Added form name on top of page 2. (Date of Release to Production: 09/16/21)

Updated to match model form imbedded in statute. (Date of Release to Production: 09/16/21)

Updated title and removed all language related to acknowledgment of waiver. (Date of Release to Production: 09/16/21)

Updated to match model form on website. (Date of Release to Production: 09/16/21)

Updated to match model form on website. (Date of Release to Production: 09/16/21)

Updated signature line from "Loan Originator" to "Lender Representative". (Date of Release to Production: 09/09/21)

On August 5, 2021, the Office of the Comptroller of the Currency (“OCC”) issued Bulletin 2021-35 to provide updated names and addresses that are required to appear on notices under the Community Reinvestment Act, Fair Housing Act, and Equal Credit Opportunity Act (“ECOA”). 

Fannie Mae instructions for Virginia uniform notes provide for a notary certification to be added to the end of the note as optional language.  The notary certification attests to a statement of fact as to which note and security instrument were signed together by the borrower.  Virginia notaries public are specifically empowered to make this certification. 

As previously discussed in several articles, the London Interbank Offered Rate (“LIBOR”) is set to no longer be published at the end of 2021.  In response, federal regulators and banking industry partners have settled on the Secured Overnight Financing Rate as a replacement for LIBOR.  As we near LIBOR’s expiration at the end of this year, please be reminded of the loan programs which have been added as a LIBOR alternative.

Updated to match model form (Loan Terms section). (Date of Release to Production: 09/09/21)