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)….
On February 25, 2021 Gov. Ralph Northam (D) approved VA H.B. 1882 (2021), which impacts several rules regarding deeds of trust, including whether amendments and modifications to loan documents must be recorded if the deed of trust states that it secures any additional amendments and modifications (see Va….
Today, the USDA posted to their website an advanced copy of revised RD HB-1-3555, Chapter 9 (see https://www.rd.usda.gov/page/usda-linc-training-resource-library, under “SFH Guaranteed Loan Basic Training and Resources”), Subsection 9.3(E)(4) of which states the following:
“IRS transcripts are required for all required household members in addition to the documentation option selected by the lender….
On February 18, 2021 Gov. Eric Holcomb (R) signed into law IN HB 1056 (2021), which amends Ind. Code Ann. § 32-21-2-3 so that it only requires either an acknowledgement or a proof in order for an instrument to be recorded (instead of both),…
On January 21, 2021 the U.S. Department of Agriculture (“USDA”) announced that they were posting advanced copies of revisions to RD HB-1-3555, as well as to Form RD 3555-21, on their website for a 30-day comment period (see https://content.govdelivery.com/bulletins/gd/USDARD-2ba4cb7?wgt_ref=USDARD_WIDGET_1)….
Recently, Gov. Mark Gordon (R) signed into law WY S.F. 0029 (2021), which repeals the Wyoming Uniform Law on Notarial Acts (Wyo. Stat. Ann. §§ 34-26-101 through 34-26-304) and replaces it with a new Revised Uniform Law on Notarial Acts (Ibid.…
Freddie Mac has made the following announcements in Bulletin 2021-4:
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Today, FNMA announced that they will begin retiring adjustable-rate mortgage products which are based on the Constant Maturity Treasury (“CMT”) index (see FNMA LL-2021-05). Of particular interest is the following:
“To be eligible for delivery to Fannie Mae,…
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,…
In an email sent today (Subject: UAD Redesign Video, January Quality Insider, and More), the Federal National Mortgage Association announced the following:
“We’ve updated the instructions for the Oklahoma Mortgage (Form 3037) to reflect a new authorized change.”
New Authorized Change # 14 appears in the Instructions to Form 3037 and states the following:
“Lenders MAY replace the first sentence of 16….
On January 19, 2021 the Consumer Financial Protection Bureau (“CFPB”) published their final rule to amend “Regulation Z, which implements the Truth in Lending Act, as mandated by section 108 of the Economic Growth, Regulatory Relief, and Consumer Protection Act….
The Texas Department of Savings and Mortgage Lending celebrated New Year’s Day by finalizing amendments to Chapters 80 and 81 (see 46 Tex. Reg. 152 – 160 [January 1, 2021]), which were originally proposed last September (see 45 Tex.…
The Social Security Administration (“SSA”) recently posted revised versions of their Form SSA-89 (both in English and in Spanish) on their website (https://www.ssa.gov/forms/). These versions were anticipated, since they form a critical part of the SSA’s new Electronic Consent Based Social Security Number Verification (“eCBSV”) system (see https://compliance.docutech.com/2020/10/08/ssns-the-ecbsv-and-us/ for further details)….
On December 22, 2020, HUD announced the publication of a revised Form HUD-92900-A, HUD Addendum to Uniform Residential Loan Application in Mortgagee Letter 2020-49. The letter also announces the renewal of the following FHA Insured Mortgage Application Forms with new application dates where applicable:
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