10.13.22

Compliance News: California Amends Requirements for Notice to Cosigner (Cx886)

California Senate Bill No. 633 amends requirements for consumer credit contracts, particularly those regarding the Notice to Cosigner. These amendments are effective January 1, 2023.

Per the introductory paragraphs of Senate Bill No. 633:

“This bill would require the Notice to Cosigner to be provided to specified persons regardless of whether the persons are married to each other and would expand the languages into which the notices are required to be translated….

Read More

09.01.22

Compliance News: Missouri House Bill Revises Grantor Information

On June 30, 2022, Governor Mike Parson of Missouri signed into law amendments to the Revised Statutes of Missouri, Section 59.310.2. The amendments went into effect August 28, 2022. Section 59.310.2 outlines requirements for documents presented for recording. Previously the list included the following:

  1. The title of the document;

    2. …

Read More

08.31.22

Update: FHA Notes & Mortgages

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….

Read More

05.03.22

Compliance News: Supplemental Consumer Information Form

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….

Read More

05.02.22

Compliance News: New California Appraisal Disclosure

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….

Read More

05.14.21

Compliance News: TRID and the BUILD Act

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….

Read More

05.12.21

Compliance News: USDA to Only Accept New URLA

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,…

Read More

04.28.21

Compliance News: FNMA Modifies Authorized Changes to Form 3047

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,…

Read More