August Compliance Recap: New State Disclosure Matrix and Document Changes

As summer starts to fade, the compliance landscape for August slowed as Congress entered recess and regulators slowed new rules. However, August was filled with several document updates, and Docutech unveiled an exciting new disclosure matrix.

Follow our compliance blog to remain up to date on regulatory changes within the industry.

New State Disclosure Matrix. Docutech unveiled the third generation of its State Disclosure Matrix. The new matrix adds improvements over the previous generation, such as:  being in an excel format, new columns, new “document type” column, new “exempt” column, new “signature” column, new “special print conditions” column and splitting the licensee, loan and property types that a disclosure is provided for. This document is now available on the Matrix webpage as the new Disclosure Matrix. Learn more.

Document Updates

• HomeStyle Renovation Consumer Tips. Fannie Mae has recently updated their 1204 Form for HomeStyle Renovation Consumer Tips and, as a result, Docutech updated our copy of that form (Cx7163) to match. While it is not a required document, some clients have chosen to provide it. These changes went into effect immediately. Learn more.
• OR Forbearance Accommodation Disclosure. Docutech is retiring Cx24147, which allowed clients to comply with the disclosure requirements of Oregon’s new (yet temporary) forbearance laws. This retirement is due to the fact that the disclosure requirement expired on August 29, 2020 This change went into effect Sept. 1, 2020. Learn more.
• NM Fees at Application Disclosure Document Retired. After reviewing the requirement set in place by New Mexico’s Admin Code § 12.19.8.8(D), Docutech has determined that form Cx2783 fulfills this requirement. This makes Cx2774  duplicative and, as such, will  be retired as a standard document. It can still be assigned to clients upon request. This change went into effect on Aug 18, 2020. Learn more.
• Anti-Steering Loan Options Disclosure. Based on unauthoritative definitions  provided by the CFPB , Docutech has revisedthe fields used for disclosing the “total origination points or fees and discount points” on Cx16921. This change went into effect Aug. 15, 2020. Learn more.
• Credit Reporting Agency Contact Information on Various Documents. The contact information of the three major credit reporting agencies (Equifax, Experian and Transunion) have been slightly updated on multiple documents. These changes went into effect on Aug. 6, 2020. Learn more.

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