Here’s the latest and greatest compliance updates from our team who are continually reviewing requirements for document changes and publishing real-time updates.
- FHA Lowers Annual Mortgage Insurance Premium Rates. Learn more.
- Pursuant to our monthly audit of federal agency forms, we will be updating Cx19212, USDA-RD Origination Stacking Order Checklist, to match the updated form on the USDA-RD website. Learn more.
- We will also be updating Cx2283, For Your Protection Get a Home Inspection, to match the recent updates posted on the HUD website. Learn more.
- We have revised the CA Notice to Cosigner (Cx886) to be to more closely aligned with the model form published on the Department of Financial Protection and Innovation (DFPI) website. Learn more.
- As announced earlier, the new clean version of the 4506-C standard forms are available for ink sign use in ConformX Production servers. We are pleased to announce that the eSignature problem in the “Signature for Line 1a (see instructions)” or “Spouse’s signature (required if listed on Line 2a)” boxes on the new forms have been… Read more.
- On Feb. 1, 2023, Commissioner Wesley R. Bennett of the Indiana Department of Local Government Finance announced the update of Indiana Property Tax Benefits Form 51781 (Cx14885). Learn more.
- After a review of the language that prints for our signature lines for trusts, we have decided to update our standard Trust Riders and Trust Acknowledgments to permit the signatures and names in those documents to reflect any amendment date in the legal name of the trust…. Read more.
- Updates to Washington Construction Documents (Cx16579 and Cx20791): Wash. Rev. Code Ann. § 60.04.255(1) requires property lenders to provide informational material described in Wash. Rev. Code Ann. § 60.04.250 to anyone “obtaining loans, the proceeds of which are to be used for residential construction or residential repair or remodeling.” Read more.
- On Jan. 17, 2023, the VA published VA Circular 26-23-3 and VA Circular 26-23-4 regarding revisions to VA Form 26-1820 “Report and Certification of Loan Disbursement,” the discontinuation of VA Form 26-1802a “HUD/VA Addendum to the Uniform Residential Loan Application,”… Read more.
- On Feb. 1, 2023, Fannie Mae announced that the Model Form for the Virginia Deed of Trust (Form 3047) has been revised to remove the consideration amount and property value information above the “Definitions” section of the security instrument… Read more.
- Form SSA-89, Authorization for the Social Security Administration (SSA) To Release Social Security Number (SSN) Verification, is required to be completed when a third party desires to verify the Social Security number of an individual. For our purposes in the mortgage industry, this is typically a creditor seeking to verify the identity of a mortgage loan applicant. Read more about this consideration.
- As announced earlier, the new clean version of the 4506-C standard forms are available for eSign use in ConformX Production servers. The eSignature Behavior of the 4506-C Clean Version now has several layers and considerations. Keep reading.
Global Mapping Change:
- The “KS High LTV Consumer Notice” (Cx1595) discloses to the borrower that their loan has a high LTV ratio and suggests that the borrower considers credit counseling (Kan. U.C.C. Ann. §16a-3-207[3[[b] & ). This notice is required to be given three days before closing when the loan is subject to the KS UCCC,… Read more.
- The IRS sent out Form 4506-C 10/2022 Version Reminder which states “Effective March 1, 2023, prior versions will only be accepted if signed and dated by the taxpayer by Feb 28, 2023. Read more.
- Fannie Mae and Freddie Mac (the Government Sponsored Enterprises [GSEs]) sent out a reminder that lenders are required to use the updated Supplemental Consumer Information Form (SCIF; Form 1103) and include it in the loan file for conventional loans sold to the GSEs with application dates on or after March 1, 2023… Read more.
For full details related to document and mortgage compliance updates, visit our website. Fill out the form at the bottom of the page to subscribe and receive real-time updates.
The above information 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.