Compliance Updates: April 2025 In Review
Jan 10, 2019
The end of 2018 brought several regulatory updates lenders will need to prepare for in the New Year. Here’s a look at the topics we featured in our compliance blog in November and December. For more details, check out our compliance website here. And, if you are not already receiving updates, take advantage of our free subscription service and have compliance updates delivered directly to your email.
The most important change is a tweak to TRID 2.0. TRID 2.0 provides specific guidance for cases where the first column of the “Projected Payments Table” reflects the amounts payable during both the construction- and permanent-phases of a construction-to-permanent loan. Lenders that follow the CFPB’s guidance could end up with a calculation possibly leading to an erroneous disclosure to the borrower.
Several changes were made to ConformX in the past couple of months. Our compliance blog has more information on the new ConformX System Default “Include MI And Escrow In Minimum Total Even If They Do Not Apply.”
In addition, we added or modified several documents for Texas construction-to-permanent loans because Texas structures those loans differently from other states. You can read all about that in this post.
State and Investor Compliance News
We saw some modifications and updates from the federal agencies as well as investors over the past couple of months. The changes are outlined below, and more details can be found on our compliance blog by following the links.
Fannie Mae. FNMA recently updated the Uniform Underwriting and Transmittal Summary (Form 1008) for manually underwritten loans. We are currently reviewing how this may impact our own documents, and any changes we make will be announced on our compliance blog. More.
Pennsylvania. The Pennsylvania Department of Banking and Securities has updated the “base figure” amount. More.
Rhode Island. The repealed appendices promulgating some disclosure forms have not been re-implemented. Instead, the Rhode Island Department of Business Regulation will issue bulletins to promulgate these forms. More.
District of Columbia. Congress has approved an act adopting a new “Revised Uniform Law on Notarial Acts Act of 2018.” More.
Federal Register. A new rule has been added increasing the exemption threshold for higher-risk mortgages. More.
And finally, our compliance experts have received a number of questions regarding what to do in preparation for the ending of the LIBOR and COFI indices. You can find out more about that on our compliance blog in this post.
Document Changes
The document library saw a variety of new forms and revisions these past few months. 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. Subscribe today to stay up to date.
Current information is the only way to ensure that every document you deliver is always fully compliant. Our experts are standing by to support you and we all wish you the very best in 2019.
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.