On May 24, 2021, Texas Senate Bill (SB) 43 was signed into law. The bill enacts Chapter 159 of the Texas Finance Code, creating rules for purchase loans using wrap mortgage loan financing. A “wrap around” transaction leaves an unreleased lien on the property being purchased. The borrower obtains a “wrap mortgage loan” that finances the purchase of the residential real estate and secures the prior unreleased lien.
Under Federal Housing Finance Agency (“FHFA”) guidance, Fannie Mae and Freddie Mac (the “GSEs”) have provided further clarification regarding the discontinuance of the purchase of Adjustable-Rate Mortgage (“ARM”) loans with a Constant Maturity Treasury (“CMT”) Index.
Tennessee House Bill (HB) 421 amends Tennessee Code Annotated, Title 45, Chapter 5 of the Industrial Loan and Thrift Companies Act, which applies to a variety of installment loans including small, short-term unsecured loans to loans secured by real property. The bill provides for an increase in existing loan fees and the addition of a new closing fee.
Fannie Mae recently announced a change to the instructions for the Virginia Deed of Trust Form 3047 that includes the deletion of authorized change #13 and an update to language permitted for eligible refinance transactions in authorized change #15.
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Fannie Mae and Freddie Mac (FNMA or FHLMC, respectively, or the “GSEs” collectively) recently provided additional guidance on their changes in response to the revised General QM definition, as well as their Preferred Stock Purchase Agreement (“PSPA”) with the Federal Housing Finance Agency (“FHFA”).
New Mexico recently enacted Senate Bill 365 which amends part of the state’s prohibitions and requirements related to adjustable-rate home loans under the New Mexico Home Loan Protection Act (N.M. Stat. Ann. §58-21A-4).
When it comes to perfecting mortgage closings, it's best to learn from those with real-world experience. Hear from lenders who have recently switched from a traditional closing process to hybrid, eNote, and RON eClosings. These lenders have personally overseen thousands of eClosings up close.
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The U.S. Department of Agriculture (USDA) recently issued a Special Procedure Notice to announce updated 2021 income limits for the Rural Development Single Family Guaranteed Loan Program. The new income limits apply to loans submitted on or after May 12, 2021.
