The amount of loan funds committed to a construction project, usually the same as the loan amount in a construction only or construction-to-permanent loan.  The commitment amount is the basis for the interest-only payment disclosed pursuant to Appendix D to Regulation Z.

Two technologists who have overseen thousands of eClosings provide expertise on how to successfully implement eClosing technology. 

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The California legislature passed, and the Governor signed, the California Consumer Privacy Act (the “CCPA”) earlier this year to be effective January 1, 2020.   The California Consumer Privacy Act imposes significant new duties on businesses who collect the personal information of California consumers, including mortgage lenders and brokers, as well as their service providers such as DocMagic. 

This is the 2020 version of IRS Form 1098 (Mortgage Interest Statement). (Date of Release to Production: 12/31/19)

Removed asterisk reference below "Good Faith Example" table and removed second sentence from first asterisk under "Your Loan" table (page 1). (Date of Release to Production: 12/23/19)

On December 18, 2019, Fannie Mae and Freddie Mac (the “GSEs”) announced the new implementation timeline for the redesigned Uniform Residential Loan Application (“URLA”) and updated automated underwriting systems (“AUS”). 

FHA

The Federal Housing Administration (“FHA”) has released Mortgagee Letter 2019-19 which provides the new maximum loan limits applicable to FHA-insured Title II forward mortgages. The new loan limits are effective for case numbers assigned on or after January 1, 2020, through December 31, 2020.  

The Department of Veterans Affairs (“VA”) recently released VA Circular 26-19-30 to provide additional guidance for the implementation of the Blue Water Navy Vietnam Veterans Act of 2019 (the “Act”).

Removed asterisk reference below "Good Faith Example" table and removed second sentence from first asterisk under "Your Loan" table (page 1). (Date of Release to Production: 12/23/19)