Compliance Updates: April 2025 In Review
Apr 17, 2019
There were a number of document updates and even some new documents added to our document compliance library in March. Here are highlights from the topics we shared in our compliance blog last month. Subscribe to be among the first to learn about all the industry’s most important mortgage compliance news.
In March, our Senior Regulatory Compliance Specialist Timothy A. Raty took a closer look at the uncertain future of VA IRRRL refinances of ARM loans. Congress, in passing the Economic Growth, Regulatory Relief, and Consumer Protection Act may have severely restricted the types of fixed-rate VA Interest-Rate Reduction Refinance Loans (“IRRRLs”) and so-called “Type I Cash-Out Refinance Loans” which refinance a previous adjustable-rate mortgage. Raty provides a complete analysis. Learn more.
Some of our document changes are related to this new law, as you’ll see below.
State and Investor Compliance News
HUD and many state regulators required document changes or updates in March. In addition, the compliance team issued a reminder about an important address update. Here is the overview with links that will take you to additional information on our compliance blog.
HUD. In FHA INFO # 19-09 it was revealed that the agency had published an update to its Single Family Handbook that contains “technical changes for consistency and clarity, and several policy updates.” We are currently reviewing these changes to determine any impact to our document library and/or systems and evaluating any necessary changes. Learn more.
Fannie Mae. The compliance team issued a reminder last month about the recent address change for Fannie Mae. The investor previously advised lenders that to avoid potential certification delays, they should begin using our new corporate address as soon as possible. The compliance team reminded clients that if they are passing defaults for investor/assignment addresses they may want to review any defaulted addresses they are currently using for FNMA. Learn more.
Kentucky. Gov. Matt Bevin (R) signed KY SB 114 (2019) into law this month. The new law adds sections governing notarial acts (including notarial certificates) under Chapter 423 of Kentucky’s Revised Statutes. We are currently reviewing this change to determine any impact to our document library and/or systems and evaluating any necessary changes. Learn more.
Maine. In a joint rule of the Maine Bureau of Financial Institutions and the Bureau of Consumer Credit Protection, the disclosure requirements for a number of the state’s Alternative Mortgage Transaction Disclosure documents were repealed and replaced with rules which better conform to Federal Regulations D and Z, which no longer require separate disclosures. Because these documents are not required by state law, they will no longer print as generic documents and will be removed from our standard packages. Learn more.
Utah. On March 26, 2019 Gov. Gary Herbert (R) signed into law UT HB 247 (2019) which repeals the “RESPA Caption” requirement promulgated under Utah Code. This repeal takes effect on May 14, 2019. We are currently reviewing this change to determine any impact to our document library and/or systems and evaluating any necessary changes. Learn more.
Document Changes
The document library saw several revisions last month. They’ve been summarized below with links to the full descriptions of the updates.
You can always get the latest information from the industry’s very best compliance team on our compliance blog. Click here to subscribe today.
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.