Q2 2022 Compliance Roundup

The second quarter of 2022 saw many compliance news and document updates. Our compliance experts are continually reviewing requirements for document changes, and as you will see below, have found plenty since the end of the first quarter. Make sure you also take note of the New Document, Late Fee Updates and Global Mapping Updates located towards the bottom of this roundup.

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Compliance News:

  • The IRS announced their plan to modernize Form 4506-C (our Cx3095) also known as the IVES Request for Transcript of Tax Return. Learn more. 
  • Georgia makes amendments related to recordation and registration of deeds, including requiring certain information to appear on the first page of security deeds. Learn more.  
  • FHFA announced mandatory use of the Supplemental Consumer Information Form for loans with application dates on or after March 1, 2023. Learn more. 
  • The State of California has announced that starting July 1, 2022, a new disclosure is required for every contract for the sale of real property and for each refinancing of first lien purchase money loans secured by no more than four dwelling units. Learn more.

Document Updates:

  • The Vermont High Rate/High Point Notices (Cx3708) have been temporarily suspended. Read more. 
  • Dual compensation disclosure language has been changed in the state of Virginia with new language required beginning July 1, 2022. Learn more. 
  • Monthly updates to our USDA Loan Origination Checklist Attachment 15-A have been made so that it matches the latest version of the form promulgated in RD HB-1-3555 Ch. 15. This document is available upon request. Learn more.  
  • We are updating our Servicemembers Civil Relief Act Notice Disclosure so it matches the latest version of the form promulgated. Learn more. 
  • We have updated FNMA Form 1003 (Cx20667) and 1003 Spanish Translation Aid 1003 Uniform Residential Loan Application Form 65 (Cx20668) to support adding a guarantor to the application. Learn more. 
  • California has signed into law AB 948 legislation which contains multiple provisions related to appraisal bias. Learn more. 
  • Updates have been made to the DC Real Property Recordation and Transfer Tax Form FP 7-C. Learn more. 
  • Docutech now supports alternate configurations for the W-8BEN and W-9 IRS forms. Learn more.  
  • NY adopted Senate Bill 1780C and Senate Bill 7780 which permit remote notarizations and updates NY executive law on electronic notarization. Learn more.  
  • Docutech has created the English (Cx23518) and Spanish version (Cx23519) of the Supplemental Consumer Information Form. Learn more. 
  • Updates have been made to the List of Homeownership Counseling Organizations. Learn more. 
  • Docutech has updated its Cx1010 to match the model form as provided by the GA Department of Revenue related to the Georgia Seller’s Certificate of Exemption. Learn more.  
  • The California Department of Financial Protection and Innovation (DFPI) has updated their version of the Fair Lending Notice. Learn more. 
  • Fannie Mae (FNMA) published a selling guide announcement about the release of their updated uniform legal instruments (see SEL-2021-06), including security instruments, notes, riders, addenda, and special purpose documents. Learn more.

New Documents:

  • A Puerto Rico SOFR ARM index note and rider have been provided by Fannie Mae and Freddie Mac in their new series of documents dated 07/2021. Learn more.  

Late Fee Updates:

  • Oklahoma and South Carolina have updated laws regarding the maximum dollar amount which can be charged for late fees. Learn more.  

Global Mapping Changes:

  • Since all TRID loans must now follow the TRID 2.0 requirements, the TRID 2.0 conditions have been removed from several global standard value mappings. Learn more.  
  • Updates to the IRS Tax Return End Date Default Values have been updated since the filing deadline has come and gone. 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. 

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.