Here’s the latest and greatest compliance updates from our team of experts who are continually reviewing requirements for document changes and publishing real-time updates.
- CFPB Updates Agency Contact Information: As previously announced, the consumer financial protection bureau issued a rule, making several non-substantive corrections and updates to federal agency contact information. This rule was effective April 19, 2023. Read More.
- Updates to ME Assignment of Mortgage: Docutech adjusted the configuration for the HELOC MERS rider for Montana, Oregon and Washington. Also changed the Cx1529 MERS assignment of mortgage language to accommodate MERS HELOC mortgages. These changes went into effect on July 13, 2023. Read More.
- New Signature Options: Any person may request a copy of the notice of default. The request, which is often made within a deed of trust, is required to be signed and acknowledged by the person making the request. This change went into effect on July 13, 2023. Read More.
- FHA Maryland Deed of Trust: According to Md. Code Ann., Real Property § 4-106(a), mortgages and deeds of trust are not considered valid (except as between the parties) unless the instrument contains an oath or affirmation as to the consideration. This change went into effect on July 14, 2023. Read More.
- New York Publishes Model Form for VA Services Loan Counseling Disclosure: The New York State Department of Financial Services announced its publication of a counseling disclosure form for loans guaranteed under the Servicemen’s Readjustment Act of 1944. These changes went into effect on July 14, 2023. Read More.
- Fannie Mae Updates Notice of Default Paragraph: On June 28, 2023, Fannie Mae announced that the Model Form for the District of Columbia Deed of Trust (Form 3009) was revised to increase clarity. These changes went into effect on July 14, 2023. Read More.
- Texas Renewal and Extension Exhibit: We updated the fields to more closely align with fields that are associated with Renewals and Extensions instead of using the broader, more general fields. This allows the paragraph starting with “Promissory note in the original principal sum…” to be printed up to four times as necessary, to incorporate multiple liens/renewals into the new loan. These changes went into effect on July 21, 2023. Read More.
- VA Form 26-1880 Request for a Certificate of Eligibility: VA Form 26-1880 Request for a Certificate of Eligibility is used to determine whether a prospective borrower qualifies for VA benefits. Upon submission of the request, the VA will issue a certificate of eligibility. This change went into effect on July 21, 2023. Read More.
- Font Size Increased: Oregon county clerks will not accept documents submitted for recording that contain font sizes less than 10-point in numerous documents. These changes went into effect on July 25, 2023. Read More.
- Maryland Tax Property: For Cx15803 to be included in Docutech’s Recordable Document Page Count functionality, the Document Type has been changed from “Borrower Affidavit” to “Rider to Security Instrument.” These changes went into effect on July 25, 2023. Read More.
- Trustee Signature Lines for Trust Loans Added: As previously announced, Cx16099 is not a required document, but Cx16099 can be used as conclusive proof that the borrower received a copy of the note. Adding trustee signature lines for trust loans reinforces the concept of conclusive proof. This change went into effect on July 21, 2023. Read More.
- North Dakota Money Broker Contract: On March 14, 2023, Governor Doug Burgum approved North Dakota Senate Bill 2090 which creates and enacts a new Chapter 13-12 of the North Dakota Century Code relating to the licensure of Residential Mortgage Lenders, and amends and reenacts most Sections of Chapter 13-04.1. These changes went into effect on August 1, 2023. Read More.
- Print Supplement Consumer Information Form for FHA Loans: As previously announced, the Federal Housing Administration (FHA) published Mortgage Letter (ML) 2023-13 on June 27, 2023 regarding the required use of the Supplemental Consumer Information Form (SCIF, Form 1103) for mortgage applications dated on or after August 28, 2023. The two standard SCIF documents are: (Cx23518) and (Cx23519). These changes went into effect on July 20, 2023. Read More.
- Update for VA Non-IRRRL Refinances: The following global data integrity check message displays from ConformX for non-IRRRL VA refinances when the Previous Loan Total of All Remaining P&I + MI (FI 131834) is empty or set to $0. Numerous other additions were added along with these changes. These changes will go into production on August 5, 2023. Read More.
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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.