Compliance Updates: April 2025 In Review
Jul 7, 2021
Not a great deal of regulatory activity in the month of June, as spring gave way to summer and many state houses sent their lawmakers on break. Still, there were a number of important changes that our compliance experts caught, and we summarize them for you below.
Remember that you will always be up to date, up to the minute, by following the posts in our compliance blog.
Government Compliance News
Just a couple of states enacted changes in June, and we capture them both for you below. In addition, Fannie Mae and Freddie Mac finalized their work on retiring an adjustable-rate mortgage product and the Federal Government surprised everyone with a new federal holiday. The details and links to more information are below.
Fannie Mae & Freddie Mac. The Constant Maturity Treasury ARM products have been retired. Both GSEs made their announcements last month. No CMT ARMS will be purchased with application dates after June 30, 2021. First American Docutech has also created custom programs in ConformX that will continue to utilize the CMT ARM index that can be mapped as desired by clients under the CSTM Custom Programs. Learn more.
Oklahoma. The Oklahoma Department of Consumer Credit has, as they are required to do every year, increased the maximum late charge for delinquent payments on a consumer loan or revolving loan account as promulgated in the state’s statutes. This maximum amount has increased from $26.50 to $27. We will be updating our ConformX Late Fee Defaults to reflect these changes. Learn more.
U.S. Government. On June 17, 2021 President Joe Biden signed the Juneteenth National Independence Day Act which made June 19th a federal holiday. This new law is effective immediately and has impacted the definition of “business day” under TILA and Regulation Z. ConformX uses a system calendar to apply business day rules where applicable. We have added June 19, 2021 as a holiday to this system calendar. Learn more.
Virginia. Gov. Ralph Northam (D) of Virginia has approved VA H.B. 1882 (2021), which impacts several rules regarding deeds of trust. The law updated the model form for subordinate language to include a reference to the previous loan interest rate. The documents impacted by this change are VA Deed of Trust (Cx354) and FHA VA Deed of Trust (Cx19404). Learn more.
Document Changes
Our compliance team delivered just a few significant document updates in June. The changes have been summarized below with links to the full descriptions of the updates.
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The preceding 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.