The California Attorney General recently published a third set of modifications to the regulations under the California Consumer Privacy Act which became effective earlier this year.  The AG’s regulations originally became effective July 1, 2020, the first date of allowed enforcement under the statute.  The most recently published rules modify the regulations that became final August 14, 2020. 

The recent modifications include:

The pandemic has forced a lot of change in a short amount of time in the mortgage industry. DocMagic's Director of Enterprise Solutions shares his insight about eClosings in the age of COVID-19.

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As previously announced, Fannie Mae and Freddie Mac (the “GSEs”) jointly published sample interactive Spanish translation aids for each component of the redesigned Uniform Residential Loan Application (“URLA”). The aids are non-executable versions of the updated URLA forms translated into Spanish.

Earlier this year, the California legislature enacted the Consumer Financial Protection Law (“CFPL”), under Assembly Bill 1864.  The law expands the powers of the Department of Business Oversight and includes a name change for the regulator to the Department of Financial Protection and Innovation. DocMagic’s previous announcement regarding the new law is available here. 

The Internal Revenue Service (IRS) recently released a new version of Form 4506, as Form 4506-C, IVES Request for Transcript of Tax Return (version September 2020). 

eRecorded Security Instrument – a security instrument, that has been signed and notarized electronically, then also recorded with the county or other local recording office as an electronic document (also, an “eRecording”).

The Government National Mortgage Association (“Ginnie Mae”) recently published APM 20-12, an All Participant Memorandum (“memorandum”), detailing new restrictions for the pooling eligibility of London Interbank Offered Rate (“LIBOR”) indexed adjustable-rate mortgage (“ARM”) loans.

Fannie Mae and Freddie Mac (the “GSEs”) recently announced an update regarding the new Adverse Market Refinance Fee.

On October 20, 2020, the CFPB issued a final rule that extends the sunset date of the temporary “GSE Patch” under the Ability-to-Repay/Qualified Mortgage (“ATR/QM rule”).  The extension was necessary to bridge the gap between the previously anticipated expiration date on January 10, 2021 and the effective date of a new general QM definition that was proposed earlier this year.  See information on that proposal

Updated California Jurat on pages 4 and 5. (Date of Release to Production: 10/15/20)