We are a little over a third of the way through 2021 and massive shifts within the mortgage industry have occurred, whether due to the unexpected (COVID-19) or to the long-anticipated (URLA). While First American Docutech cannot address the unexpected for the remainder of this year (as much as we wish), we are keeping a watchful eye on changes expected to occur within the near future. The top three that we have identified are:
New Mandate Use Date: March 1, 2021
It has been four years since the Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corporation (“FHLMC”; collectively “the GSEs”) unveiled a completely revised version of their “Uniform Residential Loan Application” (FNMA Form 1003/FHLMC Form 65) and, after many postponements and revisions, the new version took effect Saturday (August 1, 2020) for select participants during a “Limited Production Period” (“LPP”). The road to production for this form has been long and tedious, but hopefully the destination will have been worth the journey.
On December 6, 2017 the Consumer Financial Protection Bureau (CFPB) published an updated version of the “TILA-RESPA Integrated Disclosure Guide to the Loan Estimate and Closing Disclosure forms”. The new guide included updates and amendments, which the CFPB hoped would provide illustrations for how the final rule is issued in July 2017 should be implemented.
Recently, the Consumer Financial Protection Bureau (CFPB) released a collection of much anticipated changes to its TILA/RESPA Integrated Disclosure (TRID) rule. Once the changes were made public, a number of publications shared the news, along with their take on the development. Given the length of the document, we wanted to digest it fully before offering our comments to the industry.
