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.
Welcome to the First American Docutech compliance roundup blog, recapping compliance-related document changes and updates that occurred in July. There were some changes from the states and federal government agencies last month, as well as several important document changes.
Not a great deal of regulatory activity in the month of June, as spring gave way to summer and many state houses sent their lawmakers on break. Still, there were a number of important changes that our compliance experts caught, and we summarize them for you below.
We are a little over a third of the way through 2021 and massive shifts within the mortgage industry have occurred, whether due to the unexpected (COVID-19) or to the long-anticipated (URLA). While First American Docutech cannot address the unexpected for the remainder of this year (as much as we wish), we are keeping a watchful eye on changes expected to occur within the near future. The top three that we have identified are:
With state legislatures in session and a new administration beginning to work on their regulatory priorities, we saw many changes for loan document requirements in April. Several of the changes are regulators modifying rules to fit the current COVID-19 scenarios with states and officials working to maintain a streamlined and cohesive mortgage experience.