Compliance Updates: October 2024 In Review

 

Our team of experts at Docutech continually review requirements for document changes and publish real-time updates. To help keep you in the know, the monthly Docutech Compliance Recap brings you the most recent compliance updates. 

Here’s our latest recap: 

Document Updates

  • Previously, Cx1332 (HELOC Mortgage – MA) had a reference to the power of sale. To clarify that the statutory power of sale is given to the mortgagee we have added a section in Cx1332 that mirrors the FNMA MA “ACCELERATION; POWER OF SALE; EXPENSES” provision. Read more.
  • According to 104 Ky. Admin. Regs. §1:010(4), A person or entity engaged in real estate or real estate-related transactions must provide to owners and customers at the time of sale, purchase rental, insuring or financing of real property, a copy of the pamphlet “What Kentucky Fair Housing Law Means”. The Kentucky Commission on Human Rights has published an updated model form. Accordingly, we have updated our Cx11145 (KY Fair Housing Disclosure). Read more.
  • Pursuant to our monthly audit of federal agency forms, we have updated Cx13513 “FHA Loan Underwriting and Transmittal Summary” and Cx17814 “Borrowers Contract Hotel and Transient – Condo”. Read more.
  • We have updated Cx1330 (NH HELOC Mortgage) to add field 152399 “Full Security Instrument Borrower Definition Mailing Address” to the logic so that if clients send a mailing address in Field 152399, we will populate that address instead of the property address. This modifies the first paragraph in Cx1330 where it identifies the borrowers residing address. Read more.
  • The contact information of the three major credit reporting agencies (Equifax, Experian, and Transunion) is currently disclosed (as applicable) on specific documents. On their website, Experian outlines the contact information they want consumers to use, should they contact them concerning actions taken under the purview of FCRA and/or the California Consumer Credit Reporting Agencies Act. After reviewing this contact information against the information disclosed on our forms, we will be modifying the relevant documents so that the contact information on our documents matches the updated information provided by Experian. Read more.
  • All post-2021 first lien closed end standard security instruments in ConformX share the same logic in the notary acknowledgment area. This notary acknowledgment coding prints different text and content on the security instrument based on Property State (FI 1714) and Security Instrument Notary Type of Presence (FI 137249). The standard Fannie Mae Construction and Renovation Riders and Agreements have been modified to utilize this same updated technology. This update will allow for consistency between the standard sets of forms, as well as provide the latest Remote Online Notarization (RON) and In-Person Electronic Notarization (IPEN) support. Read more.
  • Docutech has updated the logic behind Cx19609 so that our recordable document page count service includes this document as recordable and thereby meeting the requirements of TX Prop. Code 41.005(c). Read more.

Compliance News

  • Clients who have not yet submitted any needed customizations to accurately disclose their ROV process in Cx27674 “Notice of Right to Request a Reconsideration of Value (ROV)” are asked to contact Docutech’s Client Support immediately in order to meet the go-live date of October 31, 2024. Read more.

For full details related to document and mortgage compliance updates, sign up for real-time compliance updates at info.docutech.com/subscribe-compliance.

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.