Compliance

Compliance News: FHFA Outlines Plans for Language Access Support

The Federal Housing Finance Agency (FHFA) has issued a new “Language Access Multi-Year Plan”, promulgated steps to be taken to provide more support for consumers with limited English proficiency (“LEP”; see https://www.fhfa.gov/PolicyProgramsResearch/Policy/Pages/Language-Access.aspx?utm_medium=email&utm_source=govdelivery). Some of these steps include:

• Creation of an online “clearinghouse” containing various resources comprised of both GSE materials and “materials from other government agencies” to “assist lenders,

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Document Updates: Addendum to Loan Application Form-Fill (Cx13441)

Over the past few years it has become increasingly common for clients to desire functionality that will allow borrowers to make check-box selections and fill out document information during the eSign process (frequently called “form-fill” functionality). Although we have customized many generic documents to allow clients to have this ability during eSign,…

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Compliance News: FNMA Updates Model Renovation Documents

In an email titled “May 8 Selling News: Register for Risk Management Boot Camp; Day 1 Certainty Case Study; and More” dated May 8, 2018, FNMA announced the following:

“New model renovation loan docs are easier to use and customize

Our new,…

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Document Updates: VA Loan Summary Sheet (Cx57)

Following a standard review of our VA forms, certain changes are being made to Cx57 to more closely mirror the VA Loan Summary Sheet model, VA form 26-0286:

• Modifying the format of the top row to more closely mirror the original,

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Compliance News: Minnesota Dep’t of Commerce Updates Dollar Amounts Under Two Laws

The Minnesota Department of Commerce has updated certain dollar amounts under Minn. Stat. Ann. § 47.59 and ch. 56 (see https://mn.gov/commerce/industries/financial-institutions/interest-rates/consumer-credit-code.jsp), per Ibid. §§ 47.59(3)(i) & 56.131(4). These adjustments will take effect on July 1,…

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Document Updates: VA Loan Analysis (Cx5533)

After a recent review of our copy of VA Form 26-6393, VA Loan Analysis (Cx5533), we are modifying the “Addendum” page to contain itemization headers that will help identify specific fees related to Section D, line 29 “Job Related Expense” and “Alimony/Child Support/Separate Maintenance Payments Owed to” totals.  …

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Document Updates: WI Property Tax Escrow Option (Cx1023)

As previously announced (see https://compliance.docutech.com/2018/04/30/compliance-news-wisconsin-ceases-to-require-interest-payments-on-escrow-accounts/), Wis. Stat. Ann. § 138.052(5)(am)(1) has been amended to state the following:

“Except as provided in par. (b) [a provision permitting the lender and borrower to agree to waive interest payments on escrow accounts] and unless the escrow funds are held by a 3rd party in a noninterest-bearing account,…

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Compliance News: Wisconsin Ceases to Require Interest Payments on Escrow Accounts

On April 16, 2018 Gov. Scott Walker (R) approved WI AB 822 (2017), Section 2 of which amends Wis. Stat. Ann. § 138.052(5)(am)(1) in such a way as to no longer require interest payments on escrow accounts for new loans originated by “a bank,…

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Compliance News: TRID 2.5

The Bureau of Consumer Financial Protection has issued a finalization of its proposed amendments to TRID (82 FR 37794 [2017]) to fix the “blackhole” or “gap” rule concerning the use of the Closing Disclosure for “resetting tolerances” (see https://www.consumerfinance.gov/policy-compliance/rulemaking/final-rules/federal-mortgage-disclosure-requirements-under-truth-lending-act-regulation-z/)….

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Document Updates: Primary- and Junior-Lien, Conventional South Dakota Mortgages (Cx350 and Cx508)

Under South Dakota law, there are primarily two different types of foreclosure proceedings which may be conducted for a mortgage: (1) procedures under S.D. Codified Laws Chapter 21-47 (“Chapter 21-47”); or (2) under the “One Hundred Eighty Day Redemption Mortgage Act” (Ibid.…

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