In the state of Oklahoma, the late fee dollar amount in Okla. Stat. Title 14A, 3-203 is subject to change on July 1 of each year under prescribed conditions pursuant to Section 1-106 of the Oklahoma Uniform Consumer Credit Code. 

Navigating Digital Implementation in the Current Landscape

Digital mortgages have gained so much attention in recent months. The technology exists today, but how lenders implement that technology can impact business continuity during this unpredictable time period.

Join us May 27th for a webinar that will focus special attention on hybrid and eNote eClosings while providing an up-to-date look at recent industry momentum behind RON legislation.

As previously announced in November, the Texas Finance Commission published amendments adopted for Texas Administrative Code rules 7 TAC §§ 80.201 and 81.201 in the Texas Register (44 Tex Reg 6524.6527) on November 1, 2019. Sections §§ 80.201 and 81.201 concern loan status forms that are attached to each of the sections as Forms A and B. 

On April 29, 2020, the Consumer Financial Protection Bureau (the “CFPB”) issued two fact sheets on the ECOA Valuations Rule and a FAQ for compliance during the COVID-19 pandemic period. On the same day, the CFPB also issued an interpretive rule on the meaning of “bonafide personal financial emergency” under TILA and Regulation Z as well as an accompanying FAQ.

ECOA Valuations Rule

AutoPrep

DocMagic introduces AutoPrep, a new technology that leverages artificial intelligence and machine learning to change standard documents into e-enabled documents in less than 10 seconds. AutoPrep scans and parses documents, locates all areas required for a signature, then tags them for eClosing. 

On April 16, 2020, the Consumer Financial Protection Bureau (“CFPB”) issued a final Home Mortgage Disclosure Act (“HMDA”) rule which amends Regulation C to raise the loan-volume coverage thresholds for closed-end mortgage loans and open-end lines of credit.

Updated to most recent version. (Date of Release to Production: 04/30/20) Effective Date: 05/01/20

Updated to most recent version. (Date of Release to Production: 04/30/20) Effective Date: 05/01/20

Updated to most recent version. (Date of Release to Production: 04/30/20) Effective Date: 05/01/20

Updated to most recent version. (Date of Release to Production: 04/30/20) Effective Date: 05/01/20