March 2023 Compliance Recap

Here are the latest and greatest compliance updates from our team of experts who are continually reviewing requirements for document changes and publishing real-time updates.

Compliance News:

  • VA published Circular 26-23-06 to announce changes to VA funding fee rates for loans closed on or after April 7, 2023.  The changes published in this circular do affect the VA funding fee percentage sent from a loan origination system to ConformX, but they do not require any system changes or modifications to be made by Docutech. Read more.
  • New York Adds New Disclosure Requirement for VA Loan Counseling. Read more.

Document and Form Updates:

  • Fannie Mae recently updated the Instructions to Form 3044.1 – 07/2021 Texas Home Equity Security Instrument (Our Cx25323) by adding Paragraph 9. Read more.
  • Maine Notification To Buyer(s) of Withholding Tax Requirement (Cx1570) document updates went into effect on March 22, 2023. Read more.
  • Updates to the Print Configurations for the NY Balloon Payment Disclosure (Cx4168) went into effect on March 29, 2023. Read more.
  • Pursuant to our monthly audit of Federal Agency forms and to match the model forms made available through www.va.gov/find-forms/, we will be making changes to Cx14056 and Cx3953. Read more.
  • We have modified our Maryland Department of Labor, Licensing, and Regulation Disclosures (Cx13900, Cx13901, and Cx13902), pursuant to COMAR 09.03.10.03, to ensure that clients do not get multiple disclosures about balloon payments or payment of taxes/insurance. Read more.

Global Data Integrity Checks:

  • The FHA Annual Mortgage Insurance Premium (MIP) rates were lowered for most mortgages by 0.30% as outlined in ML 2023-05. 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.