The electronic method by which a consumer provides consent to receive legally required disclosures or notices via an electronic method, and if applicable, provide electronic signatures.

The Ohio Department of Commerce recently published the annual adjustment to the loan limit amount for prepayment penalties under Ohio Revised Code 1343.011(C).

On February 24 , 2021, the New Jersey Department of Banking and Insurance released Bulletin No. 21-04 regarding the annual change required under the New Jersey Home Ownership Act of 2002 (the “Act”). As part of this change, the definition of a “high cost home loan” requires an annual review and in some cases, an adjustment of the maximum principal amount that will be subject to the triggering provisions of the Act (N.J.S.A. 45:10B-22 to -35).

As previously reported here, beginning on March 1, 2021, only Form 4506-C will be accepted by the Internal Revenue Service (IRS) for submissions through the Income Verification Express Service (IVES).   

The effective date requiring the new Uniform Residential Loan Application (URLA) is fast approaching—starting March 1, the updated form will be required in residential mortgage loan packages that lenders intend to sel

Under FHFA guidance, Fannie Mae and Freddie Mac (the “GSEs”) announced retirement dates for Adjustable-Rate Mortgage (ARM) loans with a Constant Maturity Treasury (CMT) index.

The GSEs both announced that they will not purchase any CMT-indexed ARM loans with an application date of July 1, 2021 or later. As of October 1, 2021, no CMT-indexed ARM loans will be eligible for GSE purchase, regardless of the application or note date.

On February 12, 2021, the Department of Veterans Affairs (VA) published VA Circular 26-21-03 to announce enhancements to the Certification of Eligibility (COE) for VA’s home loan guaranty program.  The changes will eliminate the need for a lender to submit a Verification of VA Benefits, VA Form 26-8937, to verify a Veteran’s receipt of income for most loans.

As previously announced here, the CFPB recently published a revised General Qualified Mortgage (“QM”) definition.

On February 18, 2021, Indiana House Bill 1056 (HB 1056) was signed into law by Indiana Governor Eric Holcomb.  The new bill ends the requirement that both a notary acknowledgment and a proof be included on recordable documents.

New Virginia SOFR Note with Notary Acknowledgment. (Date of Release to Production: 02/18/21)