Beginning September 3, 2020, DocMagic will remove two forms previously provided in Pre-Closing package when the property state is New Mexico:

***UPDATE***

Verbiage in optional paragraph has been updated as follows: 

“I understand, acknowledge, and agree that the Lender and Other Loan Participants can obtain, use, and share personal tax return information, and, as applicable, business tax return information, from every business tax return for which my Lender has attained a form 4506.”

A form of identity proofing that confirms a person’s identity through use of questions generated using public and private data about that individual, such as former addresses or former auto or mortgage loans the person may have had.  

On August 26, the Federal Housing Finance Agency announced an extension of its policies providing for Fannie Mae and Freddie Mac (the “GSEs") to continue to purchase loans that have entered a COVID-related forbearance prior to purchase.  The GSEs’ policies were set to expire August 31.

In spite of the pandemic, 2020 isn't the year of RON-2021 is. But here are the concrete actions lenders need to take to be prepared for when RON reaches its tipping point next year.

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It may seem like the need for print fulfillment services is counterintuitive to digitizing the mortgage process, but the two things aren’t mutually exclusive.

There are several reasons why lenders going digital may still need some loan documents, such as initial disclosures, to be physically printed out and mailed to customers.

Compliance is Key

On July 6, 2020, Governor Mike Parson signed into law Missouri HB 1655, which revises the statutes regarding notaries public and notarial acts.

On August 14, 2020, the California Office of Administrative Law (“OAL”) approved the final California Consumer Privacy Act (“CCPA”) regulations submitted by the California Department of Justice and filed with the California Secretary of State “(SOS”).  The CCPA regulations create data privacy rights for California consumers, such as the right to know, right to delete and right to opt-out of the sale of their personal information collected by businesses.

On August 18, 2020, the Consumer Financial Protection Bureau (“CFPB”) released a Notice of Proposed Rulemaking (“NPRM”) that would create a new category of seasoned qualified mortgage loans (“Seasoned QMs”).   These loans would only be eligible for QM status after they have closed and proved their performance during servicing for a certain period of time, which would establish the borrower’s ability to repay.

On August 12, 2020, Fannie Mae and Freddie Mac (the “GSEs”) released Lender Letters advising of a new adverse market refinance fee that will be effective for refinance mortgages with settlement dates on or after September 1, 2020.