May 2023 Compliance Recap

Here are the latest compliance updates from our team of experts who continually review requirements for document changes to publish real-time updates.

Document Updates

• New Loan Brokerage Disclosure Agreement (Cx3328): The Disclosure Agreement now discloses the amount and sources of the residential mortgage loan broker to provide a loan statement and fee agreement with each borrower. This went into effect on May 9, 2023. Read More.
• Updated VA Form (Cx26687): Section I has been expanded and now includes a service number, Section II has received simple changes to its wording and Section III has numerous changes and additions. These new changes went into effect on May 11, 2023. Read More.
• Updated HUD Documents (Cx4733 and Cx4566): Updates include date changes and minor formatting changes, and changes to Cx4733 include simplicity changes and minor formatting changes. These went into effect on May 17, 2023. Read More.
• Updated VA Form (Cx47): Updates to the VA form include the expiration date, a new paragraph addition, and an updated footer date. New changes include the HUD Handbook References, end warning, and other minor formatting changes. These updates and changes went into effect on May 20, 2023. Read More.
• Georgia House Bill 974: As previously announced, Georgia House Bill 974 adds new recording requirements for security deeds and loan modifications. This act is effective July 1, 2023. Read More.
• Updates to SSA-89 (Cx5579): Many usability changes and rephrases were included in the updates. These changes went into effect on May 31, 2023. Read More.
• Updates to VA Affairs Financing Statement (Cx18833): Changes in text phrasing and design went into effect on May 31, 2023. Read More.

Compliance News

• Updates to Agency Contact Information: This rule was effective April 19, 2023, however, amendments to Appendix A to Regulation B and Appendix K to Regulation V have a mandatory compliance date of March 20, 2024. 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.