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;…
Compliance News: FNMA Publishes Revised Instructions for Form 3749 (MERS Mortgage Assignment [Maine])
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:
- Clarifying language concerning the distinction between individual borrowers and inter vivos revocable trusts as owners of an interest in real property,
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:
- Reverse Mortgage Loans (Part 300)
- High Risk Home Loans (Part 345)
- Predatory Lending Database (Part 346)
See 41 Ill….