ibid.…
Governor Andrew Cuomo (D-NY) has signed into law S00982 (2017), which amends N.Y. Banking Law § 2(30) as follows (new text is underlined):
“Consummation of a mortgage loan. The term ‘consummation of a mortgage loan’ means, for purposes of the act of congress entitled Truth in Lending Act and the regulations thereunder and the Real Estate Settlement Procedures Act of 1974,…
Governor Terry McAuliffe (D-VA) has signed into law H.B. 2034 (2017) which amends various provisions of the Virginia Residential Property Disclosure Act (Va. Code Ann. §§ 55-517 through 55-525). These changes will take effect on July 1, 2017. See http://lis.virginia.gov/cgi-bin/legp604.exe?ses=171&typ=bil&val=HB2034&submit=GO for details….
FNMA has just issued the following notice:
“The purpose of this notice is to advise lenders about an upcoming change regarding the use of Mortgage Electronic Registration Systems, Inc. (MERS) for properties in the state of Maine. Lenders are advised that steps are being taken to suspend use of the “MERS as Original Mortgagee” authorized change to the Maine security instrument (Form 3020)….
Fannie Mae has announced that the requirements for a borrower completing the “IRS Request for Transcript of Tax Return” (IRS Form 4506-T) “does not apply if all of the borrower’s income has been validated by the DU validation service” (see FNMA SEL-2017-02,…
The Colorado Department of Regulatory Agencies (Division of Real Estate) has adopted two rules which modify various provisions of 4 Colo. Code Regs. Pt. 725-3, particularly in regards to lock-in agreements (adopted rules are available online at the following locations: http://www.sos.state.co.us/CCR/Upload/AGORequest/AdoptedRules02016-00645.rtf and http://www.sos.state.co.us/CCR/Upload/AGORequest/AdoptedRules02016-00647.rtf)….
The Nevada Department of Mortgage Lending has issued three amendments to current regulations affecting mortgage bankers, mortgage brokers, mortgage agents, and escrow agencies (see https://www.leg.state.nv.us/register/indexes/DailyUpdates.htm). While these amendments primarily affect licensing and record keeping requirements, there are others which affect mortgage documents….
Recently, we announced that HUD had issued a rule lowering their annual mortgage insurance premiums, as well as announcing changes that we would be making to our system as a result of these changes.
Several reputable news organizations have since reported receiving information from “sources” that the Trump Administration will consider revising HUD’s recent ruling (e.g.…
HUD has just issued FHA ML 2017-01 (available at: https://portal.hud.gov/hudportal/HUD?src=/program_offices/administration/hudclips/letters/mortgagee), which announces reductions to annual mortgage insurance premium (MIP) rates, as well as the removal of base loan amounts as a criteria for determining which MIP rates apply….
There have been two significant developments in the mortgage documents business over the past couple months. On July 29th the Bureau of Consumer Financial Protection announced their proposed amendments to the Know Before You Owe rule, more commonly known as TRID….
