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.
Welcome to the First American Docutech compliance roundup blog, recapping compliance-related document changes and updates that occurred in July. There were some changes from the states and federal government agencies last month, as well as several important document changes.
Not a great deal of regulatory activity in the month of June, as spring gave way to summer and many state houses sent their lawmakers on break. Still, there were a number of important changes that our compliance experts caught, and we summarize them for you below.
A number of state lawmakers were quite busy in May. In addition, the federal government provided some compliance guidance, with both the CFPB and USDA publishing information during the month. The details are below.
With state legislatures in session and a new administration beginning to work on their regulatory priorities, we saw many changes for loan document requirements in April. Several of the changes are regulators modifying rules to fit the current COVID-19 scenarios with states and officials working to maintain a streamlined and cohesive mortgage experience.
Recently, First American Docutech produced an informative eClosing masterclass webinar hosted by HousingWire. The event focused on helping better clarify the eClosing process and how lenders can get started to enable the optimization of the closing process as the demand for mortgage loans shifts emphasis from refinance to home purchase.
March was a busy month for our compliance professionals. We saw a number of changes from the nation’s largest mortgage investors (FNMA and FHLMC) and a number of States. The changes are detailed below.
During the ICE Mortgage Technology Experience 21 online conference last week, First American, parent company of First American Docutech, sponsored Cocktails & Conversations with Astronaut & Space Thought Leader Leland Melvin. With the conference theme of “Together We Experience,” First American Docutech President Amy Brandt and Bob Hart, Vice President of Business Development for ICE, interviewed Melvin to help inspire attendees by offering a fresh perspective.
By the middle of the decade, digital mortgages will be the rule, not the exception. While the mortgage industry has been moving this way for more than a decade, the past year accelerated the evolution, and 2021 is poised to push lenders and consumers even further towards a fully digital mortgage.
