Compliance Updates: April 2025 In Review
May 16, 2019
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.
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.
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The preceding is for informational purposes only and is not and may not be construed as legal advice. No third-party entity may rely upon anything contained herein when making legal and/or other determinations regarding its practices, and such third party should consult with an attorney prior to embarking upon any specific course of action.