The revised Uniform Underwriting and Transmittal Summary is now available for testing in our production or stage environments. As of now, the mandatory use date has not changed from February 1, 2020 (the prior mandatory use date for the redesigned URLA), however it is possible the mandatory use date of the new 1008 may be revised at a later date.
In May 2018, the U.S. Congress passed the Economic Growth, Regulatory Relief, and Consumer Protection Act (“EGRRCPA”) that included various changes for laws and regulations governing the mortgage industry. Section 106 of the EGRRCPA, entitled “Eliminating Barriers to Jobs for Loan Originators”, amended the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (the “SAFE Act”) to provide temporary authority to act as a loan originator in a state.
Discussion regarding the end of the London Interbank Offered Rate (“LIBOR”) continues to increase as the industry prepares for the index to be phased out at the end of 2021.
Total eClose is the eClosing leader in market share, is ranked as the number one eClosing solution in overall satisfaction and earned the highest Lender Loyalty Score® out of all other eClosing providers according to STRATMOR’s 2019 Technology Insight Study.
On October 10, 2019, California Attorney General Xavier Becerra announced the publication of proposed regulations to implement the California Consumer Privacy Act (“CCPA”).
CFPB Issues Final Rule Amending HMDA
On October 23, 2019, Fannie Mae and Freddie Mac (the “GSEs”) announced the publication of the updated redesigned Uniform Residential Loan Application (“URLA”) (Fannie Mae Form 1003 / Freddie Mac Form 65). Appendix 1 of the announcement provides a detailed description of changes that have been made to the Borrower Information, Additional Borrower Information, Lender Loan Information, Continuation Sheet and Unmarried Addendum documents.
On October 21, 2019, the United States Department of Agriculture (USDA), Rural Development (the “Agency”), announced that funding for the Single-Family Housing Guaranteed Loan Program is available for the new fiscal year (October 1, 2019 to September 30, 2020) after lapsing for a short period of time.
Loan guarantee requests that received a contingent Form RD 3555-18/18E are being processed and lenders will receive an updated “Conditional Commitment” electronically generated by the Agency.
An “Application”, for federal disclosure purposes, means when the lender has received information from the borrower constituting: the borrower’s name, an identified property address, a desired loan amount, the borrower’s income, expected value of the property and a means for obtaining credit information such as the borrower’s social security number.
Conditional Commitment for Single Family Housing Loan Guarantee
RD355518.RH
Removed Attachment page; It will now be its own separate form. (Date of Release to Production: 10/21/19)
