On August 5, 2021, the Office of the Comptroller of the Currency (“OCC”) issued Bulletin 2021-35 to provide updated names and addresses that are required to appear on notices under the Community Reinvestment Act, Fair Housing Act, and Equal Credit Opportunity Act (“ECOA”). 

Fannie Mae instructions for Virginia uniform notes provide for a notary certification to be added to the end of the note as optional language.  The notary certification attests to a statement of fact as to which note and security instrument were signed together by the borrower.  Virginia notaries public are specifically empowered to make this certification. 

As previously discussed in several articles, the London Interbank Offered Rate (“LIBOR”) is set to no longer be published at the end of 2021.  In response, federal regulators and banking industry partners have settled on the Secured Overnight Financing Rate as a replacement for LIBOR.  As we near LIBOR’s expiration at the end of this year, please be reminded of the loan programs which have been added as a LIBOR alternative.

In the CFPB’s recently issued Summer Supervisory Highlights it was noted that examiners have found a customary rider in one state to be in violation of the Consumer Financial Protection Act’s prohibition on deceptive acts or practices.  It is generally understood that this commentary is referring to the Georgia Waiver of Borrower Rights customary rider.

The unique, identifiable, and unalterable copy of an eNote that is within the exclusive control of the note holder in the note holder registry.

The U.S.

Fannie Mae recently issued Selling Guide Announcement SEL-2021-07 regarding Selling Guide policy changes. The Fannie Mae Selling Guide has been updated to include the following:

Updated to 2020 version. (Date of Release to Production: 08/19/21)

The CFPB recently issued an interpretive rule for the recently added Juneteenth federal holiday.  The rule provides guidance on the holiday’s impact to certain timing requirements under Regulation Z.  Juneteenth was added as a federal public holiday by a bill signed into law by President Biden on June 17th of this year.  The short timeframe between when the bill was intr

Updated programming of Escrow information on page 1.