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In an email dated May 11, 2021 (Subj: Don’t let an outdated URLA cause a delay!), the U.S. Department of Agriculture announced the following: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.…
On March 30, 2021 Gov. Jim Justice (R) signed into law WV S.B. 469 (2021), which adds several new sections to the West Virginia Revised Uniform Law on Notarial Acts (W.V. Stat. Ann. §§ 39-4-1 et seq.…
On March 18, 2021 Gov. Kristi Noem (R) signed into law SD S.B. 193 (2021) which, inter alia, creates new S.D. Codified Laws § 18-4-29, which promulgates a new notarial certificate to be used in connection with Remote Online Notarizations….
On March 18, 2021 Gov. Doug Ducey (R) signed into law AZ S.B. 1115 (2021), which (inter alia) repeals the Uniform Recognition of Acknowledgments Act (Ariz. Rev. Stat. Ann. §§ 33-501 through 33-508) and Articles 3 and 4 of Chapter 2,…
On March 11, 2021 Gov. Ralph Northam (D) signed into law VA HB 2064 (2021), which amends various parts of Virginia’s Code regarding electronic recordings and notarizations, such as requiring an indication within a notarial certificate as to whether the notarization was done in person or via Remote Online Notarization (aka “RON”)….
On March 11, 2021 FNMA revised LL-2021-03 (their “master letter” covering temporary requirements to, and flexibilities for, origination processes, due to the COVID-19 Pandemic) and announced the following:
“Extend the application dates for verbal verifications of employment and power of attorney flexibilities to Apr….
On February 9, 2021 Gov. Mark Gordon (R) signed into law WY H.B. 0008 (2021), which amends various sections of the Wyoming-version of the Uniform Consumer Credit Code. Among these changes are amendments to the definition of a “loan primarily secured by an interest in land” (see our article about this definition here)….
