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.
A number of state lawmakers were quite busy in May. In addition, the federal government provided some compliance guidance, with both the CFPB and USDA publishing information during the month. The details are 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.
March was a busy month for our compliance professionals. We saw a number of changes from the nation’s largest mortgage investors (FNMA and FHLMC) and a number of States. The changes are detailed below.
A number of changes were identified by our compliance experts during the month of February, as detailed below. Remember that you will always be up to date, up to the minute, by following the posts in our compliance blog.
As we recap the document and compliance updates that occurred in January, we start with a reminder regarding the imminent change to the industry’s most used mortgage application document. If you have yet to begin your work in preparation for the new Uniform Residential Loan Application (URLA), now is the time and we’re here to help.
As 2020 came to an end, states and lenders were adjusting many loan documents to reflect end of year changes in the industry. These changes are incorporated into ConformX, to ensure that your documents are in compliance with state, federal and investor requirements.
