October '21 Compliance Roundup

Document Changes
Our compliance team delivered a number of both minor and significant document updates in October. First American Docutech Corporate Counsel Tadayoshi Sakota took a closer look at form 4506-C and provided answers to some of the questions from lenders who are finding the IRS guidance less than satisfying.

Additional document updates have been summarized below with links to the full descriptions.

• We updated form Cx14279, the “NV Mortgage Company Compensation Disclosure,” to include signature lines to accommodate both lenders and brokers as required by state law. Learn more.
• We removed language from form Cx1009, the GA Waiver of Borrower Rights by which the borrower waives any rights under the fifth and fourteenth amendments to the Constitution in order to comply with CFPB’s determination on the form. Learn more.
• Changes have been made to the DE Broker Agreement to include information required by the state code, specifically reading to fees paid to the broker. Learn more.
• A number of fields on various mortgage, deeds of trust and assignment forms have been changed to add the ability to print a new set of optional borrower address fields to these standard security instruments. Learn more.
• Changes have been made to a number of documents related to the Standard Homeowners Protection Act and other disclosures to specify the property number of units to comply with US Code related to termination of PMI. Learn more.
• Published revisions to tax firms in Michigan prompted minor updates to a number of state forms. Additionally, a typographical error was corrected on a MI tax form. Learn more.
• Minnesota private mortgage insurance disclosure forms were updated due to changes in state law and provisions set forth in the Homeowners Protection Act. Learn more.
• Subsequent to a review, we have changed a field on FNMA form 1008 to ensure that all subordinate loans are included. Learn more.
• We have retired HUD FHA-VA Addendum form Cx3981 as it should not be used for any loans with a Case Number Assignment Dates after August 1, 2016. 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.