Compliance Updates: April 2025 In Review
Sep 3, 2021
Investors and the agencies were rather quiet in August and only one state required a change to its document set, and that wasn’t initiated by anyone in the state government. Instead, it was a decision by the CFPB that required a change for Georgia’s documents, as you will see below.
While state banking departments and regulators may have been putting their focus elsewhere in August, our own team of compliance experts continued their work of reviewing compliance requirements for document changes. We found some, as you will see below.
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Government Compliance News
As noted above, only Georgia required some document updates in August. Here’s the story from our compliance team:
Georgia. In the Consumer Financial Protection Bureau’s Supervisory Highlights of Summer 2021 Issue 24, examiners concluded that the Georgia Waiver of Borrowers Rights (Cx1009) violates the CFPB’s prohibition on deceptive acts or practices per the Real Estate Settlement Procedures Act’s (RESPA) Loss Mitigation Procedures. First American Docutech encourages their customers to reach out to their own investors to verify whether or not these investors will continue to require the Georgia Waiver of Borrowers Rights (Cx1009) to be included in mortgage loan closing packages. Learn more.
Document Changes
Document updates that occurred in August have 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.