Compliance Updates: April 2025 In Review
Dec 12, 2019
November was a relatively quiet month on the rules side, with only a couple of states making any changes of note. However, Fannie Mae is previewing its plans for early 2020, and between URLA and new ARM products, we expect to see several significant new regulations in the first quarter of the year. November was busy on the document update side, however.
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State and Investor Compliance News
Just a few major compliance updates to announce in November. Fannie Mae announced new plans for ARM products and two states announced changes that may lead to future document modifications. We’ll continue to monitor these changes and bring you details as they develop.
Fannie Mae. FNMA has announced pending plans to modify their ARM products in the first half of 2020 to conform to the guidance issued by the FHFA and in coordination with FHLMC. Some new language will be added into the uniform notes and other legal documents. New ARM products are also planned. While no changes are finalized at this time, we will continue to monitor this transition and provide alerts as actions are finalized. Learn more.
Pennsylvania. The Pennsylvania Department of Banking and Securities has announced that they will be adjusting the “base figure” from $256,023 to $260,404. The “base figure” is a factor in determining what types of loans certain mortgage lending rules apply to. We are currently reviewing this change to determine any impact to our document library. Learn more.
Texas. The Finance Commission of Texas adopted proposed amendments to various sections the state code, as well as amendments to the “Conditional Letters” published within such codes and on their website. We are currently reviewing these changes to determine any impact to our document library. Learn more.
Document Changes
Our compliance team was busy making changes to documents in our vast library during the month of November. The changes have been summarized below with links to the full descriptions of the updates.
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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.