The Federal Housing Administration (FHA) has issued a temporary partial waiver to the Single Family Housing Policy Handbook 4000.1 requirement in Section II.D.4.c.iii.(F)(2) that an appraiser must include, analyze, and report a minimum of two active listings or pending sales on the appraisal grid, in addition to including three recently completed sales.  Other requirements for comparable selection and reporting of market conditions would

On January 21, 2021, the USDA announced several changes the lender’s handbook (HB-1-3555), and to Form RD 3555-21, the “Request for Single Family Housing Loan Guarantee” to be required in May.  The revised version of the form was recently implemented in the Guaranteed Underwriting System (GUS).  The USDA changes simplified and condensed the form by removing information that is provided elsewhere.

The Mortgage Bankers Association (“MBA”) recently published additional templates to assist lenders in advising borrowers of the transition away from LIBOR as an index for adjustable-rate mortgages.  The MBA previously published templates lenders could use to advise new borrowers considering a LIBOR-based ARM loan of the transition.   The new templates can be used to advise existing customers of the change in their index, through a notice or letter. 

The CFPB recently rescinded certain policy statements it had published last year during the COVID-19 Pandemic that allowed for flexibility in complying with some regulatory requirements.  The rescinded policy statements were all published between March 26 and June 3, 2020.  The rescission of seven such policy statements was effective April 1, 2021.

The policy statements that were rescinded were:

On April 27, 2021, the CFPB announced it was publishing a final rule that will delay the mandatory compliance date of the new General QM definition to October 1, 2022.  The CFPB proposed this change with a Notice of Proposed Rulemaking on March 3rd and accepted comment until April 5th.  See our prior article:

If your organization is ready to conduct eClosings, you’ll need to know the 5 elements that can make or break your digital implementation strategy.  

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Updated to include two co-applicants. (Date of Release to Production: 04/30/21)

The maximum late fee dollar allowed under Okla. Stat. tit. 14a § 3-203 is subject to an annual adjustment on July 1 of each year pursuant to Section 1-106 of the Oklahoma Consumer Credit Code.

In the month of MayJuly, DocMagic plans to release a redesigned version of our Loan Detail Report (“LDR”). 

The process of associating the identity of a signer with their signature.  Maintaining sufficient evidence to establish that an electronic signature may be attributed to the individual purported to have signed.