Remote online notarization is helping people plan for their future, buy homes from their couch, and replace lost or stolen passports in a fraction of the time. Connecting with a notary via your phone or computer has not only made the notarization process easier, but more accessible. Its adoption is one of the fastest enactments of public policy in our country’s history, shaping how technology can better support life’s biggest moments.
As we recap the document and compliance updates that occurred in January, we start with a reminder regarding the imminent change to the industry’s most used mortgage application document. If you have yet to begin your work in preparation for the new Uniform Residential Loan Application (URLA), now is the time and we’re here to help.
As 2020 came to an end, states and lenders were adjusting many loan documents to reflect end of year changes in the industry. These changes are incorporated into ConformX, to ensure that your documents are in compliance with state, federal and investor requirements.
As election season comes to a close, we saw the regulatory landscape and compliance landscape prepare for shifts and updates. Many states modified laws, which then required additional document changes on the First American Docutech front. These changes are automatically incorporated into ConformX, to ensure that your documents are in compliance with state, federal and investor requirements.
The industry saw very little new investor compliance activity in October. Regulator activity was likewise muted, perhaps due to the runup to the presidential election. The only activity from any government agency came from the IRS, who finally published their long-awaited new 4506-C form.
With the presidential election only a month away, Congress and the regulatory agencies have not made any major new rulings or proposed new rules. Still, there have been minor changes made by the Federal Agencies which required changes to documents - and some changes to improve our documents. These changes went into effect on September 25.
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.
eNote adoption is a critical step along the pathway to fully digital lending, and it’s something lenders across the industry have been working very hard to achieve.
eNotes have been finally enjoying significant adoption across the industry, 20 years after the federal eSign legislation opened the door to digital lending.
The COVID-19 pandemic continues to change the regulatory and compliance landscape for mortgage lenders. Many states continue to pass laws requiring lenders to offer forbearance options instead of defaulting on loans, and others are trying to facilitate more remote-based options. This has required many document changes, all of which are automatically incorporated into ConformX, ensuring that your documents are compliant with state, federal and investor requirements.
