April Compliance Roundup

Each month, lenders must handle new regulations and updated interpretations of existing rules. Even now, TRID continues to provide complex issues for compliance offices. Senior Regulatory Compliance Specialist Timothy Raty peeled back a few more compliance layers with an in-depth article on one of the more intriguing conundrums of TRID. His piece rounded out a month that saw numerous document updates changes as well as investor compliance news.

As for new regulations, we saw rule or law changes at Fannie Mae and in four states last month. We also updated several documents. Keep reading below for more information and links to these changes.

Here are all the topics that made it into our compliance blog in April. Subscribe to the blog to be among the first to learn about the industry’s most important compliance news. 

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State and Investor Compliance News

Fannie Mae and a few states changed laws or rules that required document changes or updates in April. You can find more information on all of these document changes here.

Fannie Mae. Fannie recently announced changes to FNMA 2019 Selling Guide B1-1-01. In addition to this, FNMA announced in an email that its Multistate Second Home Rider Form 3890 has been revised. We are reviewing these changes to determine if there is any impact to our document library. Learn more.

Montana. Early last month, Montana Governor Steve Bullock signed MT HB 370 into law. This amends various sections of the “Revised Uniform Law on Notarial Acts.” The new amendments take effect on October 1, 2019. We are reviewing these changes to determine is document updates are required. Learn more.

North Carolina. In April, Governor Roy Cooper signed NC SB 162 (2019) into law. This amends the late fee restrictions promulgated under N.C. Gen. Stat. Ann. § 24-10.1. While some of the restrictions remain the same, other provisions are new. We are reviewing these changes to determine is document updates are required. Learn more.

Oklahoma. The Oklahoma Department of Consumer Credit has published its annual adjustment to the dollar amounts set forth in certain sections of the state’s Consumer Credit Code. We are reviewing these changes to determine if document updates are required. Learn more.

Document Changes

The document library saw several revisions in April. They’ve been summarized below with links to the full descriptions of the updates.

  • We have made configuration changes to a few New Jersey documents including Cx340 NJ Mortgage to support loans secured by a borrower’s ownership shares and lease in a cooperative unit. Learn more.
  • California Important Privacy Choices for Consumers (Cx16539) will no longer print generically. Clients who want to use this document should contact Client Support. Learn more.
  • The comments section on Cx12874 (Reason for seeking a mortgage) has been modified to comply with Colorado regulation 4. Learn more.
  • Lender Loan Quality Certification (Cx56) has been modified to print in accordance with the VA Lenders Handbook. Learn more.
  • A new document has been added in accordance with new VA regulations. The No Builder Warrant (Cx13849) document is now available upon request. Learn more.
  • We have updated the “Completion Date” functionality on our generic construction documents to provide more flexibility surrounding the date the construction is completed. Learn more.
  • IRS forms 4506 (Cx23) and 4506-T (Cx3095) have both been updated to meet the newly posted March 2019 version of the IRS forms. Learn more.
  • We also updated certain ConformX fields to comply with IRS updates requiring tax return end date default values. Learn more.
  • Fannie Mae recently published a revised form 3890 (“Multistate Second Home Rider”) and consequently we have updated forms Cx35 and Cx16202, among others. Learn more.
  • We have made updates to Document Cx4986 (Irrevocable Stock Power - COOP) and associated documents to refer to the number of stocks/shares transferred. Learn more.
  • Since the state of Virginia has jurisdiction types of both County and Independent City, we have reviewed the language on our “Virginia Deed of Trust Second” (Cx512) and have altered it to the language that currently prints for “Virginia Deed of Trust.” Learn more.
  • Cash Flow Analysis documentation for both Fannie Mae and Freddie Mac were recently updated. This caused us to update certain documents in our library. We will continue to provide FNMA Form 1084 on an “upon request” basis. Learn more.
  • We have changed the timing requirement on form Cx4816 to comply with the Vermont Department of Financial Regulations rules in Section 5 of Reg. B-2018-02. Learn more.

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