As previously announced, final amendments to 7 Tex. Admin. Code Pt. 80 & 81 were made this past November (with an effective date of May 1, 2020). Among these amendments were changes to the “Conditional Pre-Qualification” and “Conditional Approval” letters required by Tex….
On March 3, 2020 Gov. Tony Evers (D) signed into law WI AB 293 (2019) which practically repeals and replaces Chapter 137 of Wisconsin’s Statutes (as well as Wis. Stat. Ann. § 706.07) with a new Chapter 140, which promulgates the requirements for notarial certificates (see https://docs.legis.wisconsin.gov/2019/proposals/ab293)….
In an email dated March 5, 2020 FNMA announced the following:
“Revisions to certain Fannie Mae-only ARM Notes and ARM Riders; retirement of Multistate Biweekly Notes and Riders
We’ve revised certain Fannie Mae-only notes and riders to reinsert Maximum Rate in Section 4(D)….
It has come to our attention that the Office of Recorder of Deeds for Greene County, Pennsylvania will only accept documents which have a font size of 12 or larger on all pages submitted for recording.
Consequently, we are increasing the font size to 12 point for the following Greene County,…
As previously announced (see https://compliance.docutech.com/2020/02/06/compliance-news-major-gse-arm-notes-and-riders-changes/ and https://compliance.docutech.com/2020/02/21/docutechs-roadmap-to-libor-retirement/), the GSEs have announced that they will not purchase an ARM, with an application date on or after October 1, 2020, which uses LIBOR as its index.
To raise awareness of this fact,…
Pursuant to our monthly audit of GSE and Federal Agency forms, we will be making the following changes to Cx801 and Cx2283:
8821 Tax Information Authorization (Cx801):
Cx801 – a duplicate of IRS Form 8821 – will be updated to match the latest version of the official form (available at: https://www.irs.gov/forms-pubs/about-form-8821),…
These two documents are provided pursuant to 12 C.F.R. § 1026.19(b)(2), Clause (ii) of which requires a creditor to disclose “the index or formula used in making adjustments [for certain variable-rate transactions], and a source of information about the index or formula”….
By: Timothy A. Raty, Sr. Regulatory Compliance Specialist
Earlier this month, the Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corporation (“FHLMC”) announced some of their plans for the gradual elimination (and replacement) of their adjustable-rate mortgages (“ARMs”) programs,…
On February 5, 2020 the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”) announced the following:
“Due to lack of demand and an increase in associated operational costs, Freddie Mac is retiring the eligibility for sale of Mortgages originated with a biweekly payment schedule,…
On February 5, 2020 FNMA announced the publication of revised ARM notes and riders which include fallback language recommended by the Alternative Reference Rates Committee (ARRC). FNMA encourages lenders to adopt this language immediately, with a mandatory usage date of June 1,…
