November '21 Compliance Roundup

As we entered the holiday season, regulatory changes as well as new rules handed down from investors slowed to a halt, leaving only some document updates to report in this month’s compliance roundup. These changes are outlined below. 

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Document Changes

As always, our compliance experts were hard at work checking our library against any changes made by the states or regulators that require updates to our documents. The changes have been summarized below with links to the full descriptions of the updates.

• After a review of state lock agreements, we have made updates to documents for Washington, New York and California. These documents now conform with signature requirements and eSignature functionality. Learn more.
• A number of Illinois mortgage documents were updated in November, including the Illinois Borrower Information Document (Cx1206) and others. The documents now conform to new state code. Learn more.
• The Vermont Broker/Prospective Borrower Agreement has been updated to comply with state code 4-2-3:4(a) that requires the borrower and broker to sign an agreement when the borrower signs the application or before. Learn more.
• Section 184A forms are now available for the Native Hawaiian Housing Loan Guarantee Program. These changes involve a number of documents in the library. Learn more.
• The IRS has published an updated Form W-8BEN Certificate of Foreign Status of Beneficial Owners for United States Tax Withholding and Reporting, so we have added the required line to document Cx7983. Learn more.

For full details related to document and mortgage compliance updates, visit our website here. Fill out the form at the bottom of the page to subscribe and receive updates as they are published.