September Compliance Roundup: Taxpayer First Act, Md. Code Regs. 09.03.06 and Document Changes

September was a relatively quiet month from a rulemaking perspective. Only one state made changes to its regulations during the month that went beyond document changes. We saw nothing new from government agencies or investors.

We did make a few changes to our document library in September. Details are below. Remember that you will always be up to date, up to the minute, by following the posts in our compliance blog.

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One item that came up for study by our compliance team in September was the Taxpayer First Act that Congress passed earlier this year. The new law amends the code in regard to a taxpayer requesting tax return copies specifically for third-party verification of incomes. We are currently reviewing the change to determine any impact it will have on our document library.

State and Investor Compliance News

Only one state made changes this month that went beyond document updates.

Maryland. The state’s Department of Labor, Licensing, and Regulation has finalized its proposed revisions to Md. Code Regs. 09.03.06 and published the new rules in the  Maryland Register. Notable changes include a shuffling of sections and new sections directed towards data protection standards. The final amendments take effect on October 4, 2019. And we are reviewing this change to determine any impact to our document library. Learn more.

Document Changes

There were quite a few changes made to the document library in September. They’ve been summarized below with links to the full descriptions of the updates.

  • Cx1906, a document provided in compliance with Iowa law has been reconfigured in order to take a more conservative approach to the disclosure of a “payment reduction fee.” Learn more.
  • Various Maryland disclosures were updated last month after the state’s Department of Labor, Licensing and Regulation amended its regulations. Some minor formatting changes were also made. Learn more.
  • A number of Alabama documents were updated last month, including the Promissory Note, Loan Estimate and Closing Disclosure in accordance with “may” change options provided by Fannie and Freddie. Learn more.
  • Certain Homeowner’s Protection Act Disclosures and some other New York disclosures have been updated. Some of these documents have been streamlined. Learn more.
  • Changes in Indiana’s Code have led us to update Cx3828, IN Mortgage Broker Agreement. Learn more.
  • Two Virginia documents have been updated, VA Choice of Settlement Agent (Cx5101) and VA Addendum to Loan Application (Cx17208) in compliance with certain provisions of Viginia’s Title 55 being transferred to a new title 55.1. Learn more.
  • A number of Colorado documents have been changed or retired due to the re-codification of certain sections of Article 61 or Title 12 being moved under Article 10 of the same title. Learn more.

You can always get the latest information from the industry’s very best compliance team on our compliance blog.

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