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The Consumer Financial Protection Bureau (“CFPB”) has issued a final rule, effective January 15, 2020, that provides the annual adjustment for inflation of the maximum amount of each civil penalty within the CFPB’s jurisdiction.  The maximum amounts are subject to an annual “cost-of-living adjust

The New York Department of Financial Services (“NYDFS”) recently issued an industry letter to institutions that it regulates including depository institutions (banks, credit unions, and savings associations), non-depository institutions (including licensed lenders, mortgage companies, and premium finance companies), and property, health and life insurance compan

On January 29, 2020, Fannie Mae and Freddie Mac (the "GSEs") published updated Uniform Residential Loan Application (URLA) / Uniform Loan Application Dataset (ULAD) Frequently Asked Questions that provide the mandatory use date for the redesigned Uniform Underwriting and Transmittal Summary (Fannie Mae Form 1008 / Freddie Mac Form 1077) has been changed to coincide with the redesigned URLA mandate date of November 1, 2020.

On January 10, 2020, California Governor Gavin Newsom released a state budget summary for 2020-2021 which includes a proposal for a new California Consumer Financial Protection Law and the creation of a state-level version of the Federal Consumer Protection Bureau (“CFPB”).

Upon foreclosure, a lender may be able to seek a deficiency judgment against a borrower for any remaining outstanding balance after the property is sold, subject to state law.  This is the subject of the “Liability after Foreclosure” disclosure on the Closing Disclosure.

As part of our continuing efforts to encourage and support fully electronic loan closings, DocMagic is making an update to all of our multistate disclosures.  The update enables these forms to dynamically populate the applicable state’s notary certificate (jurat or acknowledgement), including any required electronic or remote notary specific language.  

The New Jersey Department of Banking and Insurance recently released Bulletin No. 20-01  regarding the annual review of the definition of a “high cost home loan” under the New Jersey Home Ownership Act of 2002 (the “Act”).

Updated to support eNotarization and dynamic signatures. Page count increased to 13 pages. (Date of Release to Production: 01/23/20)

Updated to support eNotarization and dynamic signatures. Page count increased to 14 pages. (Date of Release to Production: 01/23/20)