The November 2022 elections had unexpected results, and it is uncertain how it will affect mortgage regulations. However, lenders can prepare for compliance priorities by understanding the priorities of the Consumer Financial Protection Bureau, upcoming changes, and market conditions. This will help them maintain profitability in a challenging housing market.
The second quarter of 2022 saw several 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.
While short on compliance news, the first quarter of 2022 was packed with several important document updates. Our experts are always reviewing compliance requirements for document changes, and as you will see below, have found plenty from the beginning of the year. Make sure you also take note of the Recent Article and Global Mapping updates located towards the bottom for the most thorough roundup.
2022 started off with several important compliance and document updates. Our experts have compiled and summarized them for you below.
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As the year came to a close, we made a number of changes to documents in our library, but we didn’t see any activity coming out of the state legislators or from federal agencies or regulators during the month of December. We anticipate this will change as 2022 gets underway. Our expert compliance team will keep you up to date.
As we entered the holiday season, regulatory changes as well as new rules handed down from investors slowed to a halt, leaving only some document updates to report in this month’s compliance roundup. These changes are outlined below.
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.
We didn’t see a great deal of activity from state departments in September and nothing from the federal agencies or secondary market investors. That will likely change soon, as September saw the U.S. Senate confirming Rohit Chopra as the new Director of the Consumer Financial Protection Bureau. Our compliance team will keep you abreast of relevant changes the new Director decides to make.
Investors and the agencies were rather quiet in August and only one state required a change to its document set, and that wasn’t initiated by anyone in the state government. Instead, it was a decision by the CFPB that required a change for Georgia’s documents, as you will see below.
