June 2023 Compliance Recap

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.

Document Updates

• Loan Guarantee Fee Changes: A reduction in the section 184 upfront loan guarantee fee from 1.50 to 1.00 percent and the annual loan guarantee fee from 0.25 to 0.00 percent, Retired Data Integrity Checks, Updated Closing Date Before 7/1/23, etc. These new policies are effective on July 1, 2023. Read More.
• Wisconsin Broker Agreement: We’ve made a slight update to the logic of our version of the Wisconsin Broker Agreement. When Rural Development loans are sent in the payload, the logic will now check the “Non-Conventional” checkbox. These changes went into effect on June 22, 2023. Read More.
• Vermont High-Rate Mortgage Loan: As previously announced on May 5, 2022, David F. Provost signed an Order In Re: High Rate Mortgage Loan Disclosure. Also announced on Dec 15, 2022, Kevin J. Gaffney signed a subsequent Order In Re: High Rate Mortgage Loan Disclosure which continued to temporarily suspend the disclosure requirements until June 30, 2023. Read More.

Late Fee updates

• Oklahoma Maximum Charge Increases: Oklahoma has updated its laws regarding the maximum dollar amounts which can be charged for late fees. This modification was pushed to Production on July 1, 2023. Read More.
  
  For full details related to document and mortgage compliance updates, visit our website and 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.