On October 23, 2019, FNMA and FHLMC published a notice concerning updates to the Redesigned 1003, available here: https://www.fanniemae.com/content/notification/notification-urla-announcement-october-2019, and posted directly on the FNMA Redesigned 1003 website along with the updated copy here: https://www.fanniemae.com/singlefamily/uniform-residential-loan-application
These updates,…
Last year, now-former Gov. Jerry Brown (D) signed into law “The California Consumer Privacy Act of 2018” (“CCPA”), which is scheduled to take effect on January 1, 2020. On October 11, 2019 the California Secretary of State’s office assigned Legislative Chapter numbers to the following five amendments to the CCPA,…
Last year, FNMA announced revisions to their Form 1008 (Uniform Underwriting and Transmittal Summary), with a mandatory effective date of July 1, 2019. Earlier this year, FNMA announced that they had postponed this mandatory effected date to February 1,…
Earlier this year, Congress passed the Taxpayer First Act (133 Stat. 981 [2019]; see https://www.congress.gov/bill/116th-congress/house-bill/3151/text?q=%7B%22search%22%3A%5B%22taxpayer+first+act%22%5D%7D&r=1&s=8#toc-H41D3744607B44119A2D000B89E5119D2), Section 2202 of which amends 26 U.S.C.A. § 6103(c) to require, within the context of a taxpayer requesting a copy of the taxpayer’s tax returns,…
The Maryland Department of Labor, Licensing, and Regulation finalized (with some modifications) their proposed revisions to Md. Code Regs. 09.03.06 on August 29, 2019, with the finalized rules being published in the Maryland Register on September 13, 2019 (see 46 Md….
In an email dated August 28, 2019 FNMA announced that they had “updated the summary document for the Multistate Fixed-Rate Note 3200 to include an Authorized Change for properties located in Alabama.” We have reviewed this change, which now permits lenders to include the following as the last sentence in Section 6(A) of Form 3200:
“In no event will any late charge under this Section 6(A) exceed $100.”
We are planning to incorporate this change and details of any modifications we make will be announced on our website (https://compliance.docutech.com/)….
In an email sent by the USDA Office of Rural Development dated August 20, 2019 (Subject: “USDA Final Rule – Single Close Construction, Elimination of Interest Rate Cap”), the following revision was announced:
“Form RD 3555-21, with revision date of October 2019,…
On August 8, 2019 the VA published VA Circ. 26-19-22 (available at: https://www.benefits.va.gov/HOMELOANS/resources_circulars.asp) which provides preliminary guidance from the VA and the correlation between Interest Rate Reduction Refinance Loans (“IRRRL”) and the “Economic Growth, Regulatory Reform, and Consumer Protection Act” (113 Stat….
On August 8, 2019 FNMA and FHLMC published a joint announcement (available directly at: https://www.fanniemae.com/content/notification/notification-urla-announcement-august-2019) stating that they will be removing the “Language Preference” and “Homeownership Education and Housing Counseling” questions from the new URLA and including them in a new “voluntary consumer information form” which is under development….
On May 24, 2018 President Donald J. Trump (R) signed into law the “Economic Growth, Regulatory Relief, and Consumer Protection Act” (“EGRRCPA”) which, among other things, required the Social Security Administration (“SSA”) to establish an identification process for the prevention of fraud,…
On July 11, 2019 both FNMA and FHLMC announced that they “expect” to make an ARM product based on the Secured Overnight Financing Rate (SOFR), which is becoming the preferred standard for replacing the LIBOR when it is retired towards the end of 2021 (a high-level overview of LIBOR’s retirement can be found on our website here: https://compliance.docutech.com/2018/12/12/phasing-out-london-interbank-offered-rate-libor-and-cost-of-funds-index-cofi/)….
On June 7, 2019 Gov. Ron DeSantis (R) approved FL HB 409 (2019), which modifies the formats of the “short forms” of notarial acknowledgments promulgated in Fla. Stat. Ann. § 695.25 (see https://www.myfloridahouse.gov/Sections/Bills/billsdetail.aspx?BillId=63304). The effective date of these amendments is January 1,…
FNMA and FHLMC have postponed the optional use date (July 1, 2019) for the redesigned Uniform Residential Loan Application. A new timeline has not yet been determined:
“At the direction of the Federal Housing Finance Agency (FHFA),…
In an email dated June 12, 2019 (Subject: USDA Technology Fee Implementation), the Office of Rural Development announced the following (cited in relevant part):
“On January 1, 2020 the USDA Single Family Housing Guaranteed Loan Program will begin to assess and collect a fee (aka technology fee) from lenders on each closed loan that was submitted via the Guaranteed Underwriting System (GUS)….
On June 4, 2019 the IRS announced the following in IR-2019-101 (available here):
“Effective July 1, 2019, the IRS will no longer provide transcripts requested on Form 4506, Form 4506-T and Form 4506T-EZ to third parties,…
On May 28, 2019 Gov. Steve Sisolak (D) signed into law NV SB 201 (2019) which modifies various parts of Chapter 604A of Nevada’s Revised Statutes (see https://www.leg.state.nv.us/Session/80th2019/Reports/history.cfm?DocumentType=2&BillNo=201), which chapter coincides and supplements the Federal “Military Lending Act” (10 U.S.C.A….
Earlier this year, Gov. Ralph Northam (D) signed into law VA SB 1080 (2019), which revamps many of Virginia’s laws governing real property laws, including the creation of a new Title 55.1 and the repeal of Title 55 (see https://lis.virginia.gov/cgi-bin/legp604.exe?ses=191&typ=bil&val=SB1080&submit=GO)….
On May 20, 2019 the South Carolina Department of Consumer Affairs announced (in Release # 19-09) that their headquarters are moving from their current location on Devine Street to a new address on Greystone Boulevard, in Columbia, South Carolina. The Department will open for operation at the new address starting May 24th….
On May 7, 2019 Gov. Tim Walz (DFL) signed into law MN HF 1840 (2019) which removes references to “subprime” in several sections of Minnesota’s Statutes (see https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF1840&ssn=0&y=2019), including references in Minn. Stat. Ann. § 58.13(1)(a)(18), which requires certain disclosures for loans with a lower investment grade….
On May 6, 2019 Gov. Eric Holcomb (R) signed into law IN HB 1136 (2019), which (inter alia) amends Ind. Code Ann. § 34-4.5-3-203.5 to establish a tiered late payment charge restriction structure based on the frequency of when installment payments become due (e.g.…
