MBA’s annual convention is the largest and most content-packed mortgage industry conferences of the year. This year’s event in Austin, Texas, was no exception.
For those of you who may have missed the conference, key themes were eClosing and the increasing the acceptance of eNotes, economic trends and secondary market issues.
September was a relatively quiet month from a rulemaking perspective. Only one state made changes to its regulations during the month that went beyond document changes. We saw nothing new from government agencies or investors.
We did make a few changes to our document library in September. Details are below. Remember that you will always be up to date, up to the minute, by following the posts in our compliance blog.
August saw several changes handed down by various government agencies and investors, along with new state-mandated document changes. The details are here in our monthly compliance update blog post. For updates as they are published, subscribe to our compliance blog.
Summertime is a relatively slow time for lawmakers, and with most state governments in recess, we didn’t see any compliance-related changes coming out of the state houses in July. However, July was a surprisingly busy on the federal and investor compliance front. From changes at the GSEs to IRS and Social Security updates, lenders will need to account for new processes.
For the past three years, Fannie Mae and Freddie Mac have been working together to create a uniform loan application for residential mortgage originators that will give them the data they need in a manner that’s easier for them to process. The effort was the first attempt by the GSEs to alter the standard mortgage loan application in 20 years.
June saw a number of changes handed down by various government agencies, investors and one state government, some of which may result in changes to our system or document library. The details are here in our monthly compliance update blog post. To stay up to the minute, you can always find compliance information on our compliance blog.
We saw several states completing the lawmaking process in May, which may result in some changes to our system or document library. The details are here in our monthly compliance update blog post. You can always find up-to-the-minute compliance information on our compliance blog. Subscribe to the blog to be among the first to learn about all the industry’s most important compliance news.
Each month, lenders must handle new regulations and updated interpretations of existing rules. Even now, TRID continues to provide complex issues for compliance offices. Senior Regulatory Compliance Specialist Timothy Raty peeled back a few more compliance layers with an in-depth article on one of the more intriguing conundrums of TRID. His piece rounded out a month that saw numerous document updates changes as well as investor compliance news.
Are you ready for the new URLA? Starting July 1, 2019, both Fannie Mae and Freddie Mac will begin the optional use period of the redesigned Uniform Residential Loan Application (“URLA”) published jointly by the Government-Sponsored (“GSEs”). Starting February 1, 2020, all loans with an application date on or after February 1, 2020 and purchased by Fannie or Freddie must contain the redesigned URLA.
