Compliance Updates: February 2025 In Review

 

Our team of experts at Docutech continually review requirements for document changes and publish real-time updates. To help keep you in the know, the monthly Docutech Compliance Recap brings you the most recent compliance updates. 

Here’s our latest recap: 

Document Updates

  • Vermont's proposed Administrative Rules for Notaries Public, effective February 26, 2025, set standards for notarial acts on electronic records and for remote notarizations. Docutech has updated multiple documents to include the required language based on the selected notary type, IPEN or RON. Read more.

  • We have enhanced Cx14216, a copy of VA Form 26-1805, in response to client requests. Updates include modified field logic and new fields to improve form population. Read more.

  • Docutech has updated the New York HELOC Mortgage (Cx1327) by removing the redundant "MORTGAGE TAX" section due to recent adjustments to the "BORROWER’S STATEMENT REGARDING THE PROPERTY" checkboxes. Read more.

  • The South Carolina Borrower Complaints disclosure (Cx4694) has been updated to reflect the South Carolina State Board of Financial Institutions' guidance on the contact information for receiving borrower complaints. This update will take effect immediately and will print when the "Lender is a Broker" field is set to 'No'. Read more.

  • Docutech has updated the Illinois Land Trust Addendum to the Mortgage Note (Cx4937) to ensure Land Trust trustees can sign the Note, in alignment with Freddie Mac Seller Guide requirements. This change will apply when the "Exclude Land Trust Signature Lines from the Note" field is set to 'No'. Clients can modify this functionality if needed. Read more.

  • We have updated the logic for the checkbox "There is a beneficial change for the Borrower in the duration of the loan" on Cx2889. The change is now linked to Field 121766, which, if marked as "yes," will check the checkbox. This update will take effect on February 11, 2025. Read more.


Global Data Integrity Checks

  • Docutech has removed the Freddie Mac restriction from the cooperative loan warning for HELOCs, investment properties, junior liens, construction loans, PUDs, and condos. This change will now support Freddie Mac cooperatives in ConformX. Read more.

New Document Creation

  • We have added new documents for Section 184/184A loans, including Cx28157 to replace the generic HUD Form 92544 and Cx28166 for loan commitments. Read more.


General Questions

  • Docutech has recently received questions about Cx19136 WA Loan Brokerage Agreement. To comply with Wash. Rev. Code Ann. § 19.146.040, the agreement continues to be printed generically to ensure compliance if the Washington Department of Financial Institutions revises its stance on accepting the Loan Estimate. Read more.

For full details related to document and mortgage compliance updates, sign up for real-time compliance updates at info.docutech.com/subscribe-compliance.

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.