As previously announced, FNMA and FHLMC have published revised uniform instruments that must be utilized for all loans delivered to the GSEs with note dates on or after January 1, 2023. We have also announced that these documents are available for testing and can be currently used upon client request….
As we previously announced, the IRS has announced changes to modernize Form 4506-C. We continue to receive inquires from clients whether the IRS has published a final draft. As of this date, the IRS has not yet published a final draft….
The South Carolina Department of Consumer Affairs has announced an increase in the coverage amount for certain residential mortgage loans exempt from prepayment penalties under S.C. Code Ann. §§ 37-10-103 & 37-23-80.
The prepayment penalty coverage amount has been increased from $630,000 to $690,000….
On August 20, 2021, the IRS announced their plan to modernize Form 4506-C (our Cx3095) also known as the IVES Request for Transcript of Tax Return. This blog post is a great resource for what the form is used for and how it works….
On May 2, 2022, GA HB974 was signed into law. The amendments relate to recordation and registration of deeds, including requiring certain information to appear on the first page of security deeds in the state of Georgia. This act will become effective on July 1,…
On May 3, 2022, The Federal Housing Finance Authority announced that Fannie Mae and Freddie Mac (the Enterprises) will require lenders to use the Supplemental Consumer Information Form (SCIF) as part of loans sold to the Enterprises. The SCIF is used to collect information about the borrower’s language preference and on homebuyer education or counseling received by the borrower….
The State of California has announced that starting July 1, 2022, a new disclosure is required for every contract for the sale of real property and for each refinancing of first lien purchase money loans secured by no more than four dwelling units….
The Ohio Department of Commerce has announced an increase in the coverage amount for a residential mortgage to be subject to, or exempt from, a prepayment penalty under Ohio Rev. Code § 1343.011(C). In order to be exempt,…
The Georgia Waiver of Borrowers Rights (Cx1009) is an agreement where a borrower waives all rights regarding receiving notice or having a judicial hearing before the lender exercises its right to non-judicially foreclose on a property. This document is traditionally included in mortgage loan closing packages….
On July 7, 2021 Fannie Mae (FNMA) published a selling guide announcement where they released updated uniform legal instruments. SEL-2021-06. They have updated all their uniform instruments – security instruments, notes, riders, addenda, and special purpose documents. …
Yesterday, Gov. Greg Abbott (R) signed into law TX SB 43 (2020), which is, in part, “an act relating to residential mortgage loans, including the financing of residential real estate purchases by means of a wrap mortgage loan ….
On April 29, 2021 Gov. Eric Holcomb (R) signed into law IN HB 1255 (2021) which amends a vast array of laws impacting notarial acknowledgments and proofs and the electronic recording of mortgages (starting from Section 37 of the bill)….
On April 19, 2021 Gov. Doug Burgum (R) signed into law ND SB 2103 (2021), which amends the so-called “North Dakota Money Brokers Act” (N.D. Cent. Code §§ 13-04.1-01 et seq.). Amendments include the addition of a new Ibid.…
Today, the CFPB announced the publication of additional “TILA-RESPA Integrated Disclosure FAQs” on their website, specifically addressing the partial exemptions extended by the “Building Up Independent Lives and Dreams” (BUILD) Act (134 Stat. 5134 [2021]) to the TILA-RESPA Integrated Disclosure rules….
In an email dated May 11, 2021 (Subj: Don’t let an outdated URLA cause a delay!), the U.S. Department of Agriculture announced the following:
“Beginning June 1, 2021, USDA will require submission of the redesigned Uniform Residential Loan Application (URLA) Fannie Mae Form 1003/Freddie Mac Form 65,…
In Bulletin 2021-16, FHLMC announced that they will be limiting the scope of the pre-close borrower discussions required under FHLMC Single-Family Seller/Servicer Guide § 6301.4 (and first instigated last year due to the COVID-19 pandemic) to cash-out refinance transactions only….
In an email sent this morning (Subject: CU Update, Quality Insider, Remote Work Lender Survey, and More), FNMA announced the following:
“We’ve updated the instructions to the Virginia Deed of Trust (Form 3047) to reflect a revised authorized change applicable to eligible refinance transactions.”
The revised Instructions to Form 3047 show that Authorized Change # 13 has been deleted,…
On April 21, 2021 Gov. Laura Kelly (D) signed into law KS SB 106 (2021), which repeals the Kansas Uniform Law on Notarial Acts (Kan. Stat. Ann. §§ 53-501 through 53-511) and replaces it with a new Revised Uniform Law on Notarial Acts….
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.…
On April 5, 2021 Gov. Michelle Lujan Grisham (D) signed into law N.M. SB 12 (2021), which repeals the Notary Public Act (N.M. Stat. Ann. §§ 14-12A-1 et seq.) and Uniform Law on Notarial Acts (Ibid.…
