GSEs Publish Updated Interactive Spanish Translation Aids for the Redesigned URLA

Be prepared for the 2020 URLA!

Watch our Webinar where our Compliance Department covers the intricacies of the new forms layout and requirements.

Click the link below to access.

Understanding URLA: The NEW Uniform Residential Loan Application

The Blue Water Navy Vietnam Veterans Act of 2019 (the “Act”) was signed into law on June 25, 2019.  The Act provides additional health care benefits for veterans exposed to Agent Orange and includes changes to the VA’s Home Loan Guaranty Program.

As we have written here many times, more and more states continue to pass laws that support electronic notarizations that the industry now relies on to perform electronic loan closings. But considering those laws, and thinking about how a lender can begin to add electronic closings to their portfolio of services, it is helpful to think about the various types of electronic closings that can be done. These range from a fully electronic closing to various forms of ‘hybrid’ electronic closings (also “hybrid e-closing”). So, what does that mean?

Hybrid E-Closings

In the state of Oklahoma, the late fee dollar amount found in Okla. Stat. tit. 14a, § 3-203 is subject to adjustment on July 1 of each year pursuant to Section 1-106 of the Oklahoma Uniform consumer Credit Code. 

On May 6, 2019, Indiana enacted House Bill 1136 (HB 1136), which amends the late charges permitted for consumer loans under the Indiana Uniform Consumer Credit Code (IUCCC), with an effective date of July 1, 2019. The maximum delinquency charges for installment payments not paid within 10 days of the scheduled due date will be:

 a) $5.00 for loans with installment payments due every 14 days or less (bi-weekly);

Updated legal citation and revision date in footer. (Date of Release to Production: 06/28/19)

New Loan Program Disclosure. (Date of Release to Production: 07/03/19)

The Mortgage Bankers Association (MBA) has created a sample disclosure for lenders to share with consumers applying for an adjustable-rate mortgage. The disclosure informs consumers about the possible discontinuation of the London Interbank Offered Rate (LIBOR) which may result in a change to their monthly payment if their loan is tied to a new published index.

An item of personal property which is movable, as opposed to real property (land and attachments).  A chattel mortgage refers to a loan secured by movable personal property, such as a mobile home which is not permanently affixed to land. A cooperative is also chattel property as an owner receives shares in a corporation and not ownership of real property.